[Federal Register Volume 89, Number 189 (Monday, September 30, 2024)]
[Notices]
[Pages 79660-79664]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-22266]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101152; File No. SR-PEARL-2024-45]


Self-Regulatory Organizations; MIAX PEARL LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange 
Rule 404, Series of Option Contracts Open for Trading, To Amend the 
Short Term Option Series Program

September 24, 2024.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on September 16, 2024, MIAX PEARL, LLC (``MIAX Pearl'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I and II below, which Items 
have been prepared by the Exchange. The

[[Page 79661]]

Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing a proposal to amend the Short Term Option 
Series Program in Interpretations and Policies .02 of Exchange Rule 
404, Series of Option Contracts Open for Trading.
    The text of the proposed rule change is available on the Exchange's 
website at https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings, at MIAX Pearl's principal office, and at the 
Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the Short Term Option Series Program 
in Interpretations and Policies .02 of Exchange Rule 404, Series of 
Option Contracts Open for Trading.\3\ Specifically, the Exchange 
proposes to expand the Short Term Option Series Program to permit the 
listing of two Monday expirations for options on SPDR Gold Shares 
(``GLD''), iShares Silver Trust (``SLV''), and iShares 20+ Year 
Treasury Bond ETF (``TLT'') (collectively ``Exchange Traded Products'' 
or ``ETPs'').\4\ This is a competitive filing based on a similar 
proposal submitted by Nasdaq ISE, LLC (``ISE'') and approved by the 
Securities and Exchange Commission (``Commission'').\5\
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    \3\ The Exchange notes that its affiliate exchanges, MIAX 
Options and MIAX Sapphire, submitted substantively identical 
proposals.
    \4\ Today, the Exchange permits the listing of two Wednesday 
expirations for options on GLD, SLV, and TLT. See Securities 
Exchange Act Release No. 99180 (December 14, 2023), 88 FR 88148 
(December 20, 2023) (SR-PEARL-2023-70) (``Wednesday Approval 
Order'').
    \5\ See Securities Exchange Act Release No. 100837 (August 27, 
2024), 89 FR 71770 (September 3, 2024) (SR-ISE-2024-21) (Notice of 
Filing of Amendment No. 1 and Order Granting Accelerated Approval of 
a Proposed Rule Change, as Modified by Amendment No. 1, To Adopt 
Rules To Permit the Listing of Two Monday Expirations for Options on 
SPDR Gold Shares, iShares Silver Trust, and iShares 20+ Year 
Treasury Bond ETF).
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    Currently, as set forth in Interpretations and Policies .02 of 
Exchange Rule 404, after an option class has been approved for listing 
and trading on the Exchange as a Short Term Option Series,\6\ the 
Exchange may open for trading on any Thursday or Friday that is a 
business day (``Short Term Option Opening Date'') series of options on 
that class that expire at the close of business on each of the next 
five Fridays that are business days and are not Fridays in which 
standard expiration options series, Monthly Options Series, or 
Quarterly Options Series expire (``Friday Short Term Option Expiration 
Dates''). The Exchange may have no more than a total of five Short Term 
Option Friday Expiration Dates (``Short Term Option Weekly 
Expirations''). Further, if the Exchange is not open for business on 
the respective Thursday or Friday, the Short Term Option Opening Date 
for Short Term Option Weekly Expirations will be the first business day 
immediately prior to that respective Thursday or Friday. Similarly, if 
the Exchange is not open for business on a Friday, the Short Term 
Option Expiration Date for Short Term Option Weekly Expirations will be 
