Federal Register / Vol. 89, No. 247 / Thursday, December 26, 2024 / Notices 105163 

10 15 U.S.C. 78s(b)(2). 

11 17 CFR 200.30–3(a)(57). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 101358 

(October 16, 2024), 89 FR 84406 (October 22, 2024) 

(SR–PEARL–2024–47) (Notice of Filing and 

Immediate Effectiveness of a Proposed Rule Change 

To Adopt Both an Early and Late Trading Session 

on its Equity Trading Platform). 

5 Id. 

6See Exchange Rule 1901. 

7 Id. 

8The term ‘‘Equity Member’’ is a Member 

authorized by the Exchange to transact business on 

MIAX Pearl Equities. See Exchange Rule 1901. 

9See supra note 3. 

10 Id. 

consider the proposed rule change, the 

issues raised therein, and the comments 

received. Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the 

Act,10 designates March 12, 2025, as the 

date by which the Commission shall 

either approve or disapprove the 

proposed rule change, as modified by 

Amendment No. 1 (File No. SR– 

CboeBZX–2024–055). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2024–30689 Filed 12–23–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101977; File No. SR– 

PEARL–2024–58] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Make Certain 

Clarifying Changes Related to New 

Time-In-Force Instructions on MIAX 

Pearl Equities 

December 19, 2024 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’),2 and Rule 19b–4 thereunder,3

notice is hereby given that on December 

10, 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to make 

clarifying changes related to new TimeIn-Force (‘‘TIF’’) instructions that were 

adopted as part of a recent proposal to 

expand the trading hours of its equity 

trading platform (referred to herein as 

‘‘MIAX Pearl Equities’’). 

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 make 

clarifying changes related to new TIF 

instructions that were adopted as part of 

a recent proposal to expand the trading 

hours of MIAX Pearl Equities. The 

Exchange recently submitted a proposed 

rule change to expand its hours of 

operations by adopting both an Early 

and Late Trading Session.4 Pursuant to 

that proposal,5 the Early Trading 

Session would operate from 4:00 a.m. 

until 9:30 a.m. Eastern Time. Then the 

existing Regular Trading Hours 6 would 

follow, which currently operates from 

9:30 a.m. until 4:00 p.m. Eastern Time. 

Within Regular Trading Hours, the 

Exchange also operates the existing 

Regular Trading Session,7 which 

operates from the completion of the 

Exchange’s Opening Process described 

in Exchange Rule 2615 until 4:00 p.m. 

Eastern Time. The Late Trading Session 

would follow and operate from 4:00 

p.m. until 8:00 p.m. Eastern Time. 

The Exchange currently offers two TIF 

instructions, Immediate-Or-Cancel 

(‘‘IOC’’) and Regular Hours Only 

(‘‘RHO’’), the operation of each are 

described under Exchange Rule 

2614(b)(1) and (2), respectively. In its 

proposal to add the Early and Late 

Trading Sessions, among other things, 

the Exchange amended its rules to adopt 

the following four additional TIF 

instructions: Day, Fill-Or-Kill (‘‘FOK’’), 

Good-‘til Time (‘‘GTT’’), and Good-‘til 

Extended Day (‘‘GTX’’). In sum, the Day 

TIF is an instruction that may be 

attached to an order stating that an order 

to buy or sell which, if not executed, 

expires at the end of Regular Trading 

Hours. The FOK TIF is an instruction 

that may be attached to an order stating 

that the order is to be executed in its 

entirety as soon as it is received and, if 

not so executed, cancelled. The GTT TIF 

is an instruction that may be attached to 

an order specifying the time of day at 

which the order expires. Lastly, the GTX 

TIF is an instruction that may be 

attached to an order to buy or sell 

which, if not executed, will be cancelled 

by the close of the Late Trading Session. 

Like RHO, the TIF instructions of Day, 

GTT, and GTX all allow Equity 

Members 8 to instruct the Exchange to 

post their order to the MIAX Pearl 

Equities Book if not executed upon 

entry. Also, like IOC, the TIF instruction 

of FOK provides that an order be 

executed upon entry and not posted to 

the MIAX Pearl Equities Book. 

Therefore, as part of its proposal to add 

the Early and Late Trading Session, the 

Exchange amended provisions within 

its rules to account for the TIF 

instructions where appropriate, such as 

adding the TIF instructions of Day, GTT, 

and GTX following references to RHO, 

or FOK following references to IOC.9

The Exchange now proposes to make 

other clarifying changes to its rules to 

account for the new TIF instructions 

that it inadvertently did not include in 

its earlier proposed rule change. As 

described below, each of these changes 

would ensure the Exchange’s rules 

provide for the consistent treatment of 

like TIF instructions, provide additional 

clarity, and are consistent with the rules 

of other national securities exchanges. 

