Federal Register / Vol. 86, No. 107 / Monday, June 7, 2021 / Notices 30337 

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

2 17 CFR 240.19b–4. 

The General Counsel of the 

Corporation has certified that in his 

opinion, one or more of the exemptions 

set forth in 5 U.S.C. 552 (b)(2) and (4) 

permit closure of the following 

portion(s) of this meeting: 

• Executive Session 

Agenda 

I. Call to Order 

II. Executive Session Discussion with 

General Counsel and Chief Audit 

Executive 

III. Executive Session Executive 

Compensation Review 

IV. Executive Session: Report from CEO 

V. Executive Session: Report from CFO 

VI. NeighborWorks CompassTM Update 

VII. Action Item Approval of Minutes 

VIII. Action Item Board Elections and 

Appointments 

IX. Action Item Revision of Bylaws for 

Creation of the Chief Information 

Officer Position 

X. Action Item Management Elections 

XI. Action Item Grants to the Capital 

Corporations 

XII. Action Item HPN Launchpad 

Contract Extension 

XIII. Action Item LIFT 8.0 

XIV. Discussion Item Annual Ethics 

Review 

XV. Discussion Item Annual Review of 

Governance Operations Guide 

XVI. Discussion Item Investment Policy 

Review 

XVII. Management Program Background 

and Updates 

XVIII. Adjournment 

Portions Open to the Public: 

Everything except the Executive 

Session. 

Portions Closed to the Public: 

Executive Session. 

CONTACT PERSON FOR MORE INFORMATION: 

Lakeyia Thompson, Special Assistant, 

(202) 524–9940; Lthompson@nw.org. 

Lakeyia Thompson, 

Special Assistant. 

[FR Doc. 2021–12020 Filed 6–3–21; 4:15 pm] 

BILLING CODE 7570–02–P 

NUCLEAR REGULATORY 

COMMISSION 

[NRC–2021–0001] 

Sunshine Act Meetings 

TIME AND DATE: Weeks of June 7, 14, 21, 

28, July 5, 12, 2021. 

PLACE: Commissioners’ Conference 

Room, 11555 Rockville Pike, Rockville, 

Maryland. 

STATUS: Public. 

MATTERS TO BE CONSIDERED: 

Week of June 7, 2021 

Tuesday, June 8, 2021 

10 a.m. Briefing on Human Capital and 

Equal Employment Opportunity 

(Public Meeting); (Contact: Anne 

DeFrancisco: 610–337–5078) 

Additional Information: Due to 

COVID–19, there will be no physical 

public attendance. The public is invited 

to attend the Commission’s meeting live 

by webcast at the Web address—https:// 

video.nrc.gov/. 

Thursday, June 10, 2021 

10 a.m. Briefing on Results of the 

Agency Action Review Meeting 

(Public Meeting); (Contact: Nicole 

Fields: 630–829–9570) 

Additional Information: Due to 

COVID–19, there will be no physical 

public attendance. The public is invited 

to attend the Commission’s meeting live 

by webcast at the Web address—https:// 

video.nrc.gov/. 

Week of June 14, 2021—Tentative 

There are no meetings scheduled for 

the week of June 14, 2021. 

Week of June 21, 2021—Tentative 

Tuesday, June 22, 2021 

9 a.m. Briefing on Transformation at 

the NRC—Midyear Review (Public 

Meeting); (Contact: Maria ArribasColon: 301–415–6026) 

Additional Information: Due to 

COVID–19, there will be no physical 

public attendance. The public is invited 

to attend the Commission’s meeting live 

by webcast at the Web address—https:// 

video.nrc.gov/. 

Week of June 28, 2021—Tentative 

There are no meetings scheduled for 

the week of June 28, 2021. 

Week of July 5, 2021—Tentative 

There are no meetings scheduled for 

the week of July 5, 2021. 

Week of July 12, 2021—Tentative 

There are no meetings scheduled for 

the week of July 12, 2021. 

CONTACT PERSON FOR MORE INFORMATION: 

For more information or to verify the 

status of meetings, contact Wesley Held 

at 301–287–3591 or via email at 

Wesley.Held@nrc.gov. The schedule for 

Commission meetings is subject to 

change on short notice. 

