37376 Federal Register / Vol. 86, No. 133 / Thursday, July 15, 2021 / Notices 

20 15 U.S.C. 78s(b)(3)(A)(ii). 

21 17 CFR 240.19b–4(f)(2). 

22 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 ‘‘MEO Interface’’ or ‘‘MEO’’ means a binary 

order interface for certain order types as set forth 

in Rule 516 into the MIAX Pearl System. See the 

Definitions Section of the Fee Schedule and 

Exchange Rule 100. 

4See the Definitions Section of the Fee Schedule. 

5The term ‘‘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. 

6The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

Accordingly, the Exchange does not 

believe its proposed fee changes impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

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,20 and Rule 

19b–4(f)(2) 21 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– 

EMERALD–2021–22 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–EMERALD–2021–22. 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–EMERALD–2021–22 and 

should be submitted on or before 

August 5, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–15032 Filed 7–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92363; File No. SR– 

PEARL–2021–30] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Fees for Purge 

Ports 

July 9, 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 July 1, 

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 amend the fees 

for MIAX Express Network (‘‘MEO’’) 3

Purge Ports.4

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 currently provides 

Members 5 the option to purchase Purge 

Ports to assist in their order activity. 

Purge Ports provide Members with the 

ability to send quote purge messages to 

the MIAX Pearl System.6 Purge Ports are 

not capable of sending or receiving any 

other type of messages or information. 

The use of Purge Ports is completely 

optional and no rule or regulation 

requires that a Member utilize them. 

The Exchange proposes to amend the 

monthly fee for Purge Ports under 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 133 / Thursday, July 15, 2021 / Notices 37377 

7See Cboe BXZ Exchange, Inc. (‘‘BZX’’) Options 

Fee Schedule, Options Logical Port Fees, Purge 

Ports ($750 per purge port per month); Cboe EDGX 

Exchange, Inc. (‘‘EDGX’’) Options Fee Schedule, 

Options Logical Port Fees, Purge Ports ($750 per 

purge port per month); Cboe Exchange, Inc. 

(‘‘Cboe’’) Fee Schedule ($850 per purge port per 

month). In Cboe’s Purge Ports Frequently Asked 

Questions, Cboe recommends that at least two 

purge ports be obtained per exchange for 

redundancy purposes. See https://cdn.cboe.com/ 

resources/features/Cboe_USO_PurgePortsFAQs.pdf. 

See also Nasdaq GEMX, Options 7, Pricing 

Schedule, Section 6.C.(3). Nasdaq GEMX, LLC 

(‘‘Nasdaq GEMX’’) assesses its members $1,250 per 

SQF Purge Port per month, subject to a monthly cap 

of $17,500 for SQF Purge Ports and SQF Ports, 

applicable to market makers. 

8A ‘‘matching engine’’ is a part of the MIAX Pearl 

electronic system that processes options quotes and 

trades on a symbol-by-symbol basis. Some matching 

engines will process option classes with multiple 

root symbols, and other matching engines will be 

dedicated to one single option root symbol. A 

particular root symbol may only be assigned to a 

single designated matching engine. A particular 

root symbol may not be assigned to multiple 

matching engines. See Fee Schedule, Section 

5)d)ii), note 29. 

9See Securities Exchange Act Release No. 83867 

(March 13, 2018), 83 FR 12044 (March 19, 2018) 

(SR–PEARL–2018–07). 

10See supra note 7. 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(4). 

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

14See supra note 9. 

15See supra note 7. Cboe further recommends 

that at least two purge ports be obtained per 

exchange for redundancy purposes. See https://

cdn.cboe.com/resources/features/Cboe_USO_

PurgePortsFAQs.pdf. This guidance applies to 

Cboe’s affiliate exchanges, BZX and EDGX. 

16See supra note 7. 

17See MIAX’s ‘‘The Market at a Glance’’, 

available at https://www.miaxoptions.com/ (last 

visited June 30, 2021). 

18See Securities Exchange Act Release No. 51808 

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

(‘‘Regulation NMS Adopting Release’’). 

19 15 U.S.C. 78f(b)(4). 

Section (5)(d) of the Fee Schedule. 

