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[Federal Register Volume 86, Number 107 (Monday, June 7, 2021)]
[Notices]
[Pages 30337-30341]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-11798]

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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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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.

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[[Page 30338]]

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/rule-filings/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.
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    \3\ See 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'').
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    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.
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    \4\ The 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.
    \5\ The 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.
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    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.
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    \6\ The 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.
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    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.
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    \7\ Only 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.
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    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

[[Page 30339]]

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\
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    \8\ The 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.
    \9\ The 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.
    \10\ The 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.
    \11\ The 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.
    \12\ The term ``Market Maker'' refers to ``Lead Market Makers'', 
``Primary Lead Market Makers'' and ``Registered Market Makers'' 
collectively. See Exchange Rule 100.
    \13\ The Exchange notes that the displayed price and size are 
also disseminated via the Exchange's proprietary data feeds and the 
Options Price Reporting Authority (``OPRA''). The Exchange also 
notes that the displayed price of the resting order may be different 
than the ultimate execution price. This may occur when a resting 
order is displayed and ranked at different prices upon entry to 
avoid a locked or crossed market.
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    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 contra-side responses, only 
the PBBO and ABBO at the time of the execution against the first 
response will be included.
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    \14\ The term ``PBBO'' means the best bid or offer on the 
Exchange. See Exchange Rule 100.
    \15\ Exchange 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.
    \16\ The 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.
    \17\ Exchange 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.
    \18\ The 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.
    \19\ The time difference would be provided in nanoseconds.
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    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.
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    \20\ For 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.
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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.
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    \21\ 15 U.S.C. 78f(b).
    \22\ 15 U.S.C. 78f(b)(5).
    \23\ Id.
    \24\ See supra note 3.
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    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

[[Page 30340]]

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\
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    \25\ See Section 6)a) of the Exchange's fee schedule.
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    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\
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    \26\ The Exchange's surveils to monitor for abhorrent behavior 
related to internalized trades and identify potential wash sales.
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    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.
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    \27\ See 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).
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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\
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    \28\ Id.
    \29\ See NASDAQ Equity Section 7, Rule 146(a)(2).
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    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

[[Page 30341]]

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\
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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.
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    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\
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    \34\ 17 CFR 240.19b-4(f)(6).
    \35\ 17 CFR 240.19b-4(f)(6)(iii).
    \36\ For 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).
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    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 [email protected]. 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\
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    \37\ 17 CFR 200.30-3(a)(12), (59).
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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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