The NRC Commission Meeting 

Schedule can be found on the internet 

at: https://www.nrc.gov/public-involve/ 

public-meetings/schedule.html. 

The NRC provides reasonable 

accommodation to individuals with 

disabilities where appropriate. If you 

need a reasonable accommodation to 

participate in these public meetings or 

need this meeting notice or the 

transcript or other information from the 

public meetings in another format (e.g., 

braille, large print), please notify Anne 

Silk, NRC Disability Program Specialist, 

at 301–287–0745, by videophone at 

240–428–3217, or by email at 

Anne.Silk@nrc.gov. Determinations on 

requests for reasonable accommodation 

will be made on a case-by-case basis. 

Members of the public may request to 

receive this information electronically. 

If you would like to be added to the 

distribution, please contact the Nuclear 

Regulatory Commission, Office of the 

Secretary, Washington, DC 20555, at 

301–415–1969, or by email at 

Wendy.Moore@nrc.gov or Tyesha.Bush@

nrc.gov. 

The NRC is holding the meetings 

under the authority of the Government 

in the Sunshine Act, 5 U.S.C. 552b. 

Dated: June 3, 2021. 

For the Nuclear Regulatory Commission. 

Wesley W. Held, 

Policy Coordinator, Office of the Secretary. 

[FR Doc. 2021–12016 Filed 6–3–21; 4:15 pm] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92082; File No. SR– 

PEARL–2021–25] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Rule 531, 

Reports and Market Data Products, To 

Adopt the Liquidity Taker Event Report 

for Options Trading 

June 1, 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 May 19, 

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

or ‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 


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3See Securities Exchange Act Release No. 91787 

(May 6, 2021), 85 FR 26111 (May 12, 2021) (SR– 

EMERALD–2021–09) (Order Approving Proposed 

Rule Change to Adopt Exchange Rule 531(a), 

Reports, to Provide for a New ‘‘Liquidity Taker 

Event Report’’). 

4The Exchange intends to submit a separate filing 

with the Commission pursuant to Section 19(b)(1) 

to propose fees for the Liquidity Taker Event 

Report. 

5The term ‘‘Member’’ means an individual or 

organization approved to exercise the trading rights 

associated with a Trading Permit. Members are 

deemed ‘‘members’’ under the Exchange Act. See 

Exchange Rule 100. 

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. 

8The time the Exchange received the resting 

order would be in nanoseconds and is the time the 

resting order was received by the Exchange’s 

System. 

9The 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

provide for the new ‘‘Liquidity Taker 

Event Report’’. 

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 

Exchange Rule 531(a) to provide for the 

new ‘‘Liquidity Taker Event Report’’ 

(the ‘‘Report’’). The proposed Report is 

identical to that previously adopted by 

the Exchange’s affiliate, MIAX Emerald, 

LLC (‘‘MIAX Emerald’’), and approved 

by the Securities and Exchange 

Commission (‘‘Commission’’).3 The 

proposed Report would only be 

available for options trading on the 

Exchange. 

The Report is an optional product 4

available to Members.5 Currently, the 

Exchange provides real-time prices and 

analytics in the marketplace. The 

Exchange believes the additional data 

points from the matching engine 

outlined below may help Members gain 

a better understanding about their 

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 proposed 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. None of 

the components of the proposed Report 

include real-time market data. 

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.6 The proposed Report 

would identify by how much time an 

order that may have been marketable 

missed an execution. The proposed 

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 proposed 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. For example, Member A submits 

an order that is posted to the Book and 

then Member B enters a marketable 

order to execute against Member A’s 

resting order. Immediately thereafter, 

Member C sends a marketable order to 

execute against Member A’s resting 

Order. Because Member B’s order is 

received by the Exchange before 

Member C’s order, Member B’s order 

executes against Member A’s resting 

order. The proposed Report would 

provide Member C the data points 

necessary for that firm to calculate by 

how much time they missed executing 

against Member A’s resting order. The 

Exchange proposes to provide the 

Report on a T+1 basis. As further 

described below, the Report will be 

specific and tailored to the Member that 

is subscribed to the Report and any data 

included in the Report that relates to a 

Member other than the Member 

receiving the Report will be 

anonymized. 

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. 

