Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Type of MIAX Express Orders Interface Port Known as a MEO Purge Port and To Amend MIAX PEARL Rule 519C, Mass Cancellation of Trading Interest, To Adopt a New Purge Message, as Well as To Amend Its Fee Schedule To Identify the New MEO Purge Port, 61067-61070 [2017-27689]
Download as PDF
Federal Register / Vol. 82, No. 246 / Tuesday, December 26, 2017 / Notices
rule change as operative upon filing
with the Commission.12
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) 13 of the Act 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:
ethrower on DSK3G9T082PROD with NOTICES
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
ISE–2017–107 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–ISE–2017–107. 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
12 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
13 15 U.S.C. 78s(b)(2)(B).
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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. 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–ISE–2017–107 and should
be submitted on or before January 16,
2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–27697 Filed 12–22–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82349; File No. SR–
PEARL–2017–38]
Self-Regulatory Organizations; MIAX
PEARL, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Adopt a New Type of
MIAX Express Orders Interface Port
Known as a MEO Purge Port and To
Amend MIAX PEARL Rule 519C, Mass
Cancellation of Trading Interest, To
Adopt a New Purge Message, as Well
as To Amend Its Fee Schedule To
Identify the New MEO Purge Port
December 19, 2017.
Pursuant to the provisions of 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 December 15, 2017, MIAX PEARL,
LLC (‘‘MIAX PEARL’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change as described in
Items 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.
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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61067
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing a proposal to
amend Rule 519C, Mass Cancellation of
Trading Interest, to adopt new rule text
to reflect the proposed MEO Purge Port
functionality, as well as to make
clarifying changes to existing rule text to
more accurately describe current
functionality. The Exchange is also
proposing to amend its Fee Schedule to
identify the New MEO Purge Ports.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings/pearl at MIAX PEARL’s principal
office, and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to offer
Members 3 that connect to the Exchange
using the MIAX Express Orders
interface (‘‘MEO Interface’’) 4 a new type
of connection port, named MEO Purge
Port, to be used as a dedicated port for
sending purge messages to the
Exchange. The Exchange also proposes
to amend its Fee Schedule to identify
the new MEO Purge Port. Finally, the
Exchange proposes to amend Exchange
Rule 519C, Mass Cancellation of
Trading Interest, to adopt new rule text
to reflect the proposed MEO Purge Port
functionality, as well as to make
clarifying changes to existing rule text to
3 The term ‘‘Member’’ means an individual or
organization that is registered with the Exchange
pursuant to Chapter II of the MIAX PEARL Rules
for purposes of trading on the Exchange as an
‘‘Electronic Exchange Member’’ or ‘‘Market Maker.’’
Members are deemed ‘‘members’’ under the
Exchange Act. See Exchange Rule 100.
4 The term ‘‘MEO Interface’’ means a binary order
interface used for submitting certain order types (as
set forth in Rule 516) to the MIAX PEARL System.
See Exchange Rule 100.
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more accurately describe current
functionality.
Members connect to the Exchange’s
System 5 via their assigned MEO ports.
Currently, the Exchange offers Members
three different types of MEO port
connections. The first is a Full Service
MEO Port—Bulk 6 which supports all
MEO input message types and binary
bulk order entry; the second is a Full
Service MEO Port—Single 7 which
supports all MEO input messages and
binary order entry on a single order-byorder basis, but not bulk orders; the
third is a Limited Service MEO Port 8
which supports all MEO input message
types, but does not support bulk order
entry and only supports limited order
types, as specified by the Exchange via
Regulatory Circular. The Exchange
limits Members to two (2) Full Service
MEO Ports of either type per Matching
Engine 9 and allows up to eight (8)
Limited Service MEO Ports per
Matching Engine.10
The proposed MEO Purge Ports are a
new, optional type of MEO port
dedicated solely to handling purge
messages which would enable a
Member, by MPID,11 to (i) remove all or
a subset of its quotations 12 in the
System and (ii) block all or a subset of
new inbound quotations from being
received; 13 or cancel all of its MEO Day
5 The term ‘‘System’’ means the automated
trading system used by the Exchange for the trading
of securities. See Exchange Rule 100.