the first business day immediately prior to that Friday.
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    \6\ The term ``Short Term Option Series'' is a series in an 
option class that is approved for listing and trading on the 
Exchange in which the series is opened for trading on any Monday, 
Tuesday, Wednesday, Thursday or Friday that is a business day and 
that expires on the Monday, Tuesday, Wednesday, Thursday, or Friday 
of the next business week, or, in the case of a series that is 
listed on a Friday and expires on a Monday, is listed one business 
week and one business day prior to that expiration. If a Tuesday, 
Wednesday, Thursday or Friday is not a business day, the series may 
be opened (or shall expire) on the first business day immediately 
prior to that Tuesday, Wednesday, Thursday or Friday, respectively. 
For a series listed pursuant to this section for Monday expiration, 
if a Monday is not a business day, the series shall expire on the 
first business day immediately following that Monday. See Exchange 
Rule 100.
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    Additionally, the Exchange may open for trading series of options 
on the symbols provided in Table 1 of Interpretations and Policies .02 
of Exchange Rule 404 that expire at the close of business on each of 
the next two Mondays, Tuesdays, Wednesdays, and Thursdays, 
respectively, that are business days beyond the current week and are 
not business days in which standard expiration options series, Monthly 
Options Series, or Quarterly Options Series expire (``Short Term Option 
Daily Expirations'').\7\ For those symbols listed in Table 1, the 
Exchange may have no more than a total of two Short Term Option Daily 
Expirations beyond the current week for each of Monday, Tuesday, 
Wednesday, and Thursday expirations, as applicable, at one time.
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    \7\ As set forth in Table 1 in Interpretations and Policies .02 
of Exchange Rule 404, the Exchange currently only permits Wednesday 
expirations for USO, UNG, GLD, SLV, and TLT.
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Proposal
    At this time, the Exchange proposes to expand the Short Term Option 
Daily Expirations to permit the listing and trading of options on GLD, 
SLV, and TLT expiring on Mondays. The Exchange proposes to permit two 
Short Term Option Expiration Dates beyond the current week for each 
Monday expiration at one time, and would update Table 1 in 
Interpretations and Policies .02 of Exchange Rule 404 for each of those 
symbols accordingly.
    The proposed Monday GLD, SLV, and TLT expirations will be similar 
to the current Monday SPY, QQQ, and IWM Short Term Option Daily 
Expirations set forth in Interpretations and Policies .02 of Exchange 
Rule 404, such that the Exchange may open for trading on any Friday or 
Monday that is a business day (beyond the current week) series of 
options on GLD, SLV, and TLT to expire on any Monday of the month that 
is a business day and is not a Monday in which standard expiration 
options series, Monthly Options Series, or Quarterly Options Series 
expire, provided that Monday expirations that are listed on a Friday 
must be listed at least one business week and one business day prior to 
the expiration (``Monday GLD Expirations,'' ``Monday SLV Expirations,'' 
and ``Monday TLT Expirations'') (collectively, ``Monday ETP 
Expirations'').\8\ In the event Short Term Option Daily Expirations 
expire on a Monday and that Monday is the same day that a standard 
expiration options series, Monthly Options Series, or Quarterly Options 
Series expires, the Exchange would skip that week's listing and instead 
list the following week; the two weeks would therefore not be 
consecutive. Today, Monday expirations in SPY, QQQ, and IWM similarly 
skip the weekly listing in the event the weekly listing expires on the 
same day in the same class as a standard