Proposed Exchange Rule 531(a) would 

provide that 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, where that 

Recipient Member attempted to execute 

against such resting order within a 

certain timeframe. 

Report Content 

Paragraph (a)(1) of Rule 531 would 

describe the content of the Report and 

delineate which information would be 

provided regarding the resting order,7

the response that successfully executed 

against the resting order, and the 

response submitted by the Recipient 

Member that missed executing against 

the resting order. It is important to note 

that the content of the Report will be 

specific to the Recipient Member and 

the Report will not include any 

information related to any Member 

other than the Recipient Member. The 

Exchange will restrict all other market 

participants, including the Recipient 

Member, from receiving another market 

participant’s data. 

Resting Order Information. Rule 

531(a)(1)(i) would provide that the 

following information would be 

included in the Report regarding the 

resting order: (A) The time the resting 

order was received by the Exchange; 8

(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 9 of the Member 


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10The Report will simply indicate whether the 

Recipient Member is an 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. 

11The 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. 

12The term ‘‘Market Maker’’ refers to ‘‘Lead 

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

and ‘‘Registered Market Makers’’ collectively. See 

Exchange Rule 100. 

13The 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. 

14The term ‘‘PBBO’’ means the best bid or offer 

on the Exchange. See Exchange Rule 100. 

15Exchange Rule 531(a)(1)(ii)(A) would further 

provide that if the resting order executes against 

multiple contra-side responses, only the PBBO at 

the time of the execution against the first response 

will be included. 

16The 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. 

17Exchange Rule 531(a)(1)(ii)(B) would further 

provide 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. 

18The 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. 

19The time difference would be provided in 

nanoseconds. 

20For 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. 

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

22 15 U.S.C. 78f(b)(5). 

23 Id. 

24See supra note 3. 

that entered the resting order; 10 (E) 

origin type (e.g., Priority Customer,11

Market Maker 12); (F) side (buy or sell); 

and (G) displayed price and size of the 

resting order.13

Execution Information. Rule 

531(a)(1)(ii) would provide that the 

following information would be 

included in the Report regarding the 

execution of the resting order: (A) The 

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

the ABBO 16 at the time of execution; 17

(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; 18

(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; 19 and (E) 

whether the response was entered by 

the Recipient Member. If the resting 

order executes against multiple contraside responses, only the PBBO and 

ABBO at the time of the execution 

against the first response will be 

included. 

Recipient Member’s Response 

Information. Rule 531(a)(1)(iii) would 

provide that the following information 

would be 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; 20 (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. 

Timeframe for Data Included in Report 

Paragraph (a)(2) of Rule 531 would 

provide that the Report would include 

the data set forth under Rule 531(a)(1) 

described above for executions and 

contra-side responses that occurred 

within 200 microseconds of the time the 

resting order was received by the 

Exchange. 

Scope of Data Included in the Report 

Paragraph (a)(3) of Rule 531 would 

provide that the Report will only 

include trading data related to the 

Recipient Member and, subject to the 

proposed paragraph (4) of Rule 531(a) 

described below, will not include any 

other Member’s trading data other than 

that listed in paragraphs (1)(i) and (ii) of 

Exchange Rule 531(a) described above. 

Historical Data 

Paragraph (a)(4) of Rule 531 would 

specify that the Report will contain 

historical data from the prior trading 

day and will be available after the end 

of the trading day, generally on a T+1 

basis. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the Act 

and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.21 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 22 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. This 

proposal is in keeping with those 

principles in that it promotes increased 

transparency through the dissemination 

of the optional Report to those 

interested in subscribing to receive the 

data. Additionally, the Exchange 

believes the proposed rule change is 

consistent with the Section 6(b)(5) 23

requirement that the rules of an 

exchange not be designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

The proposed Report is also identical to 

a report previously adopted by the 

Exchange’s affiliate, MIAX Emerald, and 

approved by the Commission.24

Therefore, the proposed rule change 

does not present any new or novel 

issues not previously considered by the 

Commission. 

The Exchange believes the proposed 

Report will serve to promote just and 

equitable principles of trade, remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general protect investors and the public 

interest because it will benefit investors 

by facilitating their prompt access to the 

value added information that is 

included in the proposed 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 proposed Report is designed for 

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 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. 