6 See MIAX PEARL Fee Schedule, Definitions.
7 See MIAX PEARL Fee Schedule, Definitions.
8 See MIAX PEARL Fee Schedule, Definitions.
9 ‘‘Matching Engine’’ 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. See MIAX PEARL Fee
Schedule, Definitions.
10 See MIAX PEARL Fee Schedule, Section 5(d).
11 The term ‘‘MPID’’ means unique market
participant identifier. See Exchange Rule 100.
12 The term ‘‘quote’’ or ‘‘quotation’’ means a bid
or offer entered by a Market Maker as a firm order
that updates the Market Maker’s previous bid or
offer, if any. When the term order is used in these
Rules and a bid or offer is entered by the Market
Maker in the option series to which such Market
Maker is registered, such order shall, as applicable,
constitute a quote for purposes of MIAX PEARL
Rules. See Exchange Rule 100.
13 A Member currently has the ability to send a
purge message to remove all or a subset of its
quotations and block all or a subset of its new
inbound quotations via its MEO port or by request
to the Exchange’s Help Desk. That ability is not
changing with this proposal. What is changing with
this proposal is the ability of a Member to send that
purge message via the proposed MEO Purge Ports.
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orders 14 in the System and block all
new inbound MEO Day orders from
being received by MPID.15 Sending a
purge message to cancel and block MEO
Day orders will not cancel or block MEO
immediate-or-cancel (‘‘IOC’’) orders.16
MEO IOC orders allow Members to
continue to provide targeted liquidity to
the market and to interact with Public
Customer 17 orders. When quotes have
been purged as described above, the
block will remain in effect until the
Member requests that the Exchange
remove the block.
The purge messages described above
may be sent via any type of MEO port,
however, purge messages received on
the proposed MEO Purge Ports will be
handled by the System in a way that
ensures minimum possible latency (as
MEO Purge Ports solely process purge
messages, as opposed to Full Service
MEO Ports—Bulk, Full Service MEO
Ports—Single, and Limited Service MEO
Ports, which also process additional
message types), thereby providing
Members with a faster, more efficient
means to have their quotes removed
from the System, which will provide
Members with an enhanced level of risk
protection.
The proposed MEO Purge Ports are
designed to assist Members in the
management of, and risk control over,
their orders, particularly if the Member
has resting orders in a large number of
options. For example, if a Member
detects market indications that may
influence the direction or bias of its
orders, the Member may use the
proposed MEO Purge Ports to reduce
uncertainty and to manage risk by
purging all orders in a number of
options seamlessly to avoid unintended
executions, while continuing to evaluate
the direction of the market.
The Exchange also proposes to amend
Section 5(d) of its Fee Schedule to
identify the new MEO Purge Ports.
Members are allocated two (2) Full
14 This would include both Day Limit Orders and
Post-Only Orders entered via the MEO interface. A
Day Limit Order is an order to buy or sell which,
if not executed, expires at the end of the trading in
the security on the day on which it was entered.
See Exchange Rule 516(h). Post-Only Orders are
orders that will not remove liquidity from the Book.
See Exchange Rule 516(j).
15 The Exchange is introducing a new purge
message that will cancel all of a Member’s MEO Day
orders and block all of its new inbound MEO Day
orders. This request may only be sent electronically
via a Member’s existing MEO port, or via the new
proposed MEO Purge Ports.
16 An immediate-or-cancel order is an order that
is to be executed in whole or in part upon receipt.
Any portion not so executed is canceled. See
Exchange Rule 516(e).
17 The term ‘‘Public Customer’’ means a person
that is not a broker or dealer in securities. See
Exchange Rule 100.
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Service MEO Ports of either type and up
to eight (8) Limited Service MEO Ports
per Matching Engine to which they
connect.18 The Exchange currently
waives monthly MEO Port fees for all
Members and will similarly waive MEO
Purge Port fees until such time as the
Exchange submits a rule filing to the
Commission 19 to establish the fee
amount, and any related requirements,
and provides notice to expire the
applicable Waiver Period.20
With the introduction of MEO Purge
Ports, the Exchange proposes to amend
Section 5(d) of its Fee Schedule to
provide that a Member may request and
be allocated two (2) MEO Purge Ports
per Matching Engine to which it
connects via a Full Service MEO Port.