Unlike other options exchanges that 

provide purge port functionality and 

charge fees on a per port basis,7 the 

Exchange offers Purge Ports as a package 

and provides Members with the option 

to receive up to two (2) Purge Ports per 

matching engine 8 to which it connects 

via an MEO Purge Port. The Exchange 

currently has twelve (12) matching 

engines, which means Members may 

receive up to twenty-four (24) Purge 

Ports for a single monthly fee. The 

Exchange currently assesses Members a 

fee of $750 per month, regardless of the 

number of Purge Ports allocated to the 

Member. Assuming a Member connects 

to all twelve (12) matching engines 

during a month, with two Purge Ports 

per matching engine, this results in a 

cost of $31.25 per Purge Port ($750 

divided by 24) for the month. This fee 

has been unchanged since the Exchange 

adopted Purge Port fees in 2018.9 The 

Exchange now proposes to increase the 

fee to $7,500 per month. Members will 

continue to receive two (2) Purge Ports 

to each matching engine to which they 

are connected for the single flat monthly 

fee. Assuming a Member connects to all 

twelve (12) matching engines during the 

month, with two Purge Ports per 

matching engine, this would result in a 

cost of $312.50 per Purge Port ($7,500 

divided by 24). 

The Exchange has historically 

undercharged for Purge Port as 

compared to other options exchanges 10

because the Exchange provides Purge 

Ports as a package for a single monthly 

fee. As described above, this package 

includes two Purge Ports for each of the 

Exchange’s twelve (12) matching 

engines. The Exchange understands 

other options exchanges charge fees on 

a per port basis. The proposed monthly 

fee increase for Purge Ports would bring 

the Exchange’s fees more in line with 

that of other options exchanges, while 

maintaining a competitive fee structure 

for Purge Port. 

Implementation Date 

The proposed fee changes will 

become effective on July 1, 2021. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Fee Schedule is 

consistent with Section 6(b) of the Act 11

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 12 in 

particular, in that it provides for the 

equitable allocation of reasonable dues, 

fees and other charges among Exchange 

Members and issuers and other persons 

using any facility or system which the 

Exchange operates or controls. The 

Exchange also believes the proposal 

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

of the Act 13 in that it is designed 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, in general to protect 

investors and the public interest and is 

not designed to permit unfair 

discrimination between customers, 

issuers, brokers and dealers. 

The Exchange believes that the 

proposed fees are reasonable, equitably 

allocated and not unfairly 

discriminatory because, for the flat fee, 

the Exchange provides each Member 

two (2) Purge Ports for each matching 

engine to which that Member is 

connected. The Exchange currently has 

twelve (12) matching engines. 

Accordingly, each Member that is 

connected to all twelve (12) matching 

engines receives a total of twenty-four 

(24) Purge Ports for the existing flat fee 

of $1,500 per month. On a per Purge 

Port basis, that equals $31.25 per Purge 

Port ($750 divided by 24). This flat fee 

has remain unchanged since the 

Exchange adopted fees for Purge Ports 

in 2018.14 The Exchange believes that 

increasing the flat monthly fee for Purge 

Port (regardless of the number of 

matching engines to which it connects 

and consequently regardless of the 

number of Purge Ports allocated to the 

Member) is equitable, reasonable, and 

competitive with the fees charged by 

other exchanges that offer comparable 

purge port services. The Exchange 

believes that most such exchanges 

charge per port for each match engine. 

For example, BXZ charges a monthly fee 

of $750 per purge port per month, EDGX 

charges a monthly fee of $750 per purge 

port, Cboe charges a monthly fee of $850 

per purge port,15 and Nasdaq GEMX 

assesses its members $1,250 per SQF 

Purge Port per month.16 When 

calculated on a per purge port basis, 

each of the above exchanges charge 

monthly per purge port fees that are 

higher than the proposed $7,500 per 

month ($312.50 per Purge Port). 

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 

4.98% of the market share.17 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.’’ 18 The 

Exchange is not aware of any evidence 

that a market share of approximately 6– 

7% provides the Exchange with anticompetitive pricing power. If the 

Exchange were to attempt to establish 

unreasonable pricing, then no market 

participant would purchase Purge Ports, 

and existing market participants would 

cease paying for Purge Ports, which are 

optional services offered by the 

Exchange. The Exchange believes that 

the proposed rule change is consistent 

with Section 6(b)(4) of the Act,19 in that 

it provides for the equitable allocation 

of reasonable dues, fees and other 

charges among Members and other 


khammond on DSKJM1Z7X2PROD with NOTICES
37378 Federal Register / Vol. 86, No. 133 / Thursday, July 15, 2021 / Notices 

20See supra note 7. 

