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[Federal Register Volume 89, Number 236 (Monday, December 9, 2024)]
[Notices]
[Pages 97660-97664]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-28762]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101798; File No. SR-PEARL-2024-55]

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Make Non-
Substantive, Clarifying Changes to the Exchange's Rulebook

December 3, 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 November 21, 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 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 make non-substantive, 
clarifying changes to the Exchange's Rulebook.
    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.

[[Page 97661]]

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

1. Purpose
Proposal To Amend Chapter III
    The Exchange proposes to make non-substantive clarifying changes to 
the second paragraph of Chapter III to provide accuracy and precision 
within the rule text. For background, Regulation SCI and MIAX \3\ Rule 
321 require MIAX Pearl to designate certain members of both the options 
and equities trading facilities of MIAX Pearl to participate in 
business continuity and disaster recovery testing in a manner specified 
by MIAX Pearl and at a frequency of not less than once every 12 
months.\4\ Such testing ordinarily is part of an annual industry-wide 
test. MIAX Rule 321, as incorporated into the MIAX Pearl Rulebook, 
governs mandatory participation in testing of MIAX Pearl's backup 
systems. In particular, MIAX Rule 321, as incorporated, requires MIAX 
Pearl to designate certain Members \5\ and Equity Members \6\ that 
account for a specified percentage of executed volume on MIAX Pearl 
(separately, with respect to the options and equities trading 
facilities of MIAX Pearl), measured on quarterly basis, to connect to 
the MIAX Pearl backup systems and participate in functional and 
performance testing of such system.\7\
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    \3\ The term ``MIAX'' means Miami International Securities 
Exchange, LLC. See Exchange Rule 100. The rules contained in MIAX 
Chapter III, as such rules may be in effect from time to time, are 
incorporated by reference into MIAX Pearl Chapter III, and are thus 
MIAX Pearl Rules and thereby applicable to MIAX Pearl Members. See 
Chapter III of Exchange's Rulebook.
    \4\ See MIAX Rule 321(a)-(b).
    \5\ 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 Exchange Act. See Exchange Rule 100.
    \6\ The term ``Equity Member'' is a Member authorized by the 
Exchange to transact business on MIAX Pearl Equities. See Exchange 
Rule 1901. The term ``MIAX Pearl Equities'' shall mean MIAX Pearl 
Equities, a facility of MIAX PEARL, LLC. See id.
    \7\ See MIAX Rule 321(b).
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    On August 14, 2020, the U.S. Securities and Exchange Commission 
(``Commission'') approved the Exchange's proposal to adopt rules 
governing the trading of equity securities, referred to as MIAX Pearl 
Equities.\8\ MIAX Pearl Equities began trading on September 25, 
2020.\9\ For calendar year 2020, the annual business continuity and 
disaster recovery industry-wide test was scheduled for October 24, 
2020. MIAX Pearl Equities did not have two quarters of trading data on 
which to base its Equity Member designation prior to the October 24, 
2020 test. Thus, MIAX Rule 321 would not permit MIAX Pearl Equities to 
designate any Equity Members to participate in the industry-wide test 
for 2020 because no Equity Members would have the requisite trading 
volume on MIAX Pearl Equities upon which a designation could be made at 
that time.
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    \8\ See Securities Exchange Act Release No. 89563 (August 14, 
2020), 85 FR 51510 (August 20, 2020) (SR-PEARL-2020-03).
    \9\ See ``MIAX PEARL Receives Approval to Operate Equities 