The Exchange believes that providing 

this optional latency data to interested 

Members is consistent with facilitating 

transactions in securities, removing 

impediments to and perfecting the 

mechanism of a free and open market 

and a national market system, and, in 

general, protecting investors and the 

public interest because it provides 


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25See Section 6)a) of the Exchange’s fee schedule. 

26The Exchange’s surveils to monitor for 

abhorrent behavior related to internalized trades 

and identify potential wash sales. 

27See Sec. Indus. Fin. Mkts. Ass’n (SIFMA), 

Initial Decision Release No. 1015, 2016 SEC LEXIS 

2278 (ALJ June 1, 2016) (finding the existence of 

vigorous competition with respect to non-core 

market data). 

28 Id. 

29See NASDAQ Equity Section 7, Rule 146(a)(2). 

greater visibility into the latency of 

Members’ incoming orders. 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. 

As discussed above, the Exchange 

currently fields ad hoc requests from 

Members for information regarding the 

timeliness of their attempts to execute 

against resting options liquidity on the 

Exchange’s Book. The proposal is 

designed to offer this type of latency 

information in a systematized way and 

standardized format to any Member that 

chooses to subscribe to the Report. As 

a result, the proposal will make latency 

information for liquidity-seeking orders 

available in a more equalized manner 

and will increase transparency, 

particularly for Recipient Members that 

may not have the expertise to generate 

the same information on their own. The 

proposed Report may better enable 

Recipient Members to increase the fill 

rates for their liquidity-seeking orders. 

At the same time, as is also discussed 

above, the Report is designed to prevent 

a Recipient Member from learning other 

Members’ sensitive trading information. 

The Report would not be a real-time 

market data product, as it would 

provide only historical trading data for 

the previous trading day, generally on a 

T+1 basis. In addition, the data in the 

Report regarding incoming orders that 

failed to execute would be specific to 

the Recipient Member’s orders, and 

other information in the proposed 

Report regarding resting orders and 

executions would be anonymized if it 

relates to a Member other than the 

Recipient Member. 

The Report generally contains three 

buckets of information. The first two 

buckets include information about the 

resting order and the execution of the 

resting order. This information is 

generally available from other public 

sources, such as OPRA and the 

Exchange’s proprietary data feeds, or is 

similar to information included in a 

report offered by another exchange. For 

example, OPRA provides bids, offers, 

and consolidated last sale and quotation 

information for options trading on all 

national securities exchanges, including 

the Exchange. In addition, the Exchange 

offers the Top of Market (‘‘ToM’’) feed 

which provides real-time quote and last 

sale information for all displayed orders 

on the Book.25

Specifically, the first bucket of 

information contained in the Report for 

the resting order includes the time the 

resting order was received by the 

Exchange, the symbol, unique reference 

number assigned at the time of receipt, 

side (buy or sell), and the displayed 

price and size of the resting order. 

Further, the symbol, origin type, side 

(buy or sell), and displayed price and 

size are also available either via OPRA 

or the Exchange’s proprietary data feeds. 

The first bucket of information also 

indicates whether the Recipient Member 

is an Affiliate of the Member that 

entered the resting order. This data field 

will not indicate the identity of the 

Member that entered the resting order 

and would simply allow the Recipient 

Member to better understand the 

scenarios in which it may execute 

against the orders of its Affiliates.26

The second bucket of information 

contained in the Report regards the 

execution of the resting order and 

includes the PBBO and ABBO at the 

time of execution. These data points are 

also available either via OPRA or the 

Exchange’s proprietary data feeds. The 

second bucket of information will also 

indicate whether the response was 

entered by the Recipient Member. This 

data point is simply provided as a 

convenience. If not entered by the 

Recipient Member, this data point will 

be left blank so as not to include any 

identifying information about other 

Member activity. The second bucket of 

information also includes the size, time 

and type of first response that executes 

against the resting order; as well as the 

time difference between the time the 

resting order and first response that 

executes against the resting order are 

received by the Exchange. These data 

points would assist the Recipient 

Member in analyzing by how much time 

their order may have missed an 

execution against a contra-side order 

resting on the Book. 

