33386 Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 

1See Docket No. RM2018–3, Order Adopting 

Final Rules Relating to Non-Public Information, 

June 27, 2018, Attachment A at 19–22 (Order No. 

4679). 

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

2 17 CFR 240.19b–4. 

3See, generally, Exchange Rule 531(a). 

4 ‘‘Member’’ means an individual or organization 

that is registered with the Exchange pursuant to 

Chapter II of Exchange 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 the 

Definitions Section of the Fee Schedule and 

Exchange Rule 100. 

5See Securities Exchange Act Release No. 92082 

(June 1, 2021) (SR–PEARL–2021–25). 

6The term ‘‘Book’’ means the electronic book of 

buy and sell orders and quotes maintained by the 

System. See Exchange Rule 100. The term ‘‘System’’ 

means the automated trading system used by the 

Exchange for the trading of securities. See id. 

7Only displayed orders will be included in the 

Report. The Exchange notes that it does not 

currently offer any non-displayed orders types on 

its options trading platform. 

Table of Contents 

I. Introduction 

II. Docketed Proceeding(s) 

I. Introduction 

The Commission gives notice that the 

Postal Service filed request(s) for the 

Commission to consider matters related 

to negotiated service agreement(s). The 

request(s) may propose the addition or 

removal of a negotiated service 

agreement from the market dominant or 

the competitive product list, or the 

modification of an existing product 

currently appearing on the market 

dominant or the competitive product 

list. 

Section II identifies the docket 

number(s) associated with each Postal 

Service request, the title of each Postal 

Service request, the request’s acceptance 

date, and the authority cited by the 

Postal Service for each request. For each 

request, the Commission appoints an 

officer of the Commission to represent 

the interests of the general public in the 

proceeding, pursuant to 39 U.S.C. 505 

(Public Representative). Section II also 

establishes comment deadline(s) 

pertaining to each request. 

The public portions of the Postal 

Service’s request(s) can be accessed via 

the Commission’s website (http://

www.prc.gov). Non-public portions of 

the Postal Service’s request(s), if any, 

can be accessed through compliance 

with the requirements of 39 CFR 

3011.301.1

The Commission invites comments on 

whether the Postal Service’s request(s) 

in the captioned docket(s) are consistent 

with the policies of title 39. For 

request(s) that the Postal Service states 

concern market dominant product(s), 

applicable statutory and regulatory 

requirements include 39 U.S.C. 3622, 39 

U.S.C. 3642, 39 CFR part 3030, and 39 

CFR part 3040, subpart B. For request(s) 

that the Postal Service states concern 

competitive product(s), applicable 

statutory and regulatory requirements 

include 39 U.S.C. 3632, 39 U.S.C. 3633, 

39 U.S.C. 3642, 39 CFR part 3035, and 

39 CFR part 3040, subpart B. Comment 

deadline(s) for each request appear in 

section II. 

II. Docketed Proceeding(s) 

1. Docket No(s).: MC2021–101 and 

CP2021–104; Filing Title: USPS Request 

to Add Priority Mail & First-Class 

Package Service Contract 195 to 

Competitive Product List and Notice of 

Filing Materials Under Seal; Filing 

Acceptance Date: June 14, 2021; Filing 

Authority: 39 U.S.C. 3642, 39 CFR 

3040.130 through 3040.135, and 39 CFR 

3035.105; Public Representative: 

Kenneth R. Moeller; Comments Due: 

June 22, 2021. 

2. Docket No(s).: MC2021–102 and 

CP2021–105; Filing Title: USPS Request 

to Add Priority Mail & First-Class 

Package Service Contract 196 to 

Competitive Product List and Notice of 

Filing Materials Under Seal; Filing 

Acceptance Date: June 14, 2021; Filing 

Authority: 39 U.S.C. 3642, 39 CFR 

3040.130 through 3040.135, and 39 CFR 

3035.105; Public Representative: 

Kenneth R. Moeller; Comments Due: 

June 22, 2021. 

This Notice will be published in the 

Federal Register. 

Mallory Smith, 

Federal Register Liaison. 

[FR Doc. 2021–13316 Filed 6–23–21; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92209; File No. SR– 

PEARL–2021–27] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the MIAX Pearl 

Options Fee Schedule To Adopt Fees 

for a New Data Product Known as the 

Liquidity Taker Event Report 

June 17, 2021. 