21See Securities Exchange Act Release No. 91033 

(February 1, 2021), 86 FR 8455 (February 5, 2021) 

(SR–EMERALD–2021–03). 

persons using any facility or system 

which the Exchange operates or controls 

because Purge Ports are optional 

functionality offered to Members. The 

Exchange further believes the proposed 

fees are reasonable as the Exchange 

believes that the proposed fees are lower 

on a per port basis than the fees 

assessed by other exchanges that 

provide similar functionality.20 Indeed, 

if the Exchange proposed fees that are 

excessively higher than established fees 

for similar services on other exchanges, 

then the proposed fees would simply 

serve to reduce demand for the 

Exchange’s services, which as noted, is 

entirely optional. The Exchange notes 

that Members are not required by rule 

or regulation to purchase Purge Ports. It 

is entirely a business decision of each 

Member that determines to purchase 

Purge Ports. 

Additionally, Members are not 

precluded from using the existing purge 

messages provided by either the MEO 

protocol or the cancel messages 

provided by the FIX protocol. Under the 

MEO protocol, Members may request 

that all quotations for all underlyings, or 

for a specific underlying, be removed, 

and that new inbound quotations for all 

underlyings, or specific underlyings, be 

blocked. Under the FIX protocol, 

Members may also request that all, or a 

subset, of orders for an MPID, or all Day 

or GTC orders for an MPID, on the 

requesting session, be canceled. As 

such, a dedicated Purge Port is not 

required or necessary. Rather, Purge 

Ports were specially developed as an 

optional service to further assist firms in 

effectively managing risk. 

The Exchange operates in a highly 

competitive market in which exchanges 

offer various types of access services as 

a means to facilitate the trading 

activities of Members and other 

participants. As Purge Ports provide 

voluntary risk management 

functionality, excessive fees would 

simply serve to reduce demand for this 

optional product. The Exchange also 

believes that the proposed Purge Port 

fees are not unfairly discriminatory 

because they will apply uniformly to all 

Members that choose to use dedicated 

Purge Ports. Purge Ports are completely 

voluntary and, as they relate solely to 

optional risk management functionality, 

no Member is required or under any 

regulatory obligation to utilize them. All 

Members that voluntarily select the 

Purge Port service will be charged the 

same amount for the same respective 

services. 

As Purge Ports are only available for 

purging and not for activities such as 

order or quote entry, the Purge Ports are 

not designed to permit unfair 

discrimination but rather are designed 

to enable Members to better manage 

their market risk, which, in turn, 

benefits all market participants. The 

Exchange believes the proposed fee 

increase will continue to encourage 

better use of dedicated Purge Ports. This 

may, concurrent with the ports that 

carry orders and other information 

necessary for market making activities, 

enable more efficient, as well as fair and 

reasonable, use of Members’ resources. 