[[Page 79662]]

expiration options series, Monthly Options Series, or Quarterly Options 
Series.
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    \8\ Today, GLD, SLV, and TLT may trade on Wednesdays. See supra 
note 4. They may also trade on Fridays, as is the case for all 
options series in the Short Term Option Series Program.
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    The interval between strike prices for the proposed Monday ETP 
Expirations will be the same as those currently applicable to the Short 
Term Option Series Program.\9\ Specifically, the Monday ETP Expirations 
will have a strike interval of (i) $0.50 or greater for strike prices 
below $100, and $1 or greater for strike prices between $100 and $150 
for all option classes that participate in the Short Term Option Series 
Program, (ii) $0.50 for option classes that trade in one dollar 
increments and are in the Short Term Option Series Program, or (iii) 
$2.50 or greater for strike prices above $150.\10\ As is the case with 
other equity options series listed pursuant to the Short Term Option 
Series Program, the Monday ETP Expirations series will be P.M.-settled.
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    \9\ See Interpretations and Policies .02(e) of Exchange Rule 
404.
    \10\ Id.
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    Pursuant to the Exchange's definition of the Short Term Option 
Series Program, if a Monday is not a business day, the series shall 
expire on the first business day immediately following that Monday.\11\
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    \11\ See supra note 6.
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    Currently, for each option class eligible for participation in the 
Short Term Option Series Program, the Exchange is limited to opening 
thirty (30) series for each expiration date for the specific class.\12\ 
The thirty (30) series restriction does not include series that are 
open by other securities exchanges under their respective weekly rules; 
the Exchange may list these additional series that are listed by other 
options exchanges.\13\ With the proposed changes, this thirty (30) 
series restriction would apply to Monday GLD, SLV, and TLT Short Term 
Option Daily Expirations as well. In addition, the Exchange will be 
able to list series that are listed by other exchanges, assuming they 
file similar rules with the Commission to list Monday ETP Expirations.
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    \12\ See Interpretations and Policies .02(a) of Exchange Rule 
404.
    \13\ Id.
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    With this proposal, Monday ETP Expirations would be treated 
similarly to existing Monday SPY, QQQ, and IWM Expirations. With 
respect to standard expiration option series, Short Term Option Daily 
Expirations will be permitted to expire in the same week in which 
standard expiration option series on the same class expire.\14\ Not 
listing Short Term Option Daily Expirations for one week every month 
because there was a standard options series on that same class on the 
Friday of that week would create investor confusion.
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    \14\ See Interpretations and Policies .02(b) of Exchange Rule 
404.
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    Further, as with Monday SPY, QQQ, and IWM Expirations, the Exchange 
would not permit Monday ETP Expirations to expire on a business day in 
which standard expiration option series, Monthly Options Series, or 
Quarterly Options Series expire.\15\ Therefore, all Short Term Option 
Daily Expirations would expire at the close of business on each of the 
next two Mondays, Tuesdays, Wednesdays, and Thursdays, respectively, 
that are business days and are not business days in which standard 
expiration option series, Monthly Options Series, or Quarterly Options 
Series expire. The Exchange believes that it is reasonable to not 
permit two expirations on the same day in which a standard expiration 
option series, Monthly Options Series, a Quarterly Options Series would 
expire because those options would be duplicative of each other.
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    \15\ See Interpretations and Policies .02 of Exchange Rule 404.
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    The Exchange does not believe that any market disruptions will be 
encountered with the introduction of Monday ETP Expirations. The 
Exchange currently trades P.M.-settled Short Term Option Series that 
expire Monday for SPY, QQQ and IWM and has not experienced any market 
disruptions nor issues with capacity. In addition, the Exchange has not 
experienced any market disruptions or issues with capacity in expanding 
the three ETPs to the Wednesday expirations.\16\ Today, the Exchange 
has surveillance programs in place to support and properly monitor 
trading in Short Term Option Series that expire Monday for SPY, QQQ and 
IWM. Further, the Exchange has the necessary capacity and surveillance 
programs in place to support and properly monitor trading in the 
proposed Monday ETP Expirations.
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    \16\ See supra note 4.
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2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with the Act and the rules and regulations thereunder applicable to the 
Exchange and, in particular, the requirements of Section 6(b) of the 
Act.\17\ Specifically, the Exchange believes that its proposed rule 
change is consistent with Section 6(b)(5) \18\ requirements in that it 
is designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in regulating, 
clearing, settling, processing information with respect to, and 
facilitating transactions in, securities, to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system and, in general, to protect investors and the public interest.
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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(5).
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    Similar to Monday expirations in SPY, QQQ, and IWM, the proposal to 
permit Monday ETP Expirations, subject to the proposed limitation of 
two expirations beyond the current week, would protect investors and 
the public interest by providing the investing public and other market 
participants more choice and flexibility to closely tailor their 
investment and hedging decisions in these options and allow for a 
reduced premium cost of buying portfolio protection, thus allowing them 
to better manage their risk exposure.
    The Exchange represents that it has an adequate surveillance 
program in place to detect manipulative trading in the proposed option 
expirations, in the same way that it monitors trading in the current 
Short Term Option Series for Monday SPY, QQQ and IWM expirations. The 
Exchange also represents that it has the necessary system capacity to 
support the new expirations. Finally, the Exchange does not believe 
that any market disruptions will be encountered with the introduction 
of these option expirations. As discussed above, the Exchange believes 
that its proposal is a modest expansion of weekly expiration dates for 
GLD, SLV, and TLT given that it will be limited to two Monday 
expirations beyond the current week. Lastly, the Exchange believes that 
its proposal will not be a strain on liquidity providers because of the 
multi-class nature of GLD, SLV, and TLT and the available hedges in 
highly correlated instruments.
    The Exchange believes that the proposal is consistent with the Act 
as the proposal would overall add a small number of Monday ETP 
Expirations by limiting the addition of two Monday expirations beyond 
the current week. The addition of Monday ETP Expirations would remove 
impediments to and perfect the mechanism of a free and open market by 
encouraging Market Makers \19\ to continue to deploy capital