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 June 7, 

2021, MIAX PEARL, LLC (‘‘MIAX Pearl’’ 

or ‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

as described in Items I, II, and III 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 is filing a proposal to 

amend the MIAX Pearl Fee Schedule 

(the ‘‘Fee Schedule’’) to adopt fees for a 

new data product to be known as the 

Liquidity Taker Event Report.3

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/pearl 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 recently adopted a new 

data product known as the Liquidity 

Taker Event Report (the ‘‘Report’’), 

which will be available for purchase to 

Exchange Members 4 on a voluntary 

basis. The Exchange now proposes to 

adopt fees for the Report. The Report 

was recently approved by the Securities 

and Exchange Commission 

(‘‘Commission’’) and is described under 

Exchange Rule 531(a).5 The Report is an 

optional product available to Members. 

By way of background, the Report is 

a daily report that provides a Member 

(‘‘Recipient Member’’) with its liquidity 

response time details for executions of 

an order resting on the Book,6 where 

that Recipient Member attempted to 

execute against such resting order 7

within a certain timeframe. It is 

important to note that the content of the 

Report is specific to the Recipient 

Member and the Report will not include 


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Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 33387 

8The term ‘‘affiliate’’ of or person ‘‘affiliated 

with’’ another person means a person who, directly, 

or indirectly, controls, is controlled by, or is under 

common control with, such other person. See 

Exchange Rule 100. 9The Report will simply indicate whether the 

Recipient Member is Affiliate of the Member that 

entered the resting order and not include any other 

information that may indicate the identity of the 

Member that entered the resting order. 

10The term ‘‘Priority Customer’’ means a person 

or entity that (i) is not a broker or dealer in 

securities, and (ii) does not place more than 390 

orders in listed options per day on average during 

a calendar month for its own beneficial account(s). 

The number of orders shall be counted in 

accordance with Interpretation and Policy .01 to 

Exchange Rule 100. See Exchange Rule 100. 

11The term ‘‘Market Makers’’ refers to ‘‘Lead 

Market Makers’’, ‘‘Primary Lead Market Makers’’ 

and ‘‘Registered Market Makers’’ collectively. See 

Exchange Rule 100. 

12This information is also included in the Missed 

Opportunity—Latency Report, which is a similar 

report for equity securities that is offered by the 

NASDAQ Stock Market, LLC (the ‘‘NASDAQ 

Report’’). See NASDAQ Equity Section 7, Rule 

146(a)(2). The Exchange notes that the displayed 

price and size are also disseminated via the 

Exchange’s proprietary data feeds and the Options 

Price Reporting Authority (‘‘OPRA’’). The Exchange 

also notes that the displayed price of the resting 

order may be different than the ultimate execution 

price. This may occur when a resting order is 

displayed and ranked at different prices upon entry 

to avoid a locked or crossed market. 

13The term ‘‘PBBO’’ means the best bid or offer 

on the Pearl Exchange. See Exchange Rule 100. 

14Exchange Rule 531(a)(1)(ii)(B) provides that if 

the resting order executes against multiple contraside responses, only the PBBO at the time of the 

execution against the first response will be 

included. 

15The term ‘‘ABBO’’ or ‘‘Away Best Bid or Offer’’ 

means the best bid(s) or offer(s) disseminated by 

other Eligible Exchanges (defined in Exchange Rule 

1400(g)) and calculated by the Exchange based on 

market information received by the Exchange from 

OPRA. See Exchange Rule 100. 

16Exchange Rule 531(a)(1)(ii)(A) further provides 

that if the resting order executes against multiple 

contra-side responses, only the ABBO at the time 

of the execution against the first response will be 

included. 

17The time the Exchange received the response 

order would be in nanoseconds and would be the 

time the response was received by the Exchange’s 

network, which is before the time the response 

would be received by the System. 

18The time difference would be provided in 

nanoseconds. 

19For purposes of calculating this duration of 

time, the Exchange will use the time the resting 

order and the Recipient Member’s response(s) is 

received by the Exchange’s network, both of which 

would be before the order and response(s) would 

be received by the System. This time difference 

would be provided in nanoseconds. 

any information related to any Member 

other than the Recipient Member. 

