Federal Register / Vol. 86, No. 181 / Wednesday, September 22, 2021 / Notices 52705 

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

2 17 CFR 240.19b–4. 

records must be maintained, what 

entities may perform this function, and 

how long records must be preserved. 

Under Rule 303, ATSs are required to 

preserve all records made pursuant to 

Rule 302, which includes information 

relating to subscribers, trading 

summaries, and time-sequenced order 

information. Rule 303 also requires 

ATSs to preserve any notices provided 

to subscribers, including, but not 

limited to, notices regarding the ATSs 

operations and subscriber access. For an 

ATS subject to the fair access 

requirements described in Rule 

301(b)(5)(ii) of Regulation ATS, Rule 

303 further requires the ATS to preserve 

at least one copy of its standards for 

access to trading, all documents relevant 

to the ATS’s decision to grant, deny, or 

limit access to any person, and all other 

documents made or received by the ATS 

in the course of complying with Rule 

301(b)(5) of Regulation ATS. For an ATS 

subject to the capacity, integrity, and 

security requirements for automated 

systems under Rule 301(b)(6) of 

Regulation ATS, Rule 303 requires an 

ATS to preserve all documents made or 

received by the ATS related to its 

compliance, including all 

correspondence, memoranda, papers, 

books, notices, accounts, reports, test 

scripts, test results and other similar 

records. Rule 303(a)(1)(v) of Regulation 

ATS requires every ATS to preserve the 

written safeguards and written 

procedures mandated under Rule 

301(b)(10). As provided in Rule 

303(a)(1), ATSs are required to keep all 

of these records, as applicable, for a 

period of at least three years, the first 

two in an easily accessible place. In 

addition, Rule 303 requires ATSs to 

preserve records of partnership articles, 

articles of incorporation or charter, 

minute books, stock certificate books, 

copies of reports filed pursuant to Rule 

301(b)(2) and Rule 304, and records 

made pursuant to Rule 301(b)(5) for the 

life of the ATS. ATSs that trade both 

NMS Stock and securities other than 

NMS Stock are required to file, and also 

preserve under Rule 303, both Form 

ATS and related amendments and Form 

ATS–N and related amendments. 

The information contained in the 

records required to be preserved by Rule 

303 will be used by examiners and other 

representatives of the Commission, state 

securities regulatory authorities, and the 

self-regulatory organizations (‘‘SROs’’) 

to ensure that ATSs are in compliance 

with Regulation ATS as well as other 

applicable rules and regulations. 

Without the data required by the Rule, 

regulators would be limited in their 

ability to comply with their statutory 

obligations, provide for the protection of 

investors, and promote the maintenance 

of fair and orderly markets. 

Respondents consist of ATSs that 

choose to register as broker-dealers and 

comply with the requirements of 

Regulation ATS. There are currently 94 

respondents. The Commission believes 

that the average ongoing hourly burden 

for a respondent to comply with the 

baseline record preservation 

requirements under Rule 303 is 

approximately 15 hours per year. We 

thus estimate that the average aggregate 

ongoing burden to comply with the 

baseline Rule 303 record preservation 

requirements is approximately 1,410 

hours per year. (94 ATSs × 15 hours = 

1,410 hours) In addition, there are 

currently two ATSs that transact in both 

NMS stock and non-NMS stock on their 

ATSs. These two ATSs have a slightly 

greater burden because they have to 

keep both Form ATS and Form ATS–N 

and related documents (e.g., 

amendments). For these two ATSs, we 

estimate that the ongoing burden above 

the current baseline estimate for 

preserving records will be 

approximately 1 hour annually per ATS 

for a total annual burden above the 

current baseline burden estimate of 2 

hours for all respondents. Thus, the 

estimated average annual aggregate 

burden for alternative trading systems to 

comply with Rule 303 is approximately 

1,412 hours (1,410 hours + 2 hours). 

Compliance with Rule 303 is 

mandatory. The information required by 

Rule 303 is available only for the 

examination of the Commission staff, 

state securities authorities and the 

SROs. Subject to the provisions of the 

Freedom of Information Act, 5 U.S.C. 

