Document ID: SEC-2017-1698-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: MIAX PEARL, LLC
Posted Date: 2017-10-16T04:00Z

[Federal Register Volume 82, Number 198 (Monday, October 16, 2017)]
[Notices]
[Pages 48140-48144]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-22264]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81844; File No. SR-PEARL-2017-34]

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX 
PEARL Fee Schedule

October 10, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on September 29, 2017, MIAX PEARL, LLC (``MIAX PEARL'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'') a 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared by the Exchange. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
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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 is filing a proposal to amend the MIAX PEARL Fee 
Schedule (the ``Fee Schedule'').
    The text of the proposed rule change is available on the Exchange's 
Web site 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 the Add/Remove Tiered Rebates/Fees 
set forth in Section 1(a) of the Fee Schedule to increase the ``Taker'' 
fee in all Tiers assessable to all orders submitted by a Member for the 
account of a Priority Customer.\3\ The Exchange also proposes to make a 
number of non-substantive changes to its routing fee table set forth 
Section 1(b) of the Fee Schedule to reflect recent corporate name 
changes to some of the options exchanges listed in the table.
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    \3\ ``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 accounts(s). See Exchange Rule 
100, including Interpretations and Policies .01.
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Taker Fee Changes
    The Exchange currently assesses tiered transaction rebates and fees 
to all market participants which are based upon the total monthly 
volume executed by the Member \4\ on MIAX PEARL in the relevant, 
respective origin type (not including Excluded Contracts) \5\ expressed 
as a percentage of TCV.\6\ In addition, the per contract transaction 
rebates and fees are applied retroactively to all eligible volume for 
that origin type once the respective threshold tier (``Tier'') has been 
reached by the Member. The Exchange aggregates the volume of Members 
and their Affiliates.\7\ Members that place resting liquidity, i.e., 
orders resting on the book of the MIAX PEARL System,\8\ are paid the 
specified ``maker'' rebate (each a ``Maker''), and Members that execute 
against resting liquidity are

[[Page 48141]]

assessed the specified ``taker'' fee (each a ``Taker''). For opening 
transactions and ABBO uncrossing transactions, per contract transaction 
rebates and fees are waived for all market participants. Finally, 
Members are assessed lower transaction fees and receive lower rebates 
for order executions in standard option classes in the Penny Pilot 
Program \9\ (``Penny classes'') than for order executions in standard 
option classes which are not in the Penny Pilot Program (``Non-Penny 
classes''), where Members are assessed higher transaction fees and 
receive higher rebates.
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    \4\ ``Member'' means an individual or organization that is 
registered with the Exchange pursuant to Chapter II of the Exchange 
Rules for purposes of trading on the Exchange as an ``Electronic 
Exchange Member'' or ``Market Maker.'' Members are deemed 
``members'' under the Exchange Act. See the Definitions Section of 
the Fee Schedule and Exchange Rule 100.
    \5\ ``Excluded Contracts'' means any contracts routed to an away 
market for execution. See the Definitions Section of the Fee 
Schedule.
    \6\ ``TCV'' means total consolidated volume calculated as the 
total national volume in those classes listed on MIAX PEARL for the 
month for which the fees apply, excluding consolidated volume 
executed during the period time [sic] in which the Exchange 
experiences an ``Exchange System Disruption'' (solely in the option 
classes of the affected Matching Engine (as defined below)). The 
term Exchange System Disruption, which is defined in the Definitions 
section of the Fee Schedule, means an outage of a Matching Engine or 
collective Matching Engines for a period of two consecutive hours or 
more, during trading hours. The term Matching Engine, which is also 
defined in the Definitions section of the Fee Schedule, is a part of 
the MIAX PEARL electronic system that processes options orders and 
trades on a symbol-by-symbol basis. Some Matching Engines will 
process option classes with multiple root symbols, and other 
Matching Engines may be dedicated to one single option root symbol 
(for example, options on SPY may be processed by one single Matching 
Engine that is dedicated only to SPY). A particular root symbol may 
only be assigned to a single designated Matching Engine. A 
particular root symbol may not be assigned to multiple Matching 
Engines. The Exchange believes that it is reasonable and appropriate 
to select two consecutive hours as the amount of time necessary to 
constitute an Exchange System Disruption, as two hours equates to 
approximately 1.4% of available trading time per month. The Exchange 
notes that the term ``Exchange System Disruption'' and its meaning 
have no applicability outside of the Fee Schedule, as it is used 
solely for purposes of calculating volume for the threshold tiers in 
the Fee Schedule. See the Definitions Section of the Fee Schedule.
    \7\ ``Affiliate'' means (i) an affiliate of a Member of at least 
75% common ownership between the firms as reflected on each firm's 
Form BD, Schedule A, or (ii) the Appointed Market Maker of an 
Appointed EEM (or, conversely, the Appointed EEM of an Appointed 
Market Maker). An ``Appointed Market Maker'' is a MIAX PEARL Market 
Maker (who does not otherwise have a corporate affiliation based 
upon common ownership with an EEM) that has been appointed by an EEM 
and an ``Appointed EEM'' is an EEM (who does not otherwise have a 
corporate affiliation based upon common ownership with a MIAX PEARL 
Market Maker) that has been appointed by a MIAX PEARL Market Maker, 
pursuant to the process described in the Fee Schedule. See the 
Definitions Section of the Fee Schedule.
    \8\ The term ``System'' means the automated trading system used 
by the Exchange for the trading of securities. See Exchange Rule 
100.
    \9\ See Securities Exchange Act Release Nos. 79778 (January 12, 
2017), 82 FR 6662 (January 19, 2017) (SR-PEARL-2016-01); 80758 (May 
24, 2017), 82 FR 25022 (May 31, 2017) (SR-PEARL-2017-24).
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    Transaction rebates and fees applicable to orders submitted by a 
Member for the account of a Priority Customer \10\ are currently 
assessed according to the following table:
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    \10\ ``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 accounts(s). See Exchange Rule 
100, including Interpretations and Policies .01.