The following information is included 

in the Report regarding the resting 

order: (A) The time the resting order 

was received by the Exchange; (B) 

symbol; (C) order reference number, 

which is a unique reference number 

assigned to a new order at the time of 

receipt; (D) whether the Recipient 

Member is an Affiliate 8 of the Member 

that entered the resting order;9 (E) origin 

type (e.g., Priority Customer,10 Market 

Maker) 11; (F) side (buy or sell); and (G) 

displayed price and size of the resting 

order.12

The following information is included 

in the Report regarding the execution of 

the resting order: (A) The PBBO 13 at the 

time of execution; 14 (B) the ABBO 15 at 

the time of execution; 16 (C) the time 

first response that executes against the 

resting order was received by the 

Exchange and the size of the execution 

and type of the response; 17 (D) the time 

difference between the time the resting 

order was received by the Exchange and 

the time the first response that executes 

against the resting order was received by 

the Exchange; 18 and (E) whether the 

response was entered by the Recipient 

Member. If the resting order executes 

against multiple contra-side responses, 

only the PBBO and ABBO at the time of 

the execution against the first response 

will be included. 

The following information is included 

in the Report regarding response(s) sent 

by the Recipient Member: (A) Recipient 

Member identifier; (B) the time 

difference between the time the first 

response that executes against the 

resting order was received by the 

Exchange and the time of each response 

sent by the Recipient Member, 

regardless of whether it executed or 

not; 19 (C) size and type of each response 

submitted by Recipient Member; and (D) 

response reference number, which is a 

unique reference number attached to the 

response by the Recipient Member. 

The Report includes the data set for 

executions and contra-side responses 

that occurred within 200 microseconds 

of the time the resting order was 

received by the Exchange. The Report 

contains historical data from the prior 

trading day and will be available after 

the end of the trading day, generally on 

a T+1 basis. The Report does not 

include real-time data. 

The Exchange believes the additional 

data points from the matching engine 

outlined above may help Members gain 

a better understanding about their own 

interactions with the Exchange. The 

Exchange believes the Report will 

provide Members with an opportunity 

to learn more about better opportunities 

to access liquidity and receive better 

execution rates. The Report will 

increase transparency and democratize 

information so that all firms that 

subscribe to the Report have access to 

the same information on an equal basis, 

even for firms that do not have the 

appropriate resources to generate a 

similar report regarding interactions 

with the Exchange. 

Members generally would use a 

liquidity accessing order if there is a 

high probability that it will execute 

against an order resting on the 

Exchange’s Book. The Report identifies 

by how much time an order that may 

have been marketable missed an 

execution. The Report will provide 

greater visibility into the missed trading 

execution, which will allow Members to 

optimize their models and trading 

patterns to yield better execution 

results. 

The Report will be a Member-specific 

report and will help Members to better 

understand by how much time a 

particular order missed executing 

against a specific resting order, thus 

allowing that Member to determine 

whether it wants to invest in the 

necessary resources and technology to 

mitigate missed executions against 

certain resting orders on the Exchange’s 

Book. 

The Exchange proposes to provide the 

Report in response to Member demand 

for data concerning the timeliness of 

their incoming orders and executions 

against resting orders. Members have 

periodically requested from the 

Exchange’s trading operations personnel 

information concerning the timeliness 

of their incoming orders and efficacy of 

their attempts to execute against resting 

liquidity on the Exchange’s Book. The 

purpose of the Report is to provide 

Members the necessary data in a 

standardized format on a T+1 basis to 

those that subscribe to the Report on an 

equal basis. 

The product is offered to Members on 

a completely voluntary basis in that the 

Exchange is not required by any rule or 

regulation to make this data available 

and potential subscribers may purchase 

the Report only if they voluntarily 

choose to do so. It is a business decision 

of each Member whether to subscribe to 

the Report or not. 

The Exchange proposes to adopt new 

Section 7), Reports, in its Fee Schedule, 

which will provide that Members may 

purchase the Report on a monthly or 

annual (12-month) basis. The Exchange 

proposes to assess a monthly fee of 

$4,000 per month and a fee of $24,000 

per year for a 12-month subscription for 

the Report. Members may cancel their 

subscription at any time. The Exchange 

also proposes to specify that for midmonth subscriptions, new subscribers 

will be charged for the full calendar 

month for which they subscribe and 

will be provided Report data for each 

trading day of the calendar month prior 

to the day on which they subscribed. 

The Exchange intends to begin to offer 

the Report and charge the proposed fees 

on June 7, 2021. 


khammond on DSKJM1Z7X2PROD with NOTICES
33388 Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 

20 15 U.S.C. 78f(b). 

21 15 U.S.C. 78f(b)(5). 

22 15 U.S.C. 78f(b). 

23 15 U.S.C. 78f(b)(4). 

24See Cboe Global Markets U.S. Options Market 

Month-to-Date Volume Summary (June 1, 2021), 

available at https://markets.cboe.com/us/options/

market_statistics/. 