Exchange; Launch Date Confirmed for September 25, 2020,'' available 
at https://www.miaxglobal.com/sites/default/files/alert-files/MIAX_Press_Release_08182020.pdf.
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    To address the unique circumstances for disaster recovery testing 
in 2020, the year in which MIAX Pearl Equities became operational, the 
Exchange amended Chapter III of the Exchange's Rules to provide that 
for calendar year 2020, notwithstanding paragraph (b) and 
Interpretations and Policies .01 of MIAX Rule 321, which assigns the 
Exchange responsibility of ``identifying Members that account for a 
meaningful percentage of the Exchange's overall volume,'' the Exchange 
instead designated at least three Equity Members on MIAX Pearl Equities 
who have a meaningful percentage of trading volume in NMS Stocks across 
the other equity exchanges in 2020.\10\ This allowed MIAX Pearl 
Equities to identify Equity Members for industry-wide disaster recovery 
testing in the absence of the metrics that are used in the ordinary 
course to designate such firms.
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    \10\ See Securities Exchange Act Release No. 89736 (September 2, 
2020), 85 FR 55730 (September 9, 2020) (Notice of Filing and 
Immediate Effectiveness of a Proposed Rule Change Relating to the 
Designation of Members for Mandatory Disaster Recovery Testing 
Pursuant to Regulation SCI for Calendar Year 2020).
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    MIAX Pearl Equities now has sufficient trading data each year to 
designate Equity Members that account for a specified percentage of 
executed volume on MIAX Pearl Equities, measured on quarterly basis, to 
require certain Equity Members to connect to the MIAX Pearl backup 
systems and participate in functional and performance testing of such 
system. Since the unique circumstances for disaster recovery testing in 
2020 no longer exists, the Exchange now proposes to delete the second 
paragraph of Chapter III. The purpose of the purposed change is to 
delete the outdated rule text.
Proposal To Amend Exchange Rule 503
    The Exchange proposes to make non-substantive, clarifying changes 
to subparagraphs (a)(3)-(4) of Exchange Rule 503 to provide consistency 
within the rule text.
    Specifically, the Exchange proposes to amend the announcement 
method by requiring announcements through a Regulatory Circular, 
instead of a post on the Exchange's website, for the purpose of 
Exchange Rule 503. The Exchange proposes to replace ``on the Exchange's 
website'' with ``through a Regulatory Circular'' at the end of 
subparagraph (a)(3) of Exchange Rule 503. The Exchange proposes to 
replace ``published by the Exchange on its website'' with ``announced 
to Members through a Regulatory Circular'' at the end of the first 
sentence of subparagraph (a)(4) of Exchange Rule 503. The Exchange 
proposes to replace ``posted by MIAX Pearl on its website'' with 
``announced to Members through a Regulatory Circular'' at the end of 
the second sentence of subparagraph (a)(4) of Exchange Rule 503. The 
purpose of the proposed changes is to harmonize the Exchange's rules 
and provide consistency within the Exchange's Rulebook as the Exchange, 
and its affiliates, historically announce such information through a 
Regulatory Circular.\11\ The proposed changes do not impact or alter 
the information provided to any Member. Accordingly, with the proposed 
changes, subparagraphs (a)(3)-(4) of Exchange Rule 503 will provide as 
follows:
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    \11\ See, e.g., MIAX Rule 503(d); see also MIAX Pearl Options 
Exchange Regulatory Circular 2024-58, Market for Underlying Security 
Used for Openings on MIAX Options, MIAX Pearl Options, MIAX Emerald 
Options and MIAX Sapphire Options for Newly Listed Symbols Effective 
Wednesday, October 23, 2024, available at https://www.miaxglobal.com/sites/default/files/circular-files/MIAX_Pearl_Options_RC_2024_58.pdf.