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                                                                                           Per contract rebates/fees for   Per contract rebates/fees for
                                                                                                   penny classes                 non-penny classes
                  Origin                         Tier            Volume criteria (%)     ---------------------------------------------------------------
                                                                                               Maker          Taker *          Maker          Taker *
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Priority Customer.........................               1  0.00-0.05...................         ($0.25)           $0.38         ($0.85)           $0.87
                                                         2  Above 0.05-0.35.............          (0.40)            0.38          (1.05)            0.86
                                                         3  Above 0.35-0.50.............          (0.50)            0.38          (1.05)            0.85
                                                         4  Above 0.50-0.75.............          (0.53)            0.38          (1.05)            0.84
                                                         5  Above 0.75..................          (0.54)            0.38          (1.05)            0.84
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* For all Penny classes other than SPY. For SPY, the Priority Customer Taker Fee shall be $0.35 per contract.

    The Exchange now proposes, with respect to orders submitted by a 
Member for the account of a Priority Customer, to: (i) Increase the 
Taker fee for all Penny classes (other than SPY, QQQ, IWM, and VXX) in 
all Tiers to $0.42 per contract; (ii) increase the Taker fee for SPY in 
all Tiers to $0.38 per contract; and (iii) increase the Taker fee for 
QQQ, IWM, and VXX in all Tiers to $0.40 per contract. The Exchange 
notes that QQQ, IWM, and VXX are not currently carved out from the 
Taker fee that applies to all Penny classes (other than SPY) in the 
Tiers. With this proposed change, QQQ, IWM, and VXX will become carved 
out alongside SPY from the Taker fee that applies to all Penny classes 
in the Tiers, and the Taker fee for transactions in those classes will 
be set forth in a sentence beneath the Priority Customer table in the 
Add/Remove Tiered Rebates/Fees (by way of an asterisk to the Taker fee) 
to state that the Taker fee in the table applies ``For all Penny 
Classes other than SPY, QQQ, IWM, and VXX. For SPY, the Priority 
Customer Taker Fee shall be $0.38 per contract. For QQQ, IWM, and VXX, 
the Priority Customer Taker Fee shall be $0.40 per contract.''
    Accordingly, as amended, transaction rebates and fees applicable to 
orders submitted by a Member for the account of a Priority Customer 
will be assessed according to the following table:

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                                                                                           Per contract rebates/fees for   Per contract rebates/fees for
                                                                                                   penny classes                 non-penny classes
                  Origin                         Tier           Volume criteria  (%)     ---------------------------------------------------------------
                                                                                               Maker          Taker *          Maker          Taker *
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Priority Customer.........................               1  0.00-0.05...................         ($0.25)           $0.42         ($0.85)           $0.87
                                                         2  Above 0.05-0.35.............          (0.40)            0.42          (1.05)            0.86
                                                         3  Above 0.35-0.50.............          (0.50)            0.42          (1.05)            0.85
                                                         4  Above 0.50-0.75.............          (0.53)            0.42          (1.05)            0.84
                                                         5  Above 0.75..................          (0.54)            0.42          (1.05)            0.84
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* For all Penny Classes other than SPY, QQQ, IWM, and VXX. For SPY, the Priority Customer Taker Fee shall be $0.38 per contract. For QQQ, IWM, and VXX,
  the Priority Customer Taker Fee shall be $0.40 per contract.