The third bucket of information is 

about the Recipient Member’s 

response(s) and the time their 

response(s) is received by the Exchange. 

This includes 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. As above, this data 

point would assist the Recipient 

Member in analyzing by how much time 

their order may have missed an 

execution against a contra-side order 

resting on the Book. This bucket would 

also include the size and type of each 

response submitted by the Recipient 

Member, the Recipient Member 

identifier, and a response reference 

number which is selected by the 

Recipient Member. Each of these data 

points are unique to the Recipient 

Member and should already be known 

by Recipient Member even if not 

included in the Report. 

The Exchange proposes to provide the 

Report on a voluntary basis and no 

Member will be required to subscribe to 

the Report. The Exchange notes that 

there is no rule or regulation that 

requires the Exchange to produce, or 

that a Member elect to receive, the 

Report. It is entirely a business decision 

of each Member to subscribe to the 

Report. The Exchange proposes to offer 

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. 

In summary, the proposed Report will 

help to protect a free and open market 

by providing additional data (offered on 

an optional basis) to the marketplace 

and by providing investors with greater 

choices.27 Additionally, the proposal 

would not permit unfair discrimination 

because the proposed Report will be 

available to all Exchange Members. 

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, as amended. 

The Exchange believes that the 

proposed Report will enhance 

competition 28 by providing a new 

option for receiving market data to 

Members. The proposed Report will also 

further enhance competition between 

exchanges by allowing the Exchange to 

expand its product offerings to include 

a report similar to that currently offered 

by the NASDAQ Stock Market LLC 

(‘‘NASDAQ’’).29

In this instance, the proposed rule 

change to offer the optional Report is in 

response to Member interest and 

requests for such information. The 

Exchange does not believe the proposed 

Report will have an inappropriate 


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30 15 U.S.C. 78s(b)(3)(A)(iii). 

31 17 CFR 240.19b–4(f)(6). 

32 15 U.S.C. 78s(b)(3)(A). 

33 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

34 17 CFR 240.19b–4(f)(6). 

35 17 CFR 240.19b–4(f)(6)(iii). 

36For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

37 17 CFR 200.30–3(a)(12), (59). 

burden on intra-market competition 

between Recipient Members and other 

Members who do not receive the Report. 

As discussed above, the first two 

buckets of information included in the 

Report contain information about the 

resting order and the execution of the 

resting order, both of which are 

generally available to Members that 

choose not to receive the Report from 

other public sources, such as OPRA and 

the Exchange’s proprietary data feeds. 

The third bucket of information is about 

the Recipient Member’s response and 

the time their response is received by 

the Exchange, information which the 

Recipient Member would be able to 

obtain without receiving the Report. 

Additionally, some Members may 

already be able to derive a substantial 

amount of the same data that is 

provided by some of the components 

based on their own executions and 

algorithms. 

In sum, if the proposed Report is 

unattractive to Members, Members will 

opt not to receive it. Accordingly, the 

Exchange does not believe that the 

proposed change will impair the ability 

of Members or competing order 

execution venues to maintain their 

competitive standing in the financial 

markets. 

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 Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 30 and Rule 

19b–4(f)(6) thereunder.31 Because the 

proposed rule change does not: (i) 

Significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

for 30 days from the date on which it 

was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 32 and Rule 19b–4(f)(6) 

thereunder.33

A proposed rule change filed under 

Rule 19b–4(f)(6) 34 normally does not 

become operative for 30 days after the 

date of the filing. However, pursuant to 

Rule 19b–4(f)(6)(iii),35 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposed rule change may become 

operative immediately. The Exchange 

states that it is prepared to begin 

offering the Report upon the 

effectiveness of this proposed rule 

change. The Exchange also argues that 

waiver of the operative delay would 

allow the Exchange to provide a product 

offering identical to that of its affiliate, 

MIAX Emerald, as soon as practicable, 

which in turn would reduce potential 

confusion in the near term about 

whether the Exchange is offering the 

same report as its affiliate offers 

currently. For these reasons, the 

Commission believes that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.36

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 

change 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–2021–25 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–2021–25. 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–2021–25, and 

should be submitted on or before June 

28, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.37

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–11798 Filed 6–4–21; 8:45 am] 

BILLING CODE 8011–01–P 


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