    (3) ``Market for the Underlying Security'' shall mean either the 
primary listing market, the primary volume market (defined as the 
market with the most liquidity in that underlying security for the 
previous two calendar months), or the first market to open the 
underlying security, as determined by the Exchange on a class by 
class basis and announced to Members through a Regulatory Circular.
    (4) ``Valid Width National Best Bid or Offer'' or ``Valid Width 
NBBO'' shall mean the combination of all away market quotes and any 
combination of MIAX Pearl Market Maker orders and quotes received 
from a minimum number of away markets and a minimum number of MIAX 
Pearl Market Makers within a specified bid/ask differential each as 
established and announced to Members through a Regulatory Circular. 
The Valid Width NBBO will be configurable by the underlying, and 
tables with valid width

[[Page 97662]]

differentials will be announced to Members through a Regulatory 
Circular. Away markets that are crossed will void all Valid Width 
NBBO calculations. If any Market Maker orders or quotes on MIAX 
Pearl are crossed internally, then all such orders and quotes will 
be excluded from the Valid Width NBBO calculation. If any Market 
Maker orders or quotes on MIAX Pearl are locking or crossing the 
ABBO, the Market Maker's orders or quotes will be considered to be 
at the locked or crossed ABBO price for purposes of calculating the 
Valid Width NBBO.
Proposal To Delete All References to Mini-Options
    The Exchange proposes to delete all outdated references to mini-
options in the rule text.\12\ On September 8, 2016, the Commission 
approved the Exchange's Form 1 application to register as a national 
securities exchange under Section 6 of the Exchange Act.\13\ At that 
time, the Exchange established rule text for mini-options. Mini-options 
never gained significant market acceptance and have not achieved the 
expected level of traction or success in its target market. 
Accordingly, all mini-options were delisted several years ago and the 
Exchange does not have plans to re-list them in the foreseeable future. 
As the Exchange no longer offers mini-option contracts, the Exchange 
proposes to delete all references to mini-options to provide greater 
clarity to Members and the public regarding the Exchange's offerings 
and Rulebook. The Exchange also notes that other exchanges filed 
similar proposals to delete references to mini-options.\14\ In the 
event that the Exchange desires to list mini-options in the future, the 
Exchange will file a rule change with the Commission to adopt rules to 
list mini-options and corresponding fees and rebates for transactions 
in mini-options, if applicable.
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    \12\ The Exchange anticipates it will file a separate rule 
filing pursuant to Rule 19b-4 of the Exchange Act with the 
Commission to remove references to ``mini-options'' in the MIAX 
Pearl Options Exchange Fee Schedule, including outdated tables that 
still list fees (or rebates) for transactions by market participants 
in mini-options.
    \13\ See Securities Exchange Act Release No. 78793 (September 8, 
2016), 81 FR 63238 (September 14, 2016) (File No. 10-227) (Exhibit 
B) (establishing rules for mini-options).
    \14\ See Securities Exchange Act Release No. 88374 (March 12, 
2020), 85 FR 15522 (March 18, 2020) (SR-Phlx-2020-08) (Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend 
Certain Phlx Rules To Remove References to Mini Options); see also 
Securities Exchange Act Release No. 88458 (March 23, 2020), 85 FR 
17372 (March 27, 2020) (SR-MRX-2020-07) (Notice of Filing and 
Immediate Effectiveness of Proposed Rule Change Related to the 
Removal of Obsolete Listing Rules); see also Securities Exchange Act 
Release No. 88456 (March 23, 2020), 85 FR 17126 (March 26, 2020) 
(SR-ISE-2020-11) (Notice of Filing and Immediate Effectiveness of 
Proposed Rule Change Related to the Removal of Obsolete Listing 
Rules).
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    Specifically, the Exchange proposes to delete the content in 
Interpretations and Policies .08 of Exchange Rule 404 and then insert 
``Reserved'' so as to keep the remainder of the Rulebook as currently 
formatted. The Exchange proposes to delete the content in subparagraph 
(c) of Exchange Rule 509 and then insert ``Reserved'' so as to keep the 
remainder of the Rulebook as currently formatted. The Exchange proposes 
to delete the content in Interpretations and Policies .02 of Exchange 
Rule 510 and then insert ``Reserved'' so as to keep the remainder of 
the Rulebook as currently formatted.
Proposal To Update Citations to Rule 600(b) of Regulation NMS
    The Exchange proposes to update citations to Rule 600(b) of 
Regulation NMS in Exchange Rule 100, Definitions, Rule 530, Limit Up-
Limit Down, Rule 2612, Minimum Price Variations, Rule 2614, Orders and 
Order Instructions, and Rule 2705, Prohibition Against Trading Ahead of 
Customer Orders.
    In 2024, the Commission amended Regulation NMS under the Act to 
update the rule that requires disclosures for order executions in 
national market system (``NMS'') stocks.\15\ As part of that 
initiative, the Commission adopted new definitions in Rule 600(b) of 
Regulation NMS and renumbered the remaining definitions, including the 
definitions of Trading Center (formerly Rule 600(b)(95)), Regular 
Trading Hours (formerly Rule 600(b)(77)), NMS Stock (formerly Rule 
600(b)(55)), and Intermarket Sweep Orders (formerly Rule 600(b)(38)).
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    \15\ See Securities Exchange Act Release No. 99679, 89 FR 26428 
(April 15, 2024) (S7-29-22).
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    The Exchange accordingly proposes to update the relevant citations 
to Rule 600(b) in its rules as follows:
     The citation to the definition of Trading Center in Rule 
100 would be changed to Rule 600(b)(106).
     The citation to the definition of Regular Trading Hours in 
Rule 530, Limit Up-Limit Down, would be changed to Rule 600(b)(88).
     The citation to the definition of NMS Stock in Rule 2612 
would be changed to Rule 600(b)(65).
     The citation to the definition of Intermarket Sweep Orders 
in Rule 2614 would be changed to Rule 600(b)(47).
    The citation to the second requirement of the definition of 
Intermarket Sweep Order would be changed to Rule 600(b)(47)(ii).