Specifically, a Member must have either
a Full Service MEO Port—Bulk, or a
Full Service MEO Port—Single
connection to a Matching Engine in
order to be eligible to receive MEO
Purge Ports with respect to that
Matching Engine.
The Exchange also proposes to amend
Exchange Rule 519C, Mass Cancellation
of Trading Interest, to adopt new rule
text for new functionality being
introduced in this proposal which
provides that a Member may cancel all
of its MEO Day orders and block all new
inbound MEO Day orders by MPID. This
request may only be submitted to the
Exchange’s System electronically via the
Member’s MEO port; either via its
existing MEO ports, or via the new
proposed MEO Purge Ports.
The Exchange also proposes to amend
Exchange Rule 519C, Mass Cancellation
of Trading Interest, to clarify
functionality, in light of the new
proposed functionality. Specifically, the
Exchange proposes to amend 519C(b)
which reads, ‘‘[a] Member may request
Exchange staff to (i) remove all of its
quotations and cancel all of its orders in
the System and (ii) block all new
inbound quotations and orders, by firm
name or by MPID.’’ Accordingly, the
Exchange is proposing to delete the
reference to staff in the first sentence as
a Member may either contact Exchange
staff to have this action performed on
their behalf or, by utilizing the new
18 See
MIAX PEARL Fee Schedule, Section 5(d).
term ‘‘SEC’’ or ‘‘Commission’’ means the
United States Securities and Exchange Commission.
See Exchange Rule 100.
20 ‘‘Waiver Period’’ means, for each applicable
fee, the period of time from the initial effective date
of the MIAX PEARL Fee Schedule until such time
that the Exchange has an effective fee filing
establishing the applicable fee. The Exchange will
issue a Regulatory Circular announcing the
establishment of an applicable fee that was subject
to a Waiver Period at least fifteen (15) days prior
to the termination of the Waiver Period and
effective date of any such applicable fee.
19 The
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purge message, may submit a request to
the Exchange’s System via its MEO Port
to cancel all of its MEO Day orders and
block all new inbound MEO Day orders
by MPID. Additionally, the Exchange
proposes to amend the last sentence of
519C(b) which currently states that,
‘‘[t]he block will remain in effect until
the Member requests Exchange staff to
remove the block,’’ by removing the
word ‘‘staff.’’ To remove a block a
Member may (i) send an electronic
message directly into the Exchange’s
System; or (ii) contact Exchange staff.
The Exchange believes removing the
word ‘‘staff’’ from the rule text more
accurately encompasses the activity
under both scenarios.
The Exchange notes that this proposal
does not preclude Members from using
the existing purge messages provided by
either the MEO protocol or the cancel
messages provided by the FIX protocol.
Under the MEO protocol, Members may
request that all quotations for all
underlyings, or for a specific
underlying, be removed, and that new
inbound quotations for all underlyings,
or specific underlyings, be blocked.
Under the FIX protocol, Members may
also request that all, or a subset, of
orders for an MPID, or all Day or GTC
orders for an MPID, on the requesting
session, be canceled.
Additionally, the Exchange notes that
this functionality is similar to
functionality recently adopted by the
Exchange’s affiliate, Miami International
Securities Exchange, LLC (‘‘MIAX
Options’’).21
The Exchange will announce the
implementation date of the proposed
rule change by Regulatory Circular to be
published no later than 60 days
following the operative date of the
proposed rule. The implementation date
will be no later than 60 days following
the issuance of the Regulatory Circular.
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2. Statutory Basis
The Exchange believes that its
proposed rule change is consistent with
Section 6(b) of the Act 22 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 23 in particular, 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
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
21 See Securities Exchange Act Release No. 81252
(July 28, 2017), 82 FR 36172 (August 3, 2017) (SR–
MIAX–2017–36).
22 15 U.S.C. 78f(b).
23 15 U.S.C. 78f(b)(5).
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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.