25See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(‘‘Regulation NMS Adopting Release’’). 

26The NASDAQ Stock Market LLC (‘‘NASDAQ’’) 

charges fees ranging from $1,500 to $3,500 per 

month for a similar report for equity securities 

called the Missed Opportunity—Latency report as 

part of its NASDAQ Trader Insights offering. See 

NASDAQ Equity Section 7, Rule 146(a)(2). See also 

the CME Group, Inc.’s Time and Sale report. https:// 

www.cmegroup.com/trading/about-timesales.html#:∼:text=CME%20Globex%20Options)-,

CME%20Group’s%20

Time%20%26%20Sales%20report

%20provides%20the%20price%20and%20

time,calendar%20date)%20of%20the%20

transaction.&text=A%20zero%20

volume%20represents%20an%20indicative

%20price.,-The%20Indicator%20column. 

27Cboe Exchange, Inc. (‘‘Cboe’’) assesses a 

$24,000 annual fee for an intra-day subscription to 

Open-Close Data. See https://datashop.cboe.com/ 

options-summary-subscription. 

28See supra note 26. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,20 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act,21 in particular, in that it is 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and to protect investors and the 

public interest, and that it is not 

designed to permit unfair 

discrimination among customers, 

brokers, or dealers. The Exchange also 

believes that its proposal to adopt fees 

for the Report is consistent with Section 

6(b) of the Act 22 in general, and furthers 

the objectives of Section 6(b)(4) of the 

Act 23 in particular, in that it is an 

equitable allocation of dues, fees and 

other charges among its Members and 

other recipients of Exchange data. 

In adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations (‘‘SROs’’) and brokerdealers increased authority and 

flexibility to offer new and unique 

market data to the public. It was 

believed that this authority would 

expand the amount of data available to 

consumers, and also spur innovation 

and competition for the provision of 

market data. The Exchange believes that 

the Report further broadens the 

availability of U.S. option market data to 

investors consistent with the principles 

of Regulation NMS. The Report also 

promotes increased transparency 

through the dissemination of the Report. 

Particularly, the Report will benefit 

investors by facilitating their prompt 

access to the value added information 

that is included in the Report. The 

Report will allow Members to access 

information regarding their trading 

activity that they may utilize to evaluate 

their own trading behavior and order 

interactions. 

The Exchange operates in a highly 

competitive environment. Indeed, there 

are currently 16 registered options 

exchanges that trade options. Based on 

publicly available information, no single 

options exchange has more than 15% of 

the market share and currently the 

Exchange represents only approximately 

5.29% of the market share.24 The 

Commission has repeatedly expressed 

its preference for competition over 

regulatory intervention in determining 

prices, products, and services in the 

securities markets. Particularly, in 

Regulation NMS, the Commission 

highlighted the importance of market 

forces in determining prices and SRO 

revenues and, also, recognized that 

current regulation of the market system 

‘‘has been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 25

Making similar data products available 

to market participants fosters 

competition in the marketplace, and 

constrains the ability of exchanges to 

charge supra-competitive fees. In the 

event that a market participant views 

one exchange’s data product as more 

attractive than the competition, that 

market participant can, and often does, 

switch between similar products. The 

proposed fees are a result of the 

competitive environment of the U.S. 

options industry as the Exchange seeks 

to adopt fees to attract purchasers of the 

recently introduced Report. 

The Exchange believes the proposed 

fees are reasonable as the proposed fees 

are both modest and similar to fees 

assessed by other exchanges that 

provide similar data products.26 Indeed, 

if the Exchange proposed fees that 

market participants viewed as 

excessively high, then the proposed fees 

would simply serve to reduce demand 

for the Exchange’s data product, which 

as noted, is entirely optional. Other 

options exchanges are also free to 

introduce their own comparable data 

products with lower prices to better 

compete with the Exchange’s offering. 

As such, the Exchange believes that the 

proposed fees are reasonable and set at 

a level to compete with other options 

exchanges that may choose to offer 

similar reports. Moreover, if a market 

participant views another exchange’s 

potential report as more attractive, then 

such market participant can merely 

choose not to purchase the Exchange’s 

Report and instead purchase another 

exchange’s similar data product, which 

may offer similar data points, albeit 

based on that other market’s trading 

activity. 