    The purpose of increasing the Taker fees for Priority Customer 
orders is for business and competitive reasons. As a new exchange, in 
order to attract order flow, the Exchange recently set its Taker fees 
for Priority Customer orders so that they were significantly lower than 
other options exchanges that operate comparable maker/taker pricing 
models.\11\ The Exchange now believes that it is appropriate to 
slightly increase those Taker fees so that they are not as steeply 
lower versus such other exchanges, but will still remain highly 
competitive such that they should enable the Exchange to continue to 
attract order flow and grow market share. The Exchange notes that, even 
as amended, its Taker fees for Priority Customers are still lower than 
most other options exchanges operating competing models. For example, 
with respect to taker fees for Priority Customer orders in Penny 
classes, BATS BZX Options \12\ and Nasdaq Options Market \13\ each 
assess a fee of $0.50 per contract; NYSE Arca Options \14\ assesses a 
fee of $0.49 per contract; and Nasdaq ISE \15\ assesses a fee of $0.44 
per contract (other than SPY, QQQ, IWM, and VXX classes). With respect 
to taker fees for Priority Customer orders in SPY, NOM \16\ assesses a 
fee of $0.48 per contract.
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    \11\ See Securities Exchange Act Release Nos. 80915 (June 13, 
2017), 82 FR 27912 (June 19, 2017) (SR-PEARL-2017-29); 80914 (June 
13, 2017), 82 FR 27910 (June 19, 2017) (SR-PEARL-2017-30).
    \12\ See BATS BZX Fee Schedule at: https://www.bats.com/us/options/membership/fee_schedule/bzx/.
    \13\ See NOM Fee Schedule at: https://www.nasdaqtrader.com/Micro.aspx?id=OptionsPricing.
    \14\ See NYSE Arca Options Fee Schedule at: https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf.
    \15\ See Nasdaq ISE Fee Schedule at: https://www.ise.com/fees.
    \16\ See supra footnote 13.
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    The purpose of separately carving out QQQ, IWM, and VXX from the 
Taker fee that applies to all Penny classes in the Tiers is to tailor 
transaction fees specifically for these select products.

[[Page 48142]]

The concept of carving out separate pricing for select products is not 
novel, and is currently employed by a number of other options 
exchanges.\17\
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    \17\ See, for example, Nasdaq ISE Fee Schedule, which has 
separate pricing for SPY, as well as QQQ, IWM, and VXX, at: https://www.ise.com/fees; see also CBOE Fee Schedule at: http://www.cboe.com/framed/pdfframed?content=/publish/feeschedule/CBOEFeeSchedule.pdf§ion=SEC_RESOURCES&title=CBOE%20Fee%20Schedule
; see also NOM Fee Schedule at: https://www.nasdaqtrader.com/Micro.aspx?id=OptionsPricing.
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Non-Substantive Changes
    As a result of recent exchange consolidation and corporate re-
branding, some options exchanges have changed their names. The names of 
all options exchanges are set forth in the Exchange's routing fee table 
set forth Section (1)(b) of the Fee Schedule, which sets forth the fees 
for customer orders that are routed to those options exchanges for 
execution. Accordingly, the Exchange proposes to update its routing fee 
table set forth in Section (1)(b) of the Fee Schedule to reflect those 
recent exchange name changes. No other changes are proposed to the 
routing fee table. Accordingly, as amended, the routing fee table shall 
be as follows:
(b) Fees and Rebates for Customer Orders Routed to Another Options 
Exchange
    MIAX PEARL will assess a Routing Fee to market participants on all 
orders routed to and executed on an away market as set forth in the 
table below.