The Exchange believes that the
proposed rule change is consistent with
Section 6(b)(5) of the Act,24 in that it
promotes just and equitable principles
of trade and removes impediments to
and perfects the mechanism of a free
and open market. Offering Members
designated MEO Purge Ports would
enhance their ability to manage quotes,
quote traffic, and quoting obligations for
Members that are Market Makers,25
which would, in turn, improve their risk
controls to the benefit of all market
participants. The Exchange believes that
MEO Purge Ports would foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities because
designating MEO Purge Ports for purges
only may encourage better use of
dedicated ports. This may, concurrent
with the ports that carry quotes and
other information necessary for market
making activities, enable more efficient,
as well as fair and reasonable, use of
Members’ resources. As MEO Purge
Ports are only available for purging and
not for activities such as order or quote
entry, the MEO Purge Ports are not
designed to permit unfair
discrimination but rather are designed
to enable Members to better manage
their market risk, which, in turn,
benefits all market participants. The
Exchange also notes that similar
connectivity and functionality is offered
by other exchanges.26
The Exchange notes that the proposed
rule change will not relieve Market
Makers of their continuous quoting
obligations under Exchange Rule 604
and under Regulation NMS Rule 602.27
Specifically, any interest that is
executable against a Market Maker’s
quotes that is received by the
Exchange’s Matching Engine prior to the
time that the purge message is received
by the Exchange’s Matching Engine will
automatically execute at that price, up
to the quote’s size. Market Makers that
purge their quotes will not be relieved
of the obligation to provide continuous
two-sided quotes on a daily basis, nor
will it prohibit the Exchange from
24 Id.
25 See
Exchange Rule 604 and 605(d)(1).
Securities Exchange Act Release Nos.
81252 (July 28, 2017), 82 FR 36172 (August 3, 2017)
(SR–MIAX–2017–36); 77613 (April 13, 2016), 81 FR
23023 (April 19, 2016) (SR–Phlx–2016–45); 79956
(February 3, 2017), 82 FR 10102 (February 9, 2017)
(SR–BatsBZX–2017–05); and 81095 (July 7, 2017),
82 FR 32409 (July 13, 2017) (SR–ISE–2017–62).
27 17 CFR 242.602.
26 See
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61069
taking disciplinary action against a
Market Maker for failing to meet its
continuous quoting obligation each
trading day.
In addition, the Exchange believes
that the proposal removes impediments
to and perfects the mechanisms of a free
and open market and a national market
system and, in general, protects
investors and the public interest by
providing Members with an additional
purge message which allows them to
cancel their MEO Day orders by MPID
and blocks new inbound MEO Day
orders from being received yet preserves
their ability to continue to provide
liquidity to the market and interact with
Public Customer orders via MEO IOC
orders. Further, the Exchange is
clarifying existing rule text in Rule 519C
to better describe current functionality
available on the Exchange. The
Exchange believes that clarifying
current functionality promotes the
protection of investors and the public
interest by helping market participants
better understand the risk protection
tools available on the Exchange.
The Exchange believes that the
proposed rule change is consistent with
Section 6(b)(4) of the Act,28 in that it
provides for the equitable allocation of
reasonable dues, fees and other charges
among Members and other persons
using any facility or system which the
Exchange operates or controls. Even
though the Exchange is proposing to
waive this particular fee during the
Waiver Period,29 the Exchange believes
that it is appropriate to provide market
participants with the overall structure of
the fee by outlining the structure on the
Fee Schedule without setting forth a
specific fee amount, so that there is a
general awareness that the Exchange
intends to assess such a fee in the
future.
The Exchange also believes that the
proposed amendments to its fee
schedule are non-discriminatory
because they will apply uniformly to all
Members. The proposed MEO Purge
Ports are completely voluntary and no
Member is required, or under any
regulatory obligation, to utilize them.
All Members have the option to select
any connectivity option, and fees, when
charged, are charged uniformly for the
services offered by the Exchange.
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
28 15
U.S.C. 78f(b)(4).
supra note 20.
29 See
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of the purposes of the Act. The
Exchange believes the proposed rule
change will enhance competition
because it will enable it to offer similar
connectivity and functionality as its
competitor exchanges.30 In addition, the
proposed MEO Purge Ports are
completely voluntary and no Member is
required or under any regulatory
obligation to utilize them.
The Exchange believes its proposed
amendments to its Fee Schedule would
not impose any burden on competition
that is not necessary or appropriate in
furtherance of the purposes of the Act.
On the contrary, the Exchange believes
the proposed rule change will enhance
competition because it will enable it to
offer similar connectivity and
functionality as its competitor
exchanges.31 In addition, the proposed
MEO Purge Ports are completely
voluntary and no Member is required or
under any regulatory obligation to
utilize them. Accordingly, the Exchange
does not believe that the proposed
change will impair the ability of
Members or competing venues to
maintain their competitive standing in
the financial markets.