522 (‘‘FOIA’’), and the Commission’s 

rules thereunder (17 CFR 

200.80(b)(4)(iii)), the Commission does 

not generally publish or make available 

information contained in any reports, 

summaries, analyses, letters, or 

memoranda arising out of, in 

anticipation of, or in connection with an 

examination or inspection of the books 

and records of any person or any other 

investigation. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to (i) www.reginfo.gov/public/do/ 

PRAMain and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, 

c/o Cynthia Roscoe, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: September 16, 2021. 

J. Matthew Delesdernier, 

Assistant Secretary. 

[FR Doc. 2021–20442 Filed 9–21–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93019; File No. SR– 

PEARL–2021–41] 

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 With Respect to 

Open-Close Report Data 

September 16, 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 

September 3, 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 

provide historical Open-Close Report 

data for free by amending the fees for 

the Open-Close Report to: (i) Respond to 

ad hoc requests for end-of-day data free 

of charge; and (ii) provide mid-month 

subscribers data for the entire month in 

which they subscribe. 

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. 

52706 Federal Register / Vol. 86, No. 181 / Wednesday, September 22, 2021 / Notices 

3See Securities Exchange Act Release No. 91964 

(May 21, 2021), 86 FR 28667 (May 27, 2021) (SR– 

PEARL–2021–24) (Notice of Filing and Immediate 

Effectiveness of a Proposed Rule Change to Adopt 

a New Historical Market Data Product To Be Known 

as the Open-Close Report). 

4The 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. 

5See Securities Exchange Act Release No. 92137 

(June 9, 2021), 86 FR 31748 (June 15, 2021) (SR– 

PEARL–2021–26) (Notice of Filing and Immediate 

Effectiveness of a Proposed Rule Change To Amend 

the MIAX Pearl Options Fee Schedule To Adopt 

Fees for the Open-Close Report). 

6The intraday Open-Close Report provides 

similar information to that of Open-Close Data but 

will be produced and updated every 10 minutes 

during the trading day. Data is captured in 

‘‘snapshots’’ taken every 10 minutes throughout the 

trading day and is available to subscribers within 

five minutes of the conclusion of each 10-minute 

period. 

7See Exchange Rule 100. 

8The Exchange does not propose to allow for ad 

hoc requests for intra-day Open-Close Report data. 

9See Price List—U.S. Derivatives Data for Nasdaq 

PHLX, LLC (‘‘PHLX’’), The Nasdaq Stock Market, 

LLC (‘‘Nasdaq’’), Nasdaq ISE, LLC (‘‘ISE’’), and 

Nasdaq GEMX, LLC (‘‘GEMX’’), available at http:// 

www.nasdaqtrader.com/Trader.aspx?id=DP

PriceListOptions#web. Particularly, PHLX offers 

‘‘Nasdaq PHLX Options Trade Outline (PHOTO)’’ 

and assesses $400 for historical end-of-day data; 

Nasdaq offers the ‘‘Nasdaq Options Trade Outline 

(NOTO)’’ and assesses $250 for historical end-ofday data; ISE offers the ‘‘Nasdaq ISE Open/Close 

Trade Profile’’ and assesses $600 per month for 

historical end-of-day data and $27,500 for complete 

history; and GEMX offers the ‘‘Nasdaq GEMX Open/ 

Close Trade Profile’’ and assesses $400 for historical 

end-of-day data. 

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

BZX Exchange, Inc. (‘‘BZX’’) both assess $400 for 

historical end-of-day data per request per month. 

See the EDGX fee schedule available at http://

markets.cboe.com/us/options/membership/fee_

schedule/edgx/ and the BZX fee schedule available 

at http://markets.cboe.com/us/options/ 

membership/fee_schedule/bzx/. Both EDGX and 

BZX allow for ad-hoc requests to be for any number 

of months beginning with January 2018 for which 

the data is available. 

10Both EDGX and BZX allow for ad-hoc requests 

to be for any number of months beginning with 

January 2018 for which the data is available. See the 

EDGX fee schedule available at http://

markets.cboe.com/us/options/membership/fee_

schedule/edgx/ and the BZX fee schedule available 

at http://markets.cboe.com/us/options/ 

membership/fee_schedule/bzx/. 