------------------------------------------------------------------------
                         Description                              Fees
------------------------------------------------------------------------
Routed, Priority Customer, Penny Pilot, to: NYSE American,         $0.15
 BOX, CBOE, Bats EDGX Options, Nasdaq MRX, MIAX OPTIONS,
 Nasdaq PHLX (except SPY), Nasdaq BX Options.................
Routed, Priority Customer, Penny Pilot, to: NYSE Arca               0.65
 Options, Bats BZX Options, C2, Nasdaq GEMX, Nasdaq ISE, NOM,
 Nasdaq PHLX (SPY only)......................................
Routed, Priority Customer, Non-Penny Pilot, to: NYSE                0.15
 American, BOX, CBOE, Bats EDGX Options, Nasdaq ISE, Nasdaq
 MRX, MIAX OPTIONS, Nasdaq PHLX, Nasdaq BX Options...........
Routed, Priority Customer, Non-Penny Pilot, to: NYSE Arca           0.97
 Options, Bats BZX Options, C2, Nasdaq GEMX, NOM.............
Routed, Public Customer that is not a Priority Customer,            0.65
 Penny Pilot, to: NYSE American, NYSE Arca Options, BATS,
 BOX, CBOE, C2, Bats EDGX Options, Nasdaq GEMX, Nasdaq ISE,
 Nasdaq MRX, MIAX OPTIONS, NOM, Nasdaq PHLX, Nasdaq BX
 Options.....................................................
Routed, Public Customer that is not a Priority Customer, Non-       0.65
 Penny Pilot, to: NYSE American..............................
Routed, Public Customer that is not a Priority Customer, Non-       1.20
 Penny Pilot, to: NYSE Arca Options, Bats BZX Options, C2,
 Nasdaq GEMX, Nasdaq MRX, Nasdaq BX Options..................
Routed (Public Customer that is not a Priority Customer), Non-      0.97
 Penny Pilot, to: BOX, CBOE, Bats EDGX Options, Nasdaq ISE,
 MIAX OPTIONS, NOM, Nasdaq PHLX..............................
------------------------------------------------------------------------

    The proposed rule changes are scheduled to become operative October 
1, 2017.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule 
is consistent with Section 6(b) of the Act \18\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act,\19\ in that it 
is an equitable allocation of reasonable dues, fees and other charges 
among Exchange members and issuers and other persons using its 
facilities, and 6(b)(5) of the Act,\20\ in that it is 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 facilitating transactions in 
securities, to remove impediments to and perfect the mechanisms of a 
free and open market and a national market system and, in general, to 
protect investors and the public interest.
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    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(4).
    \20\ 15 U.S.C. 78f(b)(1) and (b)(5).
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    The proposed Taker fee increases applicable to orders submitted by 
a Member for the account of a Priority Customer are reasonable, 
equitable and not unfairly discriminatory because all Priority Customer 
option orders are subject to the same Taker fees and access to the 
Exchange is offered on terms that are not unfairly discriminatory. The 
Exchange initially set its Taker fees at the various levels based upon 
business determinations and an analysis of current Taker fees and 
volume levels at other exchanges. For competitive and business reasons, 
the Exchange recently set its Taker fees for Priority Customer orders 
so that they were significantly lower than other options exchanges that 
operate comparable maker/taker pricing models.\21\ The Exchange now 
believes that it is appropriate to slightly increase those Taker fees 
so that they are not as steeply lower versus such other exchanges, but 
will still remain highly competitive such that they should enable the 
Exchange to continue to attract order flow and grow market share. The 
Exchange notes that, even as amended, its Taker fees for Priority 
Customers are still lower than most other options exchanges operating 
competing models.\22\ The Exchange believes for these reasons that 
offering slightly increased Taker fees for Priority Customer 
transactions in all Tiers is equitable, reasonable and not unfairly 
discriminatory, and thus consistent with the Act.
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    \21\ See supra note 11.
    \22\ See supra footnotes 11-15.
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    The Exchange believes that its proposal to offer lower Taker fees 
assessable to transactions solely in SPY, QQQ, IWM, and VXX options is 
consistent with other options markets that also assess different 
transaction fees for select option classes (including SPY, QQQ, IWM, 
and VXX) as compared to other option classes. The Exchange believes 
that establishing different pricing for select products for Priority 
Customers is reasonable, equitable, and not unfairly discriminatory 
because these select products are generally more liquid than other 
option classes. Additionally, other competing options exchanges 
differentiate pricing in a similar manner.\23\
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    \23\ See supra note 17.
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    Further, the Exchange believes that it is equitable and not 
unfairly discriminatory to assess lower fees to Priority Customer 
orders than to non-Priority Customer orders. A Priority Customer is by 
definition not a broker or dealer in securities, and does not place 
more than 390 orders in listed options per day on average during a 
calendar month for its own beneficial account(s). This limitation does 
not apply to participants on the Exchange whose behavior is 
substantially similar to that of market professionals, including non-
Priority Customers, MIAX PEARL Market Makers, Firms, and Broker-
Dealers, who will generally submit a higher number of orders (many