The Exchange also does not believe
the proposed rule change would impact
intramarket competition as it would
apply to all Members and non-Members
equally.
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 32 and Rule 19b–4(f)(6) 33
thereunder.
At any time within 60 days of the
filing of the proposed rule change, the
30 See
supra note 26.
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31 Id.
32 15
U.S.C. 78s(b)(3)(A).
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.
33 17
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Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
PEARL–2017–38 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–2017–38. 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 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
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Sfmt 4703
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–PEARL–2017–38 and
should be submitted on or before
January 16, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.34
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–27689 Filed 12–22–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82365; File No. SR–
NASDAQ–2017–130]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Extend the
Penny Pilot Program
December 19, 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 December
12, 2017, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Chapter VI, Section 5 (Minimum
Increments) 3 of the rules of the
NASDAQ Options Market (‘‘NOM’’) to
extend through June 30, 2018 or the date
of permanent approval, if earlier, the
Penny Pilot Program in options classes
in certain issues (‘‘Penny Pilot’’ or
‘‘Pilot’’), and to change the date when
delisted classes may be replaced in the
Penny Pilot.
The text of the proposed rule change
is set forth below. Proposed new
language is underlined; deleted text is
in brackets.
*
*
*
*
*
34 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 References herein to Chapter and Series refer to
rules of the NASDAQ Options Market (‘‘NOM’’),
unless otherwise noted.
1 15
E:\FR\FM\26DEN1.SGM
26DEN1
Agencies
[Federal Register Volume 82, Number 246 (Tuesday, December 26, 2017)]
[Notices]
[Pages 61067-61070]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-27689]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82349; File No. SR-PEARL-2017-38]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Adopt a New
Type of MIAX Express Orders Interface Port Known as a MEO Purge Port
and To Amend MIAX PEARL Rule 519C, Mass Cancellation of Trading
Interest, To Adopt a New Purge Message, as Well as To Amend Its Fee
Schedule To Identify the New MEO Purge Port
December 19, 2017.
Pursuant to the provisions of 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 December 15, 2017, MIAX PEARL, LLC (``MIAX
PEARL'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a proposed rule change as described in
Items 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 Rule 519C, Mass
Cancellation of Trading Interest, to adopt new rule text to reflect the
proposed MEO Purge Port functionality, as well as to make clarifying
changes to existing rule text to more accurately describe current
functionality. The Exchange is also proposing to amend its Fee Schedule
to identify the New MEO Purge Ports.
The text of the proposed rule change is available on the Exchange's
website at https://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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to offer Members \3\ that connect to the
Exchange using the MIAX Express Orders interface (``MEO Interface'')
\4\ a new type of connection port, named MEO Purge Port, to be used as
a dedicated port for sending purge messages to the Exchange. The
Exchange also proposes to amend its Fee Schedule to identify the new
MEO Purge Port. Finally, the Exchange proposes to amend Exchange Rule
519C, Mass Cancellation of Trading Interest, to adopt new rule text to
reflect the proposed MEO Purge Port functionality, as well as to make
clarifying changes to existing rule text to
[[Page 61068]]
more accurately describe current functionality.
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\3\ The term ``Member'' means an individual or organization that
is registered with the Exchange pursuant to Chapter II of the MIAX
PEARL Rules for purposes of trading on the Exchange as an
``Electronic Exchange Member'' or ``Market Maker.'' Members are
deemed ``members'' under the Exchange Act. See Exchange Rule 100.
\4\ The term ``MEO Interface'' means a binary order interface
used for submitting certain order types (as set forth in Rule 516)
to the MIAX PEARL System. See Exchange Rule 100.
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Members connect to the Exchange's System \5\ via their assigned MEO
ports. Currently, the Exchange offers Members three different types of
MEO port connections. The first is a Full Service MEO Port--Bulk \6\
which supports all MEO input message types and binary bulk order entry;
the second is a Full Service MEO Port--Single \7\ which supports all
MEO input messages and binary order entry on a single order-by-order
basis, but not bulk orders; the third is a Limited Service MEO Port \8\
which supports all MEO input message types, but does not support bulk
order entry and only supports limited order types, as specified by the
Exchange via Regulatory Circular. The Exchange limits Members to two
(2) Full Service MEO Ports of either type per Matching Engine \9\ and
allows up to eight (8) Limited Service MEO Ports per Matching
Engine.\10\
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\5\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
\6\ See MIAX PEARL Fee Schedule, Definitions.