The Exchange also believes providing 

an annual subscription for an overall 

lower fee than a monthly subscription is 

equitable and reasonable because it 

would enable the Exchange to gauge 

long-term interest in the Report. A lower 

annual subscription fee would also 

incentivize Members to subscribe to the 

Report on a long-term basis, thereby 

improving the efficiency by which the 

Exchange may deliver the Report by 

doing so on a regular basis over a 

prolonged and set period of time. The 

Exchange notes that other exchanges 

provide annual subscriptions for reports 

concerning their data product 

offerings.27

The Exchange also believes the 

proposed fees are reasonable as they 

would support the introduction of a 

new market data product to Members 

that are interested in gaining insight 

into latency in connection with orders 

that failed to execute against an order 

resting on the Exchange’s Book. The 

Report accomplishes this by providing 

those Members data to analyze by how 

much time their order may have missed 

an execution against a contra-side order 

resting on the Book. Members may use 

this data to optimize their models and 

trading patterns in an effort to yield 

better execution results by calculating 

by how much time their order may have 

missed an execution. 

Selling market data, such as the 

Report, is also a means by which 

exchanges compete to attract business. 

To the extent that the Exchange is 

successful in attracting subscribers for 

the Report, it may earn trading revenues 

and further enhance the value of its data 

products. If the market deems the 

proposed fees to be unfair or 

inequitable, firms can diminish or 

discontinue their use of the data and/or 

avail themselves of similar products 

offered by other exchanges.28 The 

Exchange therefore believes that the 

proposed fees for the Report reflect the 

competitive environment and would be 

properly assessed on Member users. The 

Exchange also believes the proposed 

fees are equitable and not unfairly 

discriminatory as the fees would apply 

equally to all users who choose to 

purchase such data. It is a business 


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29 15 U.S.C. 78s(b)(3)(A)(ii). 

30 17 CFR 240.19b–4(f)(2). 31 17 CFR 200.30–3(a)(12). 

decision of each Member that chooses to 

purchase the Report. The Exchange’s 

proposed fees would not differentiate 

between subscribers that purchase the 

Report and are set at a modest level that 

would allow any interested Member to 

purchase such data based on their 

business needs. 

The Exchange reiterates that the 

decision as to whether or not to 

purchase the Report is entirely optional 

for all potential subscribers. Indeed, no 

market participant is required to 

purchase the Report, and the Exchange 

is not required to make the Report 

available to all investors. It is entirely a 

business decision of each Member to 

subscribe to the Report. The Exchange 

offers the Report as a convenience to 

Members to provide them with 

additional information regarding trading 

activity on the Exchange on a delayed 

basis after the close of regular trading 

hours. A Member that chooses to 

subscribe to the Report may discontinue 

receiving the Report at any time if that 

Member determines that the information 

contained in the Report is no longer 

useful. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange made the Report available in 

order to keep pace with changes in the 

industry and evolving customer needs 

and demands, and believes the data 

product will contribute to robust 

competition among national securities 

exchanges. As a result, the Exchange 

believes this proposed rule change 

permits fair competition among national 

securities exchanges. 

The Exchange also does not believe 

the proposed fees would cause any 

unnecessary or inappropriate burden on 

intermarket competition as other 

exchanges are free to introduce their 

own comparable data product with 

lower prices to better compete with the 

Exchange’s offering. The Exchange 

operates in a highly competitive 

environment, and its ability to price the 

Report is constrained by competition 

among exchanges who choose to adopt 

a similar product. The Exchange must 

consider this in its pricing discipline in 

order to compete for the market data. 

For example, proposing fees that are 

excessively higher than fees for 

potentially similar data products would 

simply serve to reduce demand for the 

Exchange’s data product, which as 

discussed, market participants are under 

no obligation to utilize. In this 

competitive environment, potential 

purchasers are free to choose which, if 

any, similar product to purchase to 

satisfy their need for market 

information. As a result, the Exchange 

believes this proposed rule change 

permits fair competition among national 

securities exchanges. 

The Exchange does not believe the 

proposed rule change would cause any 

unnecessary or inappropriate burden on 

intramarket competition. Particularly, 

the proposed product and fees apply 

uniformly to any purchaser in that the 

Exchange does not differentiate between 

subscribers that purchase the Report. 

The proposed fees are set at a modest 

level that would allow any interested 

Member to purchase such data based on 

their business needs. 

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 foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act,29 and Rule 

19b–4(f)(2) 30 thereunder. 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

PEARL–2021–27 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–2021–27. 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 (http://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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–PEARL–2021–27 and 

should be submitted on or before July 

15, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–13251 Filed 6–23–21; 8:45 am] 

BILLING CODE 8011–01–P 


khammond on DSKJM1Z7X2PROD with NOTICES