Document ID: SEC-2023-0386-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: MIAX PEARL, LLC
Posted Date: 2023-04-06T04:00Z

[Federal Register Volume 88, Number 66 (Thursday, April 6, 2023)]
[Notices]
[Pages 20597-20601]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-07144]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97236; File No. SR-PEARL-2023-15]

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange 
Rules 2617 and 2626 Regarding Retail Orders Routed Pursuant to the 
Route to Primary Auction Routing Option

March 31, 2023.
    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 March 28, 2023, MIAX PEARL, LLC (``MIAX Pearl'' or the ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Exchange Rules 2617(b)(5) and 
2626(f) related to Retail Orders \3\ routed

[[Page 20598]]

pursuant to the Route to Primary (``PAC'') routing option when trading 
equity securities on the Exchange's equity trading platform (referred 
to herein as ``MIAX Pearl Equities'').
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    \3\ A ``Retail Order'' is an agency or riskless principal order 
that meets the criteria of FINRA Rule 5320.03 that originates from a 
natural person and is submitted to the Exchange by a Retail Member 
Organization, provided that no change is made to the terms of the 
order with respect to price or side of market and the order does not 
originate from a trading algorithm or any other computerized 
methodology. See Exchange Rule 2626(a)(2).
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    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 purpose of the proposed rule change is to amend Exchange Rule 
2617(b)(5) related to Retail Orders routed pursuant to the PAC routing 
option when trading equity securities on MIAX Pearl Equities. Exchange 
Rule 2626 defines Retail Orders and sets forth the requirements \4\ 
that Equity Members \5\ must complete prior to sending Retail Orders to 
the Exchange. Equity Members that seek to become a Retail Member 
Organization (``RMO'') \6\ must complete an attestation in a form 
required by the Exchange that substantially all orders submitted as 
Retail Orders will qualify as such under Exchange Rule 2626. Such 
Equity Members must then be approved by the Exchange as a RMO and then 
may designate a Retail Order to be identified as Retail on the 
Exchange's proprietary data feeds on an order-by-order or port-by-port 
basis pursuant to Exchange Rule 2626(f). As proposed, those same Equity 
Members that are approved as RMOs would then be able to also identify 
Retail Orders as Retail when routed to the primary listing market's 
opening, re-opening, or closing process pursuant to the PAC routing 
option,\7\ described in more detail below.
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    \4\ Members must submit a signed written attestation, in a form 
prescribed by the Exchange, that they have implemented policies and 
procedures that are reasonably designed to ensure that substantially 
all orders designated by the Member as a ``Retail Order'' comply 
with the above requirements. See Exchange Rule 2626(b).
    \5\ The term ``Equity Member'' is a Member authorized by the 
Exchange to transact business on MIAX Pearl Equities. See Exchange 
Rule 1901.
    \6\ A ``Retail Member Organization'' or ``RMO'' is an Equity 
Member (or a division thereof) that has been approved by the 
Exchange under Exchange Rule 2626 to submit Retail Orders. See 
Exchange Rule 2626(a)(1).
    \7\ See Exchange Rule 2617(b)(5).
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    The Exchange offers its Equity Members optional routing 
functionality that allows them to use the Exchange to access liquidity 
on other Trading Centers.\8\ The functionality includes routing 
algorithms that determine the destination or pattern of routing. 
Exchange Rule 2617(b)(5) sets forth that there is a particular pattern 
of routing to other Trading Centers, known as the ``System routing 
table'', as well as sets forth the Exchange's available routing 
options. All routing is designed to be conducted in a manner consistent 
with Regulation NMS.
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    \8\ 17 CFR 242.600(b)(95) (defining ``Trading Center'' as ``a 
national securities exchange or national securities association that 
operates an SRO trading facility, an alternative trading system, an 
exchange market maker, an OTC market maker, or any other broker or 
dealer that executes orders internally by trading as principal or 