\7\ See MIAX PEARL Fee Schedule, Definitions.
\8\ See MIAX PEARL Fee Schedule, Definitions.
\9\ ``Matching Engine'' 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. See MIAX PEARL Fee Schedule,
Definitions.
\10\ See MIAX PEARL Fee Schedule, Section 5(d).
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The proposed MEO Purge Ports are a new, optional type of MEO port
dedicated solely to handling purge messages which would enable a
Member, by MPID,\11\ to (i) remove all or a subset of its quotations
\12\ in the System and (ii) block all or a subset of new inbound
quotations from being received; \13\ or cancel all of its MEO Day
orders \14\ in the System and block all new inbound MEO Day orders from
being received by MPID.\15\ Sending a purge message to cancel and block
MEO Day orders will not cancel or block MEO immediate-or-cancel
(``IOC'') orders.\16\ MEO IOC orders allow Members to continue to
provide targeted liquidity to the market and to interact with Public
Customer \17\ orders. When quotes have been purged as described above,
the block will remain in effect until the Member requests that the
Exchange remove the block.
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\11\ The term ``MPID'' means unique market participant
identifier. See Exchange Rule 100.
\12\ The term ``quote'' or ``quotation'' means a bid or offer
entered by a Market Maker as a firm order that updates the Market
Maker's previous bid or offer, if any. When the term order is used
in these Rules and a bid or offer is entered by the Market Maker in
the option series to which such Market Maker is registered, such
order shall, as applicable, constitute a quote for purposes of MIAX
PEARL Rules. See Exchange Rule 100.
\13\ A Member currently has the ability to send a purge message
to remove all or a subset of its quotations and block all or a
subset of its new inbound quotations via its MEO port or by request
to the Exchange's Help Desk. That ability is not changing with this
proposal. What is changing with this proposal is the ability of a
Member to send that purge message via the proposed MEO Purge Ports.
\14\ This would include both Day Limit Orders and Post-Only
Orders entered via the MEO interface. A Day Limit Order is an order
to buy or sell which, if not executed, expires at the end of the
trading in the security on the day on which it was entered. See
Exchange Rule 516(h). Post-Only Orders are orders that will not
remove liquidity from the Book. See Exchange Rule 516(j).
\15\ The Exchange is introducing a new purge message that will
cancel all of a Member's MEO Day orders and block all of its new
inbound MEO Day orders. This request may only be sent electronically
via a Member's existing MEO port, or via the new proposed MEO Purge
Ports.
\16\ An immediate-or-cancel order is an order that is to be
executed in whole or in part upon receipt. Any portion not so
executed is canceled. See Exchange Rule 516(e).
\17\ The term ``Public Customer'' means a person that is not a
broker or dealer in securities. See Exchange Rule 100.
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The purge messages described above may be sent via any type of MEO
port, however, purge messages received on the proposed MEO Purge Ports
will be handled by the System in a way that ensures minimum possible
latency (as MEO Purge Ports solely process purge messages, as opposed
to Full Service MEO Ports--Bulk, Full Service MEO Ports--Single, and
Limited Service MEO Ports, which also process additional message
types), thereby providing Members with a faster, more efficient means
to have their quotes removed from the System, which will provide
Members with an enhanced level of risk protection.
The proposed MEO Purge Ports are designed to assist Members in the
management of, and risk control over, their orders, particularly if the
Member has resting orders in a large number of options. For example, if
a Member detects market indications that may influence the direction or
bias of its orders, the Member may use the proposed MEO Purge Ports to
reduce uncertainty and to manage risk by purging all orders in a number
of options seamlessly to avoid unintended executions, while continuing
to evaluate the direction of the market.