11See the Exchange’s fee schedule available at 

https://www.miaxoptions.com/sites/default/files/ 

fee_schedule-files/MIAX_Pearl_Options_Fee_

Schedule_08122021.pdf (providing that ‘‘[n]ew 

subscribers will be charged for the full calendar 

month for which they subscribe and will be 

provided Liquidity Taker Event Report data for each 

trading day of the calendar month prior to the day 

on which they subscribed.’’). 

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 for options known as the 

Open-Close Report,3 which the 

Exchange made available for purchase 

to Exchange Members 4 and nonMembers on June 1, 2021.5 The OpenClose Report is described under 

Exchange Rule 531(b)(1). The Exchange 

now proposes to provide historical 

Open-Close Report data for free by 

amending the fees for the Open-Close 

Report to: (i) Respond to ad hoc requests 

for end-of-day data free of charge; and 

(ii) provide mid-month subscribers data 

for the entire month in which they 

subscribe. 

General 

By way of background, the Exchange 

offers two versions of the Open-Close 

Report, an end-of-day summary and 

intra-day report.6 The end-of-day 

version is a volume summary of trading 

activity on the Exchange at the option 

level by origin (Priority Customer, NonPriority Customer, Firm, Broker-Dealer, 

and Market Maker 7), side of the market 

(buy or sell), contract volume, and 

transaction type (opening or closing). 

The customer and professional customer 

volume is further broken down into 

trade size buckets (less than 100 

contracts, 100–199 contracts, greater 

than 199 contracts). The Open-Close 

Data is proprietary Exchange trade data 

and does not include trade data from 

any other exchange. It is also a historical 

data product and not a real-time data 

feed. 

Members and non-Members may 

purchase the Open-Close Report on a 

monthly basis. The Exchange currently 

assess a monthly fee of $600 per month 

for subscribing to the end-of-day 

summary Open-Close Report and $2,000 

per month for subscribing to the intraday Open-Close Report. For mid-month 

subscriptions, new subscribers are 

currently charged for the full calendar 

month for which they subscribe and 

will be provided Open-Close Report 

data for each trading day of the calendar 

month from the day on which they 

subscribed. 

End-of-Day Ad Hoc Request (Historical 

Data) 

The Exchange now proposes to 

provide Members and Non-Members 

who request on an ad hoc basis 

historical end-of-day Open-Close Report 

data free of charge.8 An ad hoc request 

may be for any number of months 

beginning with June 2021, the month in 

which the Exchange first made the 

Open-Close Report available. For 

example, as of the date of this filing, a 

market participant may request end-ofday Open-Close Report data for the 

month of June 2021 or July 2021, or may 

request such data for both June and July 

2021 and would not be charged a fee for 

such request(s). The Exchange notes that 

other exchanges that provide similar 

data products allow for ad hoc requests 

of their end-of-day data for a fee 9 and, 

like the Exchange proposes herein, 

allow for ad hoc requests back to a 

certain month.10

The Exchange also proposes to make 

the historical monthly data available 

fifteen (15) days after the end of the 

month for which it is requested. The 

Exchange proposes this delay because it 

is making historical end-of-day OpenClose Report data free of charge and 

seeks to not encourage subscribers to 

request historical end-of-day OpenClose Report data over a paid 

subscription. 

Mid-Month Subscriptions 

The Exchange also proposes to amend 

the data range of Open-Close Report 

data it provides to mid-month 

subscribers. As noted above, the 

Exchange currently charges new midmonth subscribers for the full calendar 

month for which they subscribe, but 

only provides Open-Close Report data 

for each trading day of the calendar 

month from the day on which they 

subscribed. The Exchange now proposes 

to provide new mid-month subscribers 

data for each trading day of the calendar 

month prior to the day on which they 

subscribe. In other words, those that 

subscribe mid-month will be provided 

Open-Close Data retroactively for each 

trading day of the month in which they 

subscribed and prospectively for each 

trading day for the remainder of that 

calendar month pursuant to either the 

end-of-day or intra-day subscription 

they chose. This is identical to how the 

Exchange provides data to mid-month 

subscribers of the Exchange’s Liquidity 

Taker Event report.11

Federal Register / Vol. 86, No. 181 / Wednesday, September 22, 2021 / Notices 52707 

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

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

14 15 U.S.C. 78f(b). 