The Exchange does not propose to make 

any other changes to its rules or to 

amend functionality. Each of these 

changes are as follows: 

• Exchange Rule 2614(a)(1)(ii) 

currently provides that a Limit Order 

may include a TIF of IOC or RHO. In the 

filing to adopt the Early and Late 

Trading Sessions and additional TIF 

instructions, Exchange Rule 

2614(a)(1)(ii) was amended to also 

provide that a Limit Order may include 

a TIF of FOK, Day, GTT, or GTX.10 The 

Exchange now proposes to amend 

Exchange Rule 2614(a)(1)(vi) to account 

for the new additional TIF instructions 

by providing that ‘‘[d]uring a Short Sale 


ddrumheller on DSK120RN23PROD with NOTICES1
105164 Federal Register / Vol. 89, No. 247 / Thursday, December 26, 2024 / Notices 

11See, e.g., MIAX Pearl Equities—Roll Out of 

Extended Hours Trading & Update to Mandatory 

FOI and MEO Upgrade Deadline, dated November 

13, 2024, available at https://www.miaxglobal.com/ 

alert/2024/11/13/miax-pearl-equities-roll-outextended-hours-trading-update-mandatory-foi. 

12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(5). 

14See, e.g., NYSE Arca, Inc. (‘‘NYSE Arca’’) Rule 

7.31(i)(3)(C); and Cboe EDGA Exchange, Inc. (‘‘Cboe 

EDGA’’) and Cboe EDGX Exchange, Inc. (‘‘Cboe 

EDGX’’) Rules 11.8(c)(6). Like NYSE Arca, 

Exchange Rule Exchange Rule 2614(c)(7)(ii) lists all 

TIF instructions that if offers that allow for an order 

to be posted to the order book. While Cboe EDGA 

and Cboe EDGX offer the same TIF instructions that 

are listed in this proposal, Exchange Rule Exchange 

Rule 2614(a)(1)(vi) lists the TIF instruction while 

the Cboe EDGA and Cboe EDGX Rules lack this 

additional specificity. 

15See supra note 3. 

16See supra note 13. 

17See supra note 3. 

Period, as defined in Exchange Rule 

2614(g)(3)(i), the System will 

immediately cancel any portion of an 

incoming Limit Order designated as ISO 

and short that includes a time-in-force 

instruction RHO, Day, GTT, or GTX that 

cannot be executed or displayed at its 

limit price at the time of entry pursuant 

to Rule 201 of Regulation SHO.’’ 

• In sum, Exchange Rule 2614(c)(7) 

provides that Minimum Execution 

Quantity (‘‘MEQ’’) is an order 

instruction that may be attached to a 

non-displayed order requiring the 

System to execute the order only to the 

extent that a minimum quantity can be 

satisfied. Exchange Rule 2614(c)(7)(B) 

describes the operation of orders with 

an MEQ instruction when resting on the 

MIAX Pearl Equities Book. The 

Exchange now proposes to amend 

Exchange Rule 2614(c)(7)(ii) to account 

for the new additional TIF instructions 

and provide that ‘‘[w]here there is 

insufficient size to satisfy an incoming 

order’s minimum quantity condition, 

that incoming order with a Minimum 

Execution Quantity instruction with a 

time-in-force of RHO, Day, GTT, or GTX 

will not trade and will be posted on the 

MIAX Pearl Equities Book.’’ 

• Exchange Rule 2614(e) provides for 

the cancelation and replacement of an 

existing order. The Exchange now 

proposes to amend Exchange Rule 

2614(e)(1) to include the new additional 

TIF instruction of FOK and provide that 

‘‘[o]rders may only be cancelled or 

replaced if the order has a time-in-force 

term other than IOC or FOK and if the 

order has not yet been executed.’’ 

• Exchange Rule 2615(e) describes 

how the Exchange re-opens a security 

following a halt and provides, in sum, 

that the re-opening process would 

operate in the same manners as the 

Exchange’s Opening Process set forth 

under Exchange Rule 2615(a)—(c), with 

certain exceptions. One exception is 

provided for under Exchange Rule 

2615(e)(1) which states that orders with 

a TIF instruction of IOC would be 

cancelled or rejected, as applicable. The 

Exchange proposes to amend Exchange 

Rule 2615(e)(1) to include the TIF 

instruction of FOK and provide that 

‘‘ISOs and orders that include a time-inforce of IOC or FOK be cancelled or 

rejected, as applicable.’’ 

• Exchange Rule 2622 discusses the 

Exchange’s mechanisms to comply with 

the Limit Up-Limit Down Plan. 

Æ First, Exchange Rule 

2622(h)(2)(i)5.a. provides that Market 

Orders and orders designated IOC will 

only be executed at or within the Price 

Bands. This provision would be 

amended to also provide that orders 

designated as FOK will only be 

executed at or within the Price Bands. 