crossing orders as agent'').
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    The Exchange recently launched the PAC routing option,\9\ which 
enables an Equity Member to designate that their order be routed to 
participate in the primary listing market's opening, re-opening, or 
closing process. In sum, Exchange Rule 2617(b)(5)(B) describes PAC as a 
routing option for Market Orders \10\ and displayed Limit Orders \11\ 
with a time-in-force of Regular Hours Only (``RHO'') \12\ that the 
entering firm wishes to designate for participation in the opening, re-
opening (following a regulatory halt, suspension, or pause), or closing 
process of a primary listing market (Cboe BZX Exchange, Inc. (``BZX''), 
the New York Stock Exchange LLC (``NYSE''), The Nasdaq Stock Market LLC 
(``Nasdaq''), NYSE American LLC (``NYSE American''), or NYSE Arca, Inc. 
(``NYSE Arca'')) if received before the opening, re-opening, or closing 
process of such market.
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    \9\ See Securities Exchange Act Release No. 94301 (February 23, 
2022), 87 FR 11739 (March 2, 2022) (SR-PEARL-2022-06). See also MIAX 
Pearl Equities--Expansion of Functionality Through New Route to 
Primary Auction (PAC) Strategy--Rollout Postponed until June 27, 
2022, dated June 8, 2022, available at https://www.miaxoptions.com/alerts/2022/06/08/miax-pearl-equities-expansion-functionality-through-new-route-primary-auction-pac (last visited June 28, 2022).
    \10\ See Exchange Rule 2614(a)(2).
    \11\ See Exchange Rule 2614(a)(1).
    \12\ Exchange Rule 2614(b)(2) defines ``Regular Hours Only'' or 
``RHO'' as ``[a]n order that is designated for execution only during 
Regular Trading Hours, which includes the Opening Process for equity 
securities. An order with a time-in-force of RHO entered into the 
System before the opening of business on the Exchange as determined 
pursuant to Exchange Rule 2600 will be accepted but not eligible for 
execution until the start of Regular Trading Hours.'' To ensure that 
orders coupled with the PAC routing option are eligible to 
participate in the primary listing market's opening, re-opening, or 
closing process, the Exchange routes Market Orders and displayed 
Limit Orders designated as RHO upon entry with a time-in-force 
accepted or required by the primary listing market. See Exchange 
Rule 26174(b)(5)(B). As such, the Exchange converts an order's time-
in-force to a time-in-force accepted or required by the primary 
listing market when necessary only for purposes of routing that 
order to an away market.
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    Exchange Rule 2617(b)(5)(B)(1)(i) describes how orders are routed 
to participate in the primary listing market's opening or re-opening 
process pursuant to the PAC routing option and provides, in sum, that 
displayed Limit Orders and Market Orders with a time-in-force of RHO 
received before the security has opened on the primary listing market 
will be routed to participate in the primary listing market's opening 
process prior to the primary listing market's order entry cut-off time. 
Exchange Rule 2617(b)(5)(B)(1)(i) further provides that if a displayed 
Limit Order or Market Order designated as RHO is received at or after 
the time the Exchange begins to route existing orders to participate in 
the primary listing exchange's opening process, but before market open, 
the Exchange will route such orders to participate in the primary 
listing market's opening process upon receipt.
    Exchange Rule 2617(b)(5)(B)(1)(ii) describes how orders are routed 
to participate in the primary listing market's closing process pursuant 
to the PAC routing option. Exchange Rule 2617(b)(5)(B)(1)(ii)(a) covers 
Limit Orders and provides, in sum, that a Limit Order designated as RHO 
will be routed to participate in the primary listing market's closing 
process prior to the primary listing market's order entry cut-off time. 
If a Limit Order designated as RHO is received at or after the time the 
Exchange begins to route existing orders to participate in the primary 
listing market's closing process, but before market close, the Exchange 
will check the System for available shares and then route the remaining 
shares to participate in the primary listing market's closing process. 
Exchange Rule 2617(b)(5)(B)(1)(ii)(b) covers Market Orders and 
provides, in sum, that a Market Order designated as RHO is not eligible 
to be routed to participate in the primary listing market's closing 
process,