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

16See supra notes 9 and 10. 

17See the Exchange’s ‘‘The market at a glance’’, 

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

visited September 1, 2021). 

18See Securities Exchange Act Release No. 51808 

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

(‘‘Regulation NMS Adopting Release’’). 

19See supra notes 9 and 10. 

20See supra note 9. 

21The exchange notes that its Open-Close Report 

data product does not include data on any 

exclusive, singly-listed option series. 

Implementation Date 

The Exchange intends to provide 

historical Open-Close Report data for 

free pursuant this proposal 

immediately. 

2. Statutory Basis 

The Exchange believes that 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) 

of the Act,13 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 proposed changes to its 

Fee Schedule concerning fees for the 

Open-Close Report is consistent with 

Section 6(b) of the Act 14 in general, and 

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

of the Act 15 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. Particularly, the OpenClose Report further broadens the 

availability of U.S. option market data to 

investors consistent with the principles 

of Regulation NMS. The data product 

also promotes increased transparency 

through the dissemination of the OpenClose Report. Particularly, information 

regarding opening and closing activity 

across different option series during the 

trading day may indicate investor 

sentiment, which may allow market 

participants to make better informed 

trading decisions throughout the day. 

Subscribers to the data may also be able 

to enhance their ability to analyze 

option trade and volume data and create 

and test trading models and analytical 

strategies. The Exchange believes the 

Open-Close Report provides a valuable 

tool that subscribers can use to gain 

comprehensive insight into the trading 

activity in a particular series, but also 

emphasizes such data is not necessary 

for trading. Moreover, other exchanges 

offer a similar data product.16 This 

proposal simply and solely seeks to 

provide historical Open-Close Report 

data to market participants for free by 

amending the fees for the Open-Close 

Report to: (i) Respond to ad hoc requests 

for end-of-day data free of charge; and 

(ii) provide mid-month subscribers data 

for the entire month in which they 

subscribe. 

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 

3.57% 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

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 or 

less attractive than the competition they 

can and do switch between similar 

products. The proposed fees are a result 

of the competitive environment, as the 

Exchange seeks to adopt fees to attract 

purchasers of the recently introduced 

Open-Close Data product. 

The Exchange believes its proposal to 

provide Open-Close data in response to 

ad hoc request for end-of-day data free 

of charge is reasonable as the proposed 

rate is lower than the fees assessed by 

other exchanges that provide data in 

response to ad hoc request for their 

similar data products.19 In fact, the 

Exchange understands that no other 

exchange provides such data free of 

charge.20 Indeed, proposing fees that are 

excessively higher than established fees 

for similar data products would simply 

serve to reduce demand for the 

Exchange’s data product, which as 

noted, is entirely optional. Like the 

Exchange’s Open-Close Report, other 

exchanges offer similar data products 

that each provide insight into trading on 

those markets and may likewise aid in 

assessing investor sentiment. Although 

each of these similar Open-Close data 

products provide only proprietary trade 

data and not trade data from other 

exchanges, it is possible investors are 

still able to gauge overall investor 

sentiment across different option series 

based on open and closing interest on 

any one exchange.21 Similarly, market 

participants may be able to analyze 

option trade and volume data, and 

create and test trading models and 

analytical strategies using only OpenClose data relating to trading activity on 

one or more of the other markets that 

provide similar data products. As such, 

if a market participant views another 

exchange’s Open-Close data as more 

attractive than its proposed Open-Close 

Report, then such market participant 

can merely choose not to subscribe to 

the Exchange’s Open-Close Report and 

instead purchase another exchange’s 

Open-Close data product, which offer 

similar data points, albeit based on that 

other market’s trading activity. 

The Exchange also believes its 

proposal to amend the fees for the 

Open-Close Report to: (i) Provide 

historical end-of-day data free of charge 

and (ii) provide mid-month subscribers 

data for the entire month in which they 

subscribe, is reasonable as it would 

further support its recent introduction 

of the Open-Close Report, which is 

designed to aid investors by providing 

insight into trading on the Exchange. 