[[Page 48143]]

of which do not result in executions) than Priority Customers.
    Furthermore, the proposed slight increases to the Taker fees for 
Priority Customer transactions in all Tiers promotes just and equitable 
principles of trade, fosters cooperation and coordination with persons 
engaged in facilitating transactions in securities, and protects 
investors and the public interest, because even with the such slight 
increases, the Exchange's proposed Taker fees for Priority Customer 
orders still remain highly competitive with other options exchanges 
offering comparable pricing models, as they should enable the Exchange 
to continue to attract order flow and grow market share.\24\ The 
Exchange believes that the amount of such fees, as proposed to be 
increased, will continue to encourage Members to send more Priority 
Customer orders to the Exchange even if it is an order which takes 
liquidity since they will be assessed a lower Taker fee in each Tier 
than most competing exchanges. To the extent that Priority Customer 
order flow is increased by the proposal, market participants will 
increasingly compete for the opportunity to trade on the Exchange, 
including sending more orders which will have the potential to be 
assessed lower fees and higher rebates than most competing options 
exchanges. The resulting increased volume and liquidity will benefit 
all Exchange participants by providing more trading opportunities and 
tighter spreads.
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    \24\ See supra note 22.
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    The Exchange believes the proposed changes to update its routing 
fee table set forth in Section 1(b) of the Fee Schedule to reflect 
recent exchange name changes promote just and equitable principles of 
trade and remove impediments to and perfect the mechanism of a free and 
open market and a national market system because the proposed rule 
change makes non-substantive technical corrections and updates the 
Exchange's Fee Schedule. None of the name changes alter the application 
of any fees or rebates on the Fee Schedule. As such, the proposed 
amendments would foster cooperation and coordination with persons 
engaged in facilitating transactions in securities and would remove 
impediments to and perfect the mechanism of a free and open market and 
a national exchange system. In particular, the Exchange believes that 
the proposed changes will provide greater clarity to Members and the 
public regarding the Exchange's Rules. It is in the public interest for 
rules to be accurate and concise so as to eliminate the potential for 
confusion.

B. Self-Regulatory Organization's Statement on Burden on Competition

    MIAX PEARL does not believe that the proposed rule changes will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The proposed Taker fee 
increases are intended to keep the Exchange's fees highly competitive 
with those of other exchanges, and to encourage liquidity and should 
enable the Exchange to attract and compete for order flow with other 
exchanges which assess higher Priority Customer taker fees. The 
proposed changes to update its routing fee table set forth Section 1(b) 
of the Fee Schedule to reflect recent exchange name changes will have 
no impact on competition as they are not designed to address any 
competitive issues but rather are designed to make non-substantive 
technical corrections and update the Exchange's Fee Schedule.
    The Exchange notes that it operates in a highly competitive market 
in which market participants can readily favor competing venues if they 
deem fee levels at a particular venue to be excessive. In such an 
environment, the Exchange must continually adjust its rebates and fees 
to remain competitive with other exchanges and to attract order flow. 
The Exchange believes that the proposed rule change reflects this 
competitive environment because it modifies the Exchange's fees in a 
manner that will continue to encourage market participants to send 
order flow to the Exchange.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act,\25\ and Rule 19b-4(f)(2) \26\ thereunder. 
At any time within 60 days of the filing of the proposed rule change, 
the Commission summarily may temporarily suspend such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act. If the Commission takes such 
action, the Commission shall institute proceedings to determine whether 
the proposed rule should be approved or disapproved.
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    \25\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \26\ 17 CFR 240.19b-4(f)(2).
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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-2017-34 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-2017-34. 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 Web site (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 Web site 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; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-PEARL-2017-34 and should be 
submitted on or before November 6, 2017.

[[Page 48144]]

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\27\
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    \27\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-22264 Filed 10-13-17; 8:45 am]
BILLING CODE 8011-01-P