The Exchange also proposes to amend Section 5(d) of its Fee
Schedule to identify the new MEO Purge Ports. Members are allocated two
(2) Full Service MEO Ports of either type and up to eight (8) Limited
Service MEO Ports per Matching Engine to which they connect.\18\ The
Exchange currently waives monthly MEO Port fees for all Members and
will similarly waive MEO Purge Port fees until such time as the
Exchange submits a rule filing to the Commission \19\ to establish the
fee amount, and any related requirements, and provides notice to expire
the applicable Waiver Period.\20\
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\18\ See MIAX PEARL Fee Schedule, Section 5(d).
\19\ The term ``SEC'' or ``Commission'' means the United States
Securities and Exchange Commission. See Exchange Rule 100.
\20\ ``Waiver Period'' means, for each applicable fee, the
period of time from the initial effective date of the MIAX PEARL Fee
Schedule until such time that the Exchange has an effective fee
filing establishing the applicable fee. The Exchange will issue a
Regulatory Circular announcing the establishment of an applicable
fee that was subject to a Waiver Period at least fifteen (15) days
prior to the termination of the Waiver Period and effective date of
any such applicable fee.
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With the introduction of MEO Purge Ports, the Exchange proposes to
amend Section 5(d) of its Fee Schedule to provide that a Member may
request and be allocated two (2) MEO Purge Ports per Matching Engine to
which it connects via a Full Service MEO Port. Specifically, a Member
must have either a Full Service MEO Port--Bulk, or a Full Service MEO
Port--Single connection to a Matching Engine in order to be eligible to
receive MEO Purge Ports with respect to that Matching Engine.
The Exchange also proposes to amend Exchange Rule 519C, Mass
Cancellation of Trading Interest, to adopt new rule text for new
functionality being introduced in this proposal which provides that a
Member may cancel all of its MEO Day orders and block all new inbound
MEO Day orders by MPID. This request may only be submitted to the
Exchange's System electronically via the Member's MEO port; either via
its existing MEO ports, or via the new proposed MEO Purge Ports.
The Exchange also proposes to amend Exchange Rule 519C, Mass
Cancellation of Trading Interest, to clarify functionality, in light of
the new proposed functionality. Specifically, the Exchange proposes to
amend 519C(b) which reads, ``[a] Member may request Exchange staff to
(i) remove all of its quotations and cancel all of its orders in the
System and (ii) block all new inbound quotations and orders, by firm
name or by MPID.'' Accordingly, the Exchange is proposing to delete the
reference to staff in the first sentence as a Member may either contact
Exchange staff to have this action performed on their behalf or, by
utilizing the new
[[Page 61069]]
purge message, may submit a request to the Exchange's System via its
MEO Port to cancel all of its MEO Day orders and block all new inbound
MEO Day orders by MPID. Additionally, the Exchange proposes to amend
the last sentence of 519C(b) which currently states that, ``[t]he block
will remain in effect until the Member requests Exchange staff to
remove the block,'' by removing the word ``staff.'' To remove a block a
Member may (i) send an electronic message directly into the Exchange's
System; or (ii) contact Exchange staff. The Exchange believes removing
the word ``staff'' from the rule text more accurately encompasses the
activity under both scenarios.
The Exchange notes that this proposal does not preclude Members
from using the existing purge messages provided by either the MEO
protocol or the cancel messages provided by the FIX protocol. Under the
MEO protocol, Members may request that all quotations for all
underlyings, or for a specific underlying, be removed, and that new
inbound quotations for all underlyings, or specific underlyings, be
blocked. Under the FIX protocol, Members may also request that all, or
a subset, of orders for an MPID, or all Day or GTC orders for an MPID,
on the requesting session, be canceled.
Additionally, the Exchange notes that this functionality is similar
to functionality recently adopted by the Exchange's affiliate, Miami
International Securities Exchange, LLC (``MIAX Options'').\21\
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\21\ See Securities Exchange Act Release No. 81252 (July 28,
2017), 82 FR 36172 (August 3, 2017) (SR-MIAX-2017-36).
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The Exchange will announce the implementation date of the proposed
rule change by Regulatory Circular to be published no later than 60
days following the operative date of the proposed rule. The
implementation date will be no later than 60 days following the
issuance of the Regulatory Circular.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \22\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \23\ in particular, 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 regulating,
clearing, settling, processing information with respect to, and
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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\22\ 15 U.S.C. 78f(b).