[[Page 20599]]

unless such Market Order is: (i) entered at or after 3:50 p.m. Eastern 
Time, but before market close, (ii) the primary listing market has 
declared a regulatory halt; and (iii) the primary listing market is to 
conduct its closing process according to their applicable rules.\13\ 
All other Market Orders designated as RHO received at or after the time 
the Exchange begins to route existing orders to participate in the 
primary listing market's closing process, but before market close, will 
be cancelled.\14\
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    \13\ The Exchange notes that this functionality was implemented 
on March 28, 2023. See MIAX Pearl Equities--Enhancement for Market 
Orders with a Primary Auction (PAC) Routing Strategy will be 
Activated on Tuesday, March 28, 2023, available at https://www.miaxoptions.com/alerts/2023/03/22/miax-pearl-equities-enhancement-market-orders-primary-auction-pac-routing. See also 
Securities Exchange Act Release No. 95298 (July 15, 2022), 87 FR 
43579 (July 21, 2022) (SR-PEARL-2022-29).
    \14\ Id.
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    Going forward, the Exchange proposes that Retail Orders that a RMO 
has designated as Retail pursuant to Exchange Rule 2626(f) would also 
be identified as Retail when routed to the primary listing market's 
opening, re-opening, or closing process pursuant to the PAC routing 
option,\15\ so that such order may receive preferred pricing available 
to Retail Orders offered by the primary listing market.\16\ The 
Exchange notes that the proposal will primarily benefit displayed Limit 
Orders identified as Retail that are routed to participate in the 
primary listing market's closing process because, unlike before the 
opening or re-opening process, continuous trading is in effect prior to 
the closing process during which such routed Retail Orders may be 
executed and eligible to receive preferred pricing.\17\
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    \15\ The Exchange currently designates all routable orders, 
other than those routed pursuant to the PAC routing option, as IOC 
when routing such order to an away market, regardless of the time-
in-force included with the order upon entry. Exchange Rule 
2617(b)(4) describes this functionality and currently provides that 
the System will designate Market Orders and marketable Limit Orders 
that are fully or partially routed to an away Trading Center as IOC. 
The Exchange does not propose to identify as Retail a Retail Order 
that is being routed as IOC and not pursuant to the PAC routing 
option because such orders would remove liquidity on entry or be 
cancelled and, therefore, not be eligible to receive preferred 
pricing available to liquidity adding orders by primary listing 
markets, which primarily employ maker/taker fee structures. See 
infra note 16. Orders routed pursuant to the PAC routing option 
include a time-in-force of RHO when entered on the Exchange and, 
therefore, may provide liquidity (and receive a preferred rebate) on 
the primary listing market prior to participating in the primary 
listing market's closing process if the time-in-force employed by 
the primary listing market allows the order to provide liquidity. 
The Exchange notes that it would convert an order's time-in-force to 
a time-in-force accepted or required by the primary listing market 
when necessary only for purposes of routing that order to an away 
market.
    \16\ See, e.g., Cboe BZX fee schedule available at https://www.cboe.com/us/equities/membership/fee_schedule/bzx/ (providing an 
enhanced rebate of $0.0032 to Retail Orders that add liquidity); and 
NYSE fee schedule available at https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf (providing an enhanced rebate of 
$0.0032 to Retail Orders that add liquidity).
    \17\ While the proposal may benefit Market Orders, the Exchange 
notes that it would be an edge case because of the limited scenario 
where the Exchange would route Market Orders to the primary listing 
market's closing process, namely, when the security is halted and 
continuous trading is not in effect. See Exchange Rule 