2. Statutory Basis

    The Exchange believes that the proposed changes are consistent with 
Section 6(b) of the Act \16\ in general, and further the objectives of 
Section 6(b)(1) of the Act \17\ in particular, in that they are 
designed to enforce compliance by the Exchange's Members and persons 
associated with its Members and Equity Members, with the provisions of 
the rules of the Exchange.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(1).
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    In particular, the Exchange believes that the proposed changes are 
designed to enforce compliance by the Exchange's Members and Equity 
Members with the provisions of the rules of the Exchange because the 
changes will provide greater clarity to Members, Equity Members and the 
public regarding the Exchange's Rulebook by deleting the outdated rule 
text in Chapter III that is no longer applicable, amending the 
announcement method for certain types of openings on the Exchange, 
deleting outdated references to mini-options that are no longer offered 
by the Exchange, and updating the citations to Rule 600(b) of 
Regulation NMS.
    The proposed change to delete the second paragraph of Chapter III 
of the Rulebook is to delete the outdated rule text since the unique 
circumstances for disaster recovery testing in 2020 no longer exists 
for Equity Members of MIAX Pearl Equities. The proposed changes to 
amend the announcement method for certain types of openings on the 
Exchange are to harmonize the rules and provide consistency within the 
Exchange's Rulebook as the Exchange, and its affiliates, historically 
announce such information through a Regulatory Circular. The proposed 
changes to remove outdated references to mini-options will help enforce 
compliance with the Exchange's rules by removing obsolete rule text. 
Mini-options were delisted from the Exchange years ago since mini-
options failed to gain significant market acceptance and never achieved 
the expected level of traction or success in its target market.
    The proposed changes to update the citations to Rule 600(b) of 
Regulation NMS are to correct inaccurate rule citations, thereby 
reducing potential confusion and ensuring that those subject to the 
Exchange's jurisdiction, regulators, and the investing public can more 
easily navigate and understand the Exchange's rules. The Exchange 
believes that the proposed changes will help enforce compliance with 
the Exchange's rules by providing clarity and consistency within the 
Exchange's

[[Page 97663]]

Rulebook, thereby making it easier for Members and Equity Members to 
interpret the Exchange's Rulebook. The Exchange believes that Members 
and Equity Members would benefit from the increased clarity and 
consistency, thereby alleviating potential investor or market 
participant confusion.
    The Exchange believes that the proposed rule changes also further 
the objectives of Section 6(b)(5) of the Act. In particular, they are 
designed to prevent fraudulent and manipulative acts and practices, 
promote just and equitable principles of trade, foster cooperation and 
coordination with persons engaged in regulating, clearing, settling, 
processing information with respect to, and facilitating transactions 
in securities, remove impediments to and perfect the mechanisms of a 
free and open market and a national market system and, in general, 
protect investors and the public interest.
    The Exchange believes the proposed changes promote just and 
equitable principles of trade and remove impediments to and perfect the 
mechanism of a free and open market and a national market system 
because the proposed rule changes will provide greater clarity to 
Members and Equity Members and the public regarding the Exchange's 
Rulebook by deleting the outdated rule text in Chapter III of the 
Rulebook that is no longer applicable to Equity Members, amending the 
announcement method for certain types of openings on the Exchange to 
provide consistency within the Rulebook, deleting outdated references 
to mini-options that are no longer offered by the Exchange, and 
updating citations to Rule 600(b) of Regulation NMS. It is in the 
public interest for the Exchange's Rulebook to be accurate and 
consistent so as to eliminate the potential for confusion.