Æ Second, Exchange Rule 

2622(h)(3)(B) provides that during any 

Operational Halt, the System will accept 

all orders, except orders designated as 

ISO and orders that include a TIF 

instruction of IOC, for queuing and 

participation in the Re-Opening Process 

pursuant to Rule 2615(e). This provision 

would be amended to also provide that 

orders that include a TIF instruction of 

FOK will not be accepted for queuing 

and participation in the Re-Opening 

Process pursuant to Rule 2615(e). 

Implementation 

Due to the technological changes 

associated with this proposed change, 

the Exchange will issue a trading alert 

publicly announcing the 

implementation date of the proposed 

enhancements to its risk controls set 

forth herein. The Exchange anticipates 

that the implementation date will be in 

the first or second quarter of 2025.11

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Act,12 in general, and furthers the 

objectives of Section 6(b)(5),13 in 

particular, because 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. 

Specifically, the Exchange believes the 

proposed amendments will remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system because 

they would provide for the consistent 

treatment of like TIF instructions and 

are consistent with the rules of other 

national securities exchanges.14 The 

proposed rule change is also consistent 

with changes the Exchange proposed in 

its earlier filing to adopt the Early and 

Late Trading Sessions where it amended 

certain Exchange Rules to account for 

the additional TIF instructions.15 The 

Exchange does not propose any new 

changes to functionality, but rather to 

provide additional clarity within the 

rule text, make the Exchange’s rules 

easier to understand, and accurately 

reflect Exchange functionality. The 

proposed rule changes would, therefore, 

help prevent any potential investor 

confusion and thus protect investors 

and the public interest, as well as 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system. The 

Exchange also believes that the 

proposed rule change is nondiscriminatory as it would apply to all 

Equity Members uniformly and all 

Equity Members would be treated 

equally. 

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. The 

Exchange believes its proposal will not 

impose any burden on inter-market 

competition because the proposal 

simply seeks to provide for the 

consistent treatment of like TIF 

instructions, provide market 

participants additional clarity within 

the Exchange’s Rules, and provide 

consistency with the rules of other 

national securities exchanges.16 The 

proposal is not designed to enhance the 

Exchange’s competitive standing, but 

rather ensure its rules accurately reflect 

functionality. The proposal also does 

not seek to amend any functionality 

proposed in the Exchange’s previous 

proposal to adopt the Early and Late 

Trading Sessions.17 The Exchange 

believes its proposal will not impose 

any burden on intra-market competition 

because all orders coupled with the 

above listed TIF instructions would be 

treated equally under the proposed 

amendments. 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 247 / Thursday, December 26, 2024 / Notices 105165 

18 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 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. 

19 17 CFR 200.30–3(a)(12), (59). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(4). 

5See Securities Exchange Act Release No. 81745 

(Sept. 28, 2017), 82 FR 46332 (Oct. 4, 2017) (SR– 

DTC–2017–014; SR–NSCC–2017–013; SR–FICC– 

2017–017) (‘‘Initial Filing’’). 

6 17 CFR 240.17ad–22(e)(17). 

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 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) of the 

Act and Rule 19b–4(f)(6) thereunder.18

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 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

PEARL–2024–58 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–2024–58. 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–2024–58 and should be 

submitted on or before January 16, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–30781 Filed 12–23–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101956; File No. SR– 

NSCC–2024–012] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Modify the Clearing 

Agency Operational Risk Management 

Framework 

December 18, 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 December 

11, 2024, National Securities Clearing 

Corporation (‘‘NSCC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II and III 

below, which Items have been prepared 

by the clearing agency. NSCC filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A) of the Act 3 and Rule 

19b–4(f)(4) thereunder.4 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change consists of 

amendments to the Clearing Agency 

Operational Risk Management 

Framework (‘‘ORM Framework’’ or 

‘‘Framework’’) of NSCC and its affiliates 

The Depository Trust Company (‘‘DTC’’) 

and Fixed Income Clearing Corporation 

(‘‘FICC,’’ and together with NSCC and 

DTC, the ‘‘Clearing Agencies’’) in order 

to reflect recent changes to group names 

and make other nonmaterial clarifying 

edits. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, the 

clearing agency 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 

clearing agency has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

The Clearing Agencies adopted the 

ORM Framework 5 to provide an outline 

for how each of the Clearing Agencies 

manages its operational risks. In this 

way, the Framework supports the 

Clearing Agencies’ compliance with 

Rule 17ad–22(e)(17) under the Act,6 as 

described in the Initial Filing. In 

addition to setting forth the way each of 

the Clearing Agencies addresses these 

requirements, the ORM Framework also 

contains a section titled ‘‘Framework 


ddrumheller on DSK120RN23PROD with NOTICES1