Providing market data, such as the 

Open-Close Report, is also a means by 

which exchanges compete to attract 

business. Subscribers that receive endof-day Open-Close data for free in 

response to an ad hoc request may use 

such data to evaluate the usefulness of 

the Exchange’s Open-Close Report and 

decide, based on that data, whether to 

subscribe to the Open-Close Report on 

a monthly basis. In addition, providing 

new mid-month subscribers data for the 

entire calendar month would further 

enhance the value of the Open-Close 

Report and encourage mid-month 

subscriptions market participants that 

seek to subscribe to the Open-Close 

52708 Federal Register / Vol. 86, No. 181 / Wednesday, September 22, 2021 / Notices 

22See supra notes 9 and 10. 

23See supra note 9. 

24See, e.g., Cboe Options Fees Schedule, Livevol 

Fees, Open-Close Data. See also Nasdaq ISE Options 

7 Pricing Schedule, Section 10.A and Nasdaq PHLX 

Options 7 Pricing Schedule, Section 10, PHLX 

Options Trade Outline (‘‘PHOTO’’). 

25 15 U.S.C. 78s(b)(3)(A)(ii). 

26 17 CFR 240.19b–4(f)(2). 

Report not having to wait to the first of 

the next month to subscribe and receive 

a full month of Open-Close Report Data 

for the current monthly fee. To the 

extent that the Exchange is successful in 

attracting subscribers for the Open-Close 

Report through this proposal, it may 

earn trading revenues and further 

enhance the value of its data products. 

The Exchange also believes it proposal 

to make historical end-of-day OpenClose Report data on a delayed basis is 

a reasonable means to not encourage 

subscribers to request historical end-ofday Open-Close Report data over a paid 

subscription. If the market deems the 

proposal 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.22 The Exchange therefore 

believes that its proposal reflects the 

competitive environment and would be 

properly assessed on Member or nonMember users. The Exchange also 

believes the proposal is equitable and 

not unfairly discriminatory as it would 

apply equally to all users who choose to 

purchase or receive such data. 

As noted above, a wide variety of 

market participants to subscribe to the 

Open-Close Report, including but not 

limited to individual customers, buyside investors and investment banks. 

The Exchange reiterates that the 

decision as to whether or not to 

subscribe to the Open-Close Report is 

entirely optional for all potential 

subscribers. Indeed, no market 

participant is required to subscribe to 

the Open-Close Report, and the 

Exchange is not required to make the 

Open-Close Report available to all 

investors. Rather, the Exchange is 

voluntarily making additional OpenClose Report data available via ad hoc 

requests for end-of-day data and to midmonth subscribers under this proposal 

at the request of customers, and market 

participants may choose to receive this 

data based on their own business needs. 

Potential subscribe to or request the data 

at any time if they believe it to be 

valuable or may decline to subscribe 

such data. 

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. Rather, the 

Exchange believes that the proposal will 

promote competition by permitting the 

Exchange to enhance the value of a data 

product that is similar to those offered 

by other competitor options 

exchanges.23 The Exchange made OpenClose Data available in order to keep 

pace with changes in the industry and 

evolving customer needs, and believes 

the data product will continue to 

contribute to robust competition among 

national securities exchanges. At least 

eight other U.S. options exchanges offer 

a market data product that is 

substantially similar to the Open-Close 

Report. As a result, the Exchange 

believes this proposed rule change 

permits fair competition among national 

securities exchanges. 

Furthermore, the Exchange operates 

in a highly competitive environment, 

and its ability to price the Open-Close 

Report is constrained by competition 

among exchanges that offer similar data 

products to their customers. As 

discussed, there are currently a number 

of similar products available to market 

participants and investors. At least eight 

other U.S. options exchanges offer a 

market data product that is substantially 

similar to the Open-Close Report, which 

the Exchange must consider in its 

pricing discipline in order to compete 

for the market data.24 For example, 

proposing fees that are excessively 

higher than established fees for 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 also does not believe 

the proposal would cause any 

unnecessary or in appropriate burden 

on intermarket competition as other 

exchanges are free to introduce their 

own comparable data product and lower 

their prices to better compete with the 

Exchange’s offering. The Exchange does 

not believe the proposed rule change 

would cause any unnecessary or 

inappropriate burden on intramarket 

competition. Particularly, the proposal 

would apply uniformly to any market 

participant, in that it does not 

differentiate between subscribers to the 

Open-Close Report. The proposal is 

modest and would allow any interested 

Member or non-Member to subscribe to 

or request 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,25 and Rule 

19b–4(f)(2) 26 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–2021–41 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–2021–41. 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 

Federal Register / Vol. 86, No. 181 / Wednesday, September 22, 2021 / Notices 52709 

27 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 91965 

(May 21, 2021), 86 FR 28665 (May 27, 2021) (SR– 

MIAX–2021–18) (Notice of Filing and Immediate 

Effectiveness of a Proposed Rule Change to Adopt 

a New Historical Market Data Product To Be Known 

as the Open-Close Report). 