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

    The Exchange does not believe that the proposed changes will impose 
any burden on competition not necessary or appropriate in furtherance 
of the purposes of the Act. Specifically, the Exchange believes the 
proposed changes will not impose any burden on intra-market competition 
as there is no functional change to the Exchange's System \18\ and 
because the rules of the Exchange apply to all Members and Equity 
Members equally.
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    \18\ The term ``System'' means the automated trading system used 
by the Exchange for the trading of securities. See Exchange Rule 
100.
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    The proposed change to delete the second paragraph of Chapter III 
of the Rulebook is to delete the outdated rule text applicable to 
Equity Members since the unique circumstances for disaster recovery 
testing in 2020 no longer exists. The proposed changes to amend the 
announcement method for certain types of openings on the Exchange are 
to harmonize the rules and provide consistency within the Exchange's 
Rulebook as the Exchange, and its affiliates, historically announce 
such information through a Regulatory Circular. The proposed changes to 
remove obsolete rule text include the removal of outdated references to 
mini-options. Mini-options are no longer offered by the Exchange since 
mini-options failed to gain significant market acceptance and have not 
achieved the expected level of traction or success in its target 
market. The proposed changes to update the citations to Rule 600(b) of 
Regulation NMS are to correct inaccurate rule citations, reduce 
potential confusion, and ensure that market participants can more 
easily navigate and understand the Exchange's rules. The proposed rule 
changes will have no impact on competition as they are not designed to 
address any competitive issue but rather are designed to remedy minor, 
non-substantive issues and provide added clarity to the Exchange's 
Rulebook.
    In addition, the Exchange does not believe the proposal will impose 
any burden on inter-market competition as the proposal does not address 
any competitive issues but rather would provide additional clarity in 
the Exchange's rule by deleting the outdated rule text in Chapter III 
of the Rulebook that is no longer applicable, amending the announcement 
method for certain types of openings on the Exchange, deleting outdated 
references to mini-options that are no longer offered by the Exchange, 
and updating citations to Rule 600(b) of Regulation NMS. Since the 
proposal does not substantively modify System functionality or 
processes on the Exchange, the proposed changes will not impose any 
burden on competition nor are they meant to affect competition among 
the exchanges.

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

    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 prior to 30 days from the date on which it was filed, 
or such shorter time as the Commission may designate, if consistent 
with the protection of investors and the public interest, the proposed 
rule change has become effective pursuant to Section 19(b)(3)(A)(iii) 
of the Act \19\ and Rule 19b-4(f)(6) thereunder.\20\
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    \19\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \20\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
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) \21\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\22\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative immediately upon filing.
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    \21\ 17 CFR 240.19b-4(f)(6).
    \22\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Exchange states that waiver of the operative delay would permit 
the Exchange to delete outdated rule text regarding unique 
circumstances for disaster recovery that applied in 2020 and no longer 
exist, amend the announcement method for certain types of openings on 
the Exchange to make it consistent with the Exchange's historical 
announcement method, delete outdated references to mini-options that 
are no longer offered by the Exchange, and correct inaccurate rule 
citations, thereby alleviating potential confusion and adding clarity 
to its rules. For these reasons, and because the proposal does not 
raise any new or novel issues, the Commission believes that waiver of 
the operative delay is consistent with the protection of investors and 
the public interest. Accordingly, the Commission hereby waives the 30-
day operative delay and designates the proposal operative upon 
filing.\23\
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    \23\ 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

[[Page 97664]]

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 under Section 19(b)(2)(B) \24\ of the Act to 
determine whether the proposed rule change should be approved or 
disapproved.
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    \24\ 15 U.S.C. 78s(b)(2)(B).
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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

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-PEARL-2024-55 on the subject line.

Paper Comments

     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-2024-55. 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-2024-55 and should be 
submitted on or before December 30, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\25\
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    \25\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-28762 Filed 12-6-24; 8:45 am]
BILLING CODE 8011-01-P
```