2617(b)(5)(B)(1)(ii)(b).
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    The Exchange routes orders in equity securities via one or more 
routing brokers that are not affiliated with the Exchange.\18\ Those 
routing broker-dealers are required to complete the required 
attestation to qualify as RMOs on the Exchange pursuant to Exchange 
Rule 2626, described above. Those routing broker dealers would likewise 
be required to complete any requirements by the primary listing market 
to enter Retail Orders on that market and to qualify for any enhanced 
pricing. To the extent the Exchange routes a Retail Order identified as 
Retail via a routing broker-dealer to a primary listing market, it will 
ensure that it does so in compliance with that market's rules governing 
its retail orders, including that the order satisfies that market's 
definition of ``Retail Order.'' \19\
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    \18\ This routing process is described under Exchange Rule 
2617(b)(1).
    \19\ Any portion of a routed Retail Order that is not executed 
on the primary listing market that is returned the Exchange will 
continue to be treated as a Retail Order.
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    As discussed above, RMOs may designate a Retail Order to be 
identified as Retail on the Exchange's proprietary data feeds on an 
order-by-order or port-by-port basis pursuant to Exchange Rule 2626(f). 
Those same Retail Orders that are to be identified as Retail pursuant 
to Exchange Rule 2626(f) would also be identified as Retail when routed 
pursuant to the PAC routing option. The identification of a Retail 
Order as Retail on the Exchange's proprietary data feed and when being 
routed pursuant to the PAC routing option would implicate orders 
entered during continuous trading that are to be routed to participate 
in the primary listing market's closing process pursuant to the PAC 
routing option. Such Retail Orders that are to be identified as Retail 
when routed pursuant to the PAC routing option entered before market 
open that are to be routed to participate in the primary listing 
market's opening process or entered when a security is halted that are 
to be routed to participate in the primary listing market's re-opening 
process are entered during times when continuous trading is not in 
effect on the Exchange \20\ and would, therefore, only be identified as 
Retail when being routed pursuant to the PAC routing option. The 
Exchange will not identify a Retail Order as Retail when routed 
pursuant to the PAC routing option unless instructed by the RMO to do 
so pursuant to Exchange Rule 2626, either on an order-by-order or port-
by-port basis. This behavior would be codified under new subparagraph 
(iii) under Exchange Rule 2617(b)(5)(B), which would state that, a RMO 
(as defined in Rule 2626(a)(1)) may designate a Retail Order (as 
defined in Rule 2626(a)(2)) to be identified as Retail on an order-by-
order basis or instruct the Exchange to identify all of its Retail 
Orders as Retail on a port-by-port basis. Proposed Exchange Rule 
2617(b)(5)(B)(iii) would also provide that if so designated, a Retail 
Order will be identified as Retail when routed pursuant to Exchange 
Rule 2617(b)(5)(B)(1)(i) and (ii), as well as on the Exchange's 
proprietary data feeds pursuant to Rule 2626(f). Proposed Exchange Rule 
2617(b)(5)(B)(iii) would further provide that a RMO that instructs the 
Exchange to identify all its Retail Orders as Retail on a particular 
port will be able to override such setting and designate any individual 
Retail Order from that port to not be identified as Retail when routed 
to the primary listing market pursuant to Exchange Rule 
2617(b)(5)(B)(1)(i) and (ii).\21\ As stated above, RMOs may designate 
their orders as Retail in accordance with Exchange Rule 2626(f) for 
purposes of order attribution on the MIAX Pearl Equities proprietary 
data feeds. A RMO may designate a Retail Order to be identified as 
Retail when routed pursuant to the PAC routing option on an order-by-
order basis or port-by-port basis,\22\ which is the same manner as