4The 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. 

5See Securities Exchange Act Release No. 92135 

(June 9, 2021), 86 FR 31751 (June 15, 2021) (SR– 

MIAX–2021–23) (Notice of Filing and Immediate 

Effectiveness of a Proposed Rule Change To Amend 

the MIAX Pearl [sic] Options Fee Schedule To 

Adopt Fees for the Open-Close Report). 

6The intraday Open-Close Report provides 

similar information to that of Open-Close Data but 

will be produced and updated every 10 minutes 

during the trading day. Data is captured in 

‘‘snapshots’’ taken every 10 minutes throughout the 

trading day and is available to subscribers within 

five minutes of the conclusion of each 10-minute 

period. 

7See Exchange Rule 100. 

8The Exchange does not propose to allow for ad 

hoc requests for intra-day Open-Close Report data. 

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–2021–41 and 

should be submitted on or before 

October 13, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–20455 Filed 9–21–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93021; File No. SR–MIAX– 

2021–39] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Its Fee Schedule 

With Respect to Open-Close Report 

Data 

September 16, 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 

September 2, 2021, Miami International 

Securities Exchange, LLC (‘‘MIAX’’ 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 Options Fee Schedule 

(the ‘‘Fee Schedule’’) to provide 

historical Open-Close Report data for 

free by amending the fees for the OpenClose Report to: (i) Respond to ad hoc 

requests for end-of-day data free of 

charge; and (ii) provide mid-month 

subscribers data for the entire month in 

which they subscribe. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings, at MIAX’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 for options known as the 

Open-Close Report,3 which the 

Exchange made available for purchase 

to Exchange Members 4 and nonMembers on June 1, 2021.5 The OpenClose Report is described under 

Exchange Rule 531(b)(1). The Exchange 

now proposes to provide historical 

Open-Close Report data for free by 

amending the fees for the Open-Close 

Report to: (i) Respond to ad hoc requests 

for end-of-day data free of charge; and 

(ii) provide mid-month subscribers data 

for the entire month in which they 

subscribe. 

General 

By way of background, the Exchange 

offers two versions of the Open-Close 

Report, an end-of-day summary and 

intra-day report.6 The end-of-day 

version is a volume summary of trading 

activity on the Exchange at the option 

level by origin (Priority Customer, NonPriority Customer, Firm, Broker-Dealer, 

and Market Maker),7 side of the market 

(buy or sell), contract volume, and 

transaction type (opening or closing). 

The customer and professional customer 

volume is further broken down into 

trade size buckets (less than 100 

contracts, 100–199 contracts, greater 

than 199 contracts). The Open-Close 

Data is proprietary Exchange trade data 

and does not include trade data from 

any other exchange. It is also a historical 

data product and not a real-time data 

feed. 

Members and non-Members may 

purchase the Open-Close Report on a 

monthly basis. The Exchange currently 

assess a monthly fee of $600 per month 

for subscribing to the end-of-day 

summary Open-Close Report and $2,000 

per month for subscribing to the intraday Open-Close Report. For mid-month 

subscriptions, new subscribers are 

currently charged for the full calendar 

month for which they subscribe and 

will be provided Open-Close Report 

data for each trading day of the calendar 

month from the day on which they 

subscribed. 

End-of-Day Ad Hoc Request (Historical 

Data) 

The Exchange now proposes to 

provide Members and Non-Members 

who request on an ad hoc basis 

historical end-of-day Open-Close Report 

data free of charge.8 An ad hoc request 

may be for any number of months 

beginning with June 2021, the month in 

which the Exchange first made the 

Open-Close Report available. For