[[Page 79663]]

more efficiently and improve market quality. The Exchange believes that 
the proposal will allow market participants to expand hedging tools and 
tailor their investment and hedging needs more effectively in GLD, SLV, 
and TLT as these funds are most likely to be utilized by market 
participants to hedge the underlying asset classes. As stated in the 
Wednesday Approval Order, the ETPs currently trade within ``complexes'' 
where, in addition to the underlying security, there are multiple 
instruments available for hedging. Given the multi-asset class nature 
of these products and available hedges in highly-correlated 
instruments, the Exchange believes that its proposal to add Monday 
expirations on these products will provide market participants with 
additional useful hedging tools for the underlying asset classes.
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    \19\ The term ``Market Maker'' or ``MM'' means a Member 
registered with the Exchange for the purpose of making markets in 
options contracts traded on the Exchange and that is vested with the 
rights and responsibilities specified in Chapter VI of the Exchange 
Rules. See Exchange Rule 100. The term ``Member'' means an 
individual or organization that is registered with the Exchange 
pursuant to Chapter II of these Rules for purposes of trading on the 
Exchange as an ``Electronic Exchange Member'' or ``Market Maker.'' 
Members are deemed ``members'' under the Act. See Exchange Rule 100.
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    Similar to Monday SPY, QQQ, and IWM expirations, the introduction 
of Monday ETP Expirations is consistent with the Act as it will, among 
other things, expand hedging tools available to market participants and 
allow for a reduced premium cost of buying portfolio protection. The 
Exchange believes that Monday ETP Expirations will allow market 
participants to purchase options on GLD, SLV, and TLT based on their 
timing as needed and allow them to tailor their investment and hedging 
needs more effectively, thus allowing them to better manage their risk 
exposure. Today, the Exchange lists Monday SPY, QQQ, and IWM 
Expirations.\20\
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    \20\ See Interpretations and Policies .02 of Exchange Rule 404.
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    The Exchange believes the Short Term Option Series Program has been 
successful to date and that Monday ETP Expirations should simply expand 
the ability of investors to hedge risk against market movements 
stemming from economic releases or market events that occur throughout 
the month in the same way that the Short Term Option Series Program has 
expanded the landscape of hedging.
    There are no material differences in the treatment of Monday SPY, 
QQQ and IWM expirations compared to the proposed Monday ETP 
Expirations. Given the similarities between Monday SPY, QQQ and IWM 
expirations and the proposed Monday ETP Expirations, the Exchange 
believes that applying the provisions in Interpretations and Policies 
.02 of Exchange Rule 404 that currently apply to Monday SPY, QQQ and 
IWM expirations is justified. For example, the Exchange believes that 
allowing Monday ETP Expirations and monthly Exchange Traded Product 
expirations in the same week will benefit investors and minimize 
investor confusion by providing Monday ETP Expirations in a continuous 
and uniform manner.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. In this regard and as 
indicated above, the Exchange notes that the rule change is being 
proposed as a competitive response to filings submitted by ISE.\21\
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    \21\ See supra note 5.
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    While the proposal will expand the Short Term Options Expirations 
to allow Monday ETP Expirations to be listed on the Exchange, the 
Exchange believes that this limited expansion for Monday expirations 
for options on GLD, SLV, and TLT will not impose an undue burden on 
competition; rather, it will meet customer demand. The Exchange 
believes that market participants will continue to be able to expand 
hedging tools and tailor their investment and hedging needs more 
effectively in GLD, SLV, and TLT.
    Similar to Monday SPY, QQQ and IWM expirations, the introduction of 
Monday ETP Expirations does not impose an undue burden on competition. 
The Exchange believes that it will, among other things, expand hedging 
tools available to market participants and allow for a reduced premium 
cost of buying portfolio protection. The Exchange believes that Monday 
ETP Expirations will allow market participants to purchase options on 
GLD, SLV, and TLT based on their timing as needed and allow them to 
tailor their investment and hedging needs more effectively.
    The Exchange does not believe that the proposal will impose any 
burden on intermarket competition, as nothing prevents the other 
options exchanges from proposing similar rules to list and trade Monday 
ETP Expirations. Further, the Exchange does not believe that the 
proposal will impose any burden on intra-market competition, as all 
market participants will be treated in the same manner under this 
proposal.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \22\ and Rule 19b-4(f)(6) thereunder.\23\ 
Because the foregoing proposed rule change does not: (i) significantly 
affect the protection of investors or the public interest; (ii) impose 
any significant burden on competition; and (iii) become operative for 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate, it has become effective pursuant to 
Section 19(b)(3)(A)(iii) of the Act \24\ and subparagraph (f)(6) of 
Rule 19b-4 thereunder.\25\
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    \22\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \23\ 17 CFR 240.19b-4(f)(6).
    \24\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \25\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \26\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\27\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has 
requested that the Commission waive the 30-day operative delay so that 
the proposal may become operative immediately upon filing. According to 
the Exchange, the proposed rule change is a competitive response to a 
filing submitted by ISE that recently was approved by the 
Commission.\28\ The Exchange has stated that waiver of the operative 
delay is consistent with the protection of investors and the public 
interest because it will ensure fair competition among the exchanges by 
allowing the Exchange to permit the listing of Monday Short Term Daily 
Expirations for options on GLD, SLV, and TLT at the same time as ISE. 
The Commission believes that the proposed rule change presents no novel 
issues and that waiver of the 30-day operative delay is