[[Page 20600]]

when as order is to be identified as Retail on the Exchange's 
proprietary data feeds pursuant to Exchange Rule 2626(f).\23\ Proposed 
Exchange Rule 2617(b)(5)(B)(iii) is based on current Exchange Rule 
2626(f).
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    \20\ The Exchange does not disseminate quote and trade data on 
its proprietary data feeds when it is not engaged in continuous 
trading.
    \21\ In such case, the Retail Order would also not be identified 
as retail on the Exchange's proprietary data feeds pursuant to 
Exchange Rule 2626(f).
    \22\ A RMO may designate a Retail Order to be identified as 
Retail when routed pursuant to the PAC routing option on an order-
by-order basis via standard order entry protocols. A RMO may 
designate that all Retail Orders be identified as Retail when routed 
pursuant to the PAC routing option on a particular port by 
instructing the Exchange's Trading Operations personnel to designate 
that port as Retail or the RMO may designate a port as on their own 
via the Exchange's online portal. The Exchange provides an internet-
facing portal via its website that Equity Members, including RMOs, 
access using unique login credentials. The online portal provides 
self-service functions to Equity Members. See Member Firm Portal 
User Manual, available at https://www.miaxoptions.com/sites/default/files/knowledge-center/2022-06/MIAX_Exchanges_Member_Firm_Portal_User_Manual_05262022.pdf. A RMO 
that instructs the Exchange to identify all its Retail Orders as 
Retail on a particular port will be able to override such setting 
and designate any individual Retail Order from that port to not be 
identified as Retail via standard order entry protocols when 
submitting that particular order to the Exchange.
    \23\ The Exchange proposes to make a related change to Exchange 
Rule 2626(f) to, likewise, specify that a Retail Order to be 
identified as Retail pursuant to Exchange Rule 2626(f) will also be 
identified as Retail when being routed pursuant to the PAC routing 
option under Rule 2617(b)(5)(B)(1)(iii).
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Implementation
    Due to the technological changes associated with this proposed 
change, the Exchange will issue a trading alert publicly announcing the 
implementation date of the proposed rule change. The Exchange 
anticipates that the implementation date will be in the second or third 
quarter of 2023.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act,\24\ in general, and furthers the objectives of Section 
6(b)(5),\25\ in particular, in that it is designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of trade, and to remove impediments to and perfect 
the mechanism of a free and open market and a national market system. 
The proposal promotes just and equitable principles of trade because it 
enables RMOs to instruct the Exchange to identify a Retail Order as 
Retail when routed pursuant to the PAC routing option and potentially 
receive preferred pricing available to Retail Orders offered by the 
primary listing market, which primarily employ maker/taker fee 
structures. In addition, the proposal promotes just and equitable 
principles of trade because Retail Orders that a RMO has designated as 
Retail on an order-by-order or port-by-port-basis pursuant to Exchange 
Rule 2626(f) would also be identified as Retail when routed pursuant to 
the PAC routing option and this order-by-order or port-by-port 
optionality provides RMOs flexibility to identify their Retail Orders 
as Retail based upon how they manage their order flow. The proposal 
removes impediments to and perfects the mechanism of a free and open 
market and a national market system because it would enable the 
Exchange to better compete for Retail Order flow with another exchange 
that offers similar functionality.\26\ The proposal would also promote 
just and equitable principles of trade because the potential to receive 
preferred pricing on the primary listing market should incentivize RMOs 
to enter additional Retail Order flow on the Exchange. This additional 
order flow would come in the form of displayed Limit Orders designated 
as RHO entered during continuous trading that may first check the 
System for available shares and then be posted to the MIAX Pearl 
Equities Book prior to being routed pursuant to the PAC routing 
option.\27\ This may, in turn, deepen the available liquidity on the 
Exchange and attract additional order flow, benefiting all Exchange 
participants.
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    \24\ 15 U.S.C. 78f(b).
    \25\ 15 U.S.C. 78f(b)(5).
    \26\ See Cboe EDGX Exchange, Inc. (``Cboe EDGX'') Rule 11.21(e). 
See also Securities Exchange Act Release No. 75824 (September 3, 
2015), 80 FR 54638 (September 10, 2015) (SR-EDGX-2015-40).
    \27\ See Exchange Rules 2617(b)(5)(B)(1)(ii)(a) and 
(b)(5)(B)(2)(i).
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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 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The Exchange believes the 
proposal would enhance competition for retail order flow among 
exchanges by allowing the Exchange to provide Retail Orders with 
increased opportunities to receive preferred pricing provided to Retail 
Orders by the primary listing market when being routed pursuant to the 
PAC routing option. The proposal would not impede the national market 
system because it would not disrupt the ability of the primary listing 
market to conduct their opening, re-opening, and closing processes. The 
Exchange would continue to route orders in a form and manner currently 
accepted by the primary listing markets, which the Exchange understands 
currently includes accepting orders with a Retail identifier. The 
proposal would also enhance intermarket competition because it would 
enable the Exchange to better compete with other exchanges that offer 
similar functionality.\28\ The proposal may further enhance intermarket 
competition by attracting additional Retail Order flow to the Exchange 
since a displayed Limit Order designated as RHO that is entered during 
continuous trading may first check the System for available shares and 
may be posted to the MIAX Pearl Equities Book prior to being routed 
pursuant to the PAC routing option.\29\ This may, in turn, deepen the 
available liquidity on the Exchange and attract additional order flow, 
benefiting all Exchange participants, and improving competition between 
exchange markets. The proposal would also enhance intramarket 
competition because the proposed functionality would be available to 
all Equity Members that may qualify as a RMO and elect to have their 
Retail Orders identified as Retail when routed pursuant to the PAC 
routing option.
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    \28\ See Cboe EDGX Rule 11.21(e). See also Securities Exchange 
Act Release No. 75824 (September 3, 2015), 80 FR 54638 (September 
10, 2015) (SR-EDGX-2015-40).
    \29\ See Exchange Rules 2617(b)(5)(B)(1)(ii)(a) and 
(b)(5)(B)(2)(i).
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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

    Because the foregoing 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 after the date of the filing, or such 
shorter time as the Commission may designate, it has become effective 
pursuant to 19(b)(3)(A) of the Act \30\ and Rule 19b-4(f)(6) \31\ 
thereunder.
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    \30\ 15 U.S.C. 78s(b)(3)(A).
    \31\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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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    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

[[Page 20601]]

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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-PEARL-2023-15 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-2023-15. 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 (https://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 such 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-2023-15 and should be 
submitted on or before April 27, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\32\
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    \32\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-07144 Filed 4-5-23; 8:45 am]
BILLING CODE 8011-01-P