The Exchange also believes that the 

proposed fee increase is nondiscriminatory because the proposed 

Purge Port fees will apply uniformly to 

all Members. Purge Ports are completely 

voluntary and no Member is required or 

under any regulatory obligation to 

utilize them. All Members that 

voluntarily request this service will be 

charged the same amount for the same 

service. Separately, the Exchange is not 

aware of any reason why market 

participants could not simply drop their 

Purge Ports if the Exchange were to 

establish unreasonable prices for its 

Purge Ports that, in the determination of 

such market participant, did not make 

business or economic sense for such 

market participant. No options market 

participant is required by rule, 

regulation, or competitive forces to 

utilize Purge Ports. As evidence of the 

fact that market participants can and do 

drop their access to exchanges based on 

non-transaction fee pricing, R2G 

Services LLC (‘‘R2G’’) filed a comment 

letter after BOX’s proposed rule changes 

to increase its connectivity fees (SR– 

BOX–2018–24, SR–BOX–2018–37, and 

SR–BOX–2019–04). The R2G Letter 

stated, ‘‘[w]hen BOX instituted a 

$10,000/month price increase for 

connectivity; we had no choice but to 

terminate connectivity into them as well 

as terminate our market data 

relationship. The cost benefit analysis 

just didn’t make any sense for us at 

those new levels.’’ Similarly, the 

Exchange’s affiliate, MIAX Emerald, 

LLC (‘‘MIAX Emerald’’), noted in a 

recent filing that once MIAX Emerald 

issued a notice that it was adopting 

Trading Permit fees, among other nontransaction fees, one Member dropped 

its access to the Exchange as a result of 

those fees.21 Accordingly, these 

examples show that if an exchange sets 

too high of a fee for non-transaction fees 

for its relevant marketplace, market 

participants can choose to no longer 

access that particular exchange. 

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 the proposed 

rule change does not impose any burden 

intra-market competition because the 

use of Purge Ports is an optional service 

offered by the Exchange and no Member 

is required or under any regulatory 

obligation to utilize them. The Exchange 

offers Purge Ports as a package and 

provides Members with the option to 

receive up to two (2) Purge Ports per 

matching engine to which it connects 

via an MEO Port. The Exchange 

currently has twelve (12) matching 

engines which means Members may 

receive up to twenty-four (24) Purge 

Ports for a single monthly fee. The 

Exchange does not believe that the 

proposed change represents a significant 

departure from previous pricing offered 

by the Exchange or pricing offered by 

the Exchange’s competitors. 

Additionally, Members may opt to 

disfavor the Exchange’s pricing if they 

believe that alternatives offer them 

better value. Accordingly, the Exchange 

does not believe that the proposed 

change will impair the ability of 

Members or competing venues to 

maintain their competitive standing in 

the financial markets. 

The Exchange believes that fees for 

the proposed Purge Ports and 

connectivity, in general, are constrained 

by the robust competition for order flow 

among exchanges and non-exchange 

markets. Further, excessive fees for 

connectivity, including Purge Port fees, 

would serve to impair an exchange’s 

ability to compete for order flow rather 

than burdening competition. The 

Exchange also does not believe the 

proposed rule change would impact 

intramarket competition as it would 

apply to all Members equally. 

The Exchange also does not believe 

that the proposed rule change will result 

in any burden on inter-market 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. The Exchange 

operates in a highly competitive 

environment, and as discussed above, 

its ability to price access and ports is 

constrained by competition among 

exchanges and third parties. There are 

15 other U.S. options exchanges, which 

the Exchange must consider in its 

pricing discipline in order to compete 

for market participants. In this 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 133 / Thursday, July 15, 2021 / Notices 37379 

22 15 U.S.C. 78s(b)(3)(A)(ii). 

23 17 CFR 240.19b–4(f)(2). 

24 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Trading Permit’’ means a permit 

issued by the Exchange that confers the ability to 

transact on the Exchange. See Exchange Rule 100. 

4The term ‘‘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 Exchange Rule 100 and the 

Definitions Section of the Fee Schedule. 

competitive environment, market 

participants are free to choose which 

competing exchange to use to satisfy 

their business needs. As a result, the 

Exchange believes this proposed rule 

change permits fair competition among 

national securities exchanges. 

Accordingly, the Exchange does not 

believe its proposed fee changes impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

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,22 and Rule 

19b–4(f)(2) 23 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–2021–30 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–2021–30. 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–2021–30 and 

should be submitted on or before 

August 5, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–15033 Filed 7–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92366; File No. SR– 

PEARL–2021–32] 

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 

July 9, 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 July 1, 

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 Options Fee 

Schedule (the ‘‘Fee Schedule’’) to 

remove certain credits and amend the 

monthly Trading Permit 3 fees for 

Exchange Members.4

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 proposes to amend the 

Fee Schedule to remove certain credits 

and amend the monthly Trading Permit 

fees (‘‘Proposed Access Fees’’) for 

Exchange Members. 

Remove ‘‘Monthly Volume Credit’’ 

The Exchange proposes to amend the 

Definitions section of the Fee Schedule 

to delete the definition and remove the 

credits applicable to the Monthly 

Volume Credit for Members. The 


khammond on DSKJM1Z7X2PROD with NOTICES