[[Page 79664]]

consistent with the protection of investors and the public interest. 
Accordingly, the Commission hereby waives the 30-day operative delay 
and designates the proposed rule change as operative upon filing.\29\
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    \26\ 17 CFR 240.19b-4(f)(6).
    \27\ 17 CFR 240.19b-4(f)(6)(iii).
    \28\ See supra note 5.
    \29\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

    <bullet> Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
    <bullet> Send an email to <a href="/cdn-cgi/l/email-protection#0d7f786168206e6260606863797e4d7e686e236a627b"><span class="__cf_email__" data-cfemail="9eecebf2fbb3fdf1f3f3fbf0eaeddeedfbfdb0f9f1e8">[email protected]</span></a>. Please include 
file number SR-PEARL-2024-45 on the subject line.

Paper Comments

    <bullet> Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to file number SR-PEARL-2024-45. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for website viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE, 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. Copies of the filing also will be available for 
inspection and copying at the principal office of the Exchange. Do not 
include personal identifiable information in submissions; you should 
submit only information that you wish to make available publicly. We 
may redact in part or withhold entirely from publication submitted 
material that is obscene or subject to copyright protection. All 
submissions should refer to file number SR-PEARL-2024-45 and should be 
submitted on or before October 21, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12), (59).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-22266 Filed 9-27-24; 8:45 am]
BILLING CODE 8011-01-P


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