\23\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed rule change is consistent
with Section 6(b)(5) of the Act,\24\ in that it promotes just and
equitable principles of trade and removes impediments to and perfects
the mechanism of a free and open market. Offering Members designated
MEO Purge Ports would enhance their ability to manage quotes, quote
traffic, and quoting obligations for Members that are Market
Makers,\25\ which would, in turn, improve their risk controls to the
benefit of all market participants. The Exchange believes that MEO
Purge Ports would foster cooperation and coordination with persons
engaged in facilitating transactions in securities because designating
MEO Purge Ports for purges only may encourage better use of dedicated
ports. This may, concurrent with the ports that carry quotes and other
information necessary for market making activities, enable more
efficient, as well as fair and reasonable, use of Members' resources.
As MEO Purge Ports are only available for purging and not for
activities such as order or quote entry, the MEO Purge Ports are not
designed to permit unfair discrimination but rather are designed to
enable Members to better manage their market risk, which, in turn,
benefits all market participants. The Exchange also notes that similar
connectivity and functionality is offered by other exchanges.\26\
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\24\ Id.
\25\ See Exchange Rule 604 and 605(d)(1).
\26\ See Securities Exchange Act Release Nos. 81252 (July 28,
2017), 82 FR 36172 (August 3, 2017) (SR-MIAX-2017-36); 77613 (April
13, 2016), 81 FR 23023 (April 19, 2016) (SR-Phlx-2016-45); 79956
(February 3, 2017), 82 FR 10102 (February 9, 2017) (SR-BatsBZX-2017-
05); and 81095 (July 7, 2017), 82 FR 32409 (July 13, 2017) (SR-ISE-
2017-62).
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The Exchange notes that the proposed rule change will not relieve
Market Makers of their continuous quoting obligations under Exchange
Rule 604 and under Regulation NMS Rule 602.\27\ Specifically, any
interest that is executable against a Market Maker's quotes that is
received by the Exchange's Matching Engine prior to the time that the
purge message is received by the Exchange's Matching Engine will
automatically execute at that price, up to the quote's size. Market
Makers that purge their quotes will not be relieved of the obligation
to provide continuous two-sided quotes on a daily basis, nor will it
prohibit the Exchange from taking disciplinary action against a Market
Maker for failing to meet its continuous quoting obligation each
trading day.
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\27\ 17 CFR 242.602.
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In addition, the Exchange believes that the proposal removes
impediments to and perfects the mechanisms of a free and open market
and a national market system and, in general, protects investors and
the public interest by providing Members with an additional purge
message which allows them to cancel their MEO Day orders by MPID and
blocks new inbound MEO Day orders from being received yet preserves
their ability to continue to provide liquidity to the market and
interact with Public Customer orders via MEO IOC orders. Further, the
Exchange is clarifying existing rule text in Rule 519C to better
describe current functionality available on the Exchange. The Exchange
believes that clarifying current functionality promotes the protection
of investors and the public interest by helping market participants
better understand the risk protection tools available on the Exchange.
The Exchange believes that the proposed rule change is consistent
with Section 6(b)(4) of the Act,\28\ in that it provides for the
equitable allocation of reasonable dues, fees and other charges among
Members and other persons using any facility or system which the
Exchange operates or controls. Even though the Exchange is proposing to
waive this particular fee during the Waiver Period,\29\ the Exchange
believes that it is appropriate to provide market participants with the
overall structure of the fee by outlining the structure on the Fee
Schedule without setting forth a specific fee amount, so that there is
a general awareness that the Exchange intends to assess such a fee in
the future.
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\28\ 15 U.S.C. 78f(b)(4).
\29\ See supra note 20.
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The Exchange also believes that the proposed amendments to its fee
schedule are non-discriminatory because they will apply uniformly to
all Members. The proposed MEO Purge Ports are completely voluntary and
no Member is required, or under any regulatory obligation, to utilize
them. All Members have the option to select any connectivity option,
and fees, when charged, are charged uniformly for the services offered
by the Exchange.
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
[[Page 61070]]
of the purposes of the Act. The Exchange believes the proposed rule
change will enhance competition because it will enable it to offer
similar connectivity and functionality as its competitor exchanges.\30\
In addition, the proposed MEO Purge Ports are completely voluntary and
no Member is required or under any regulatory obligation to utilize
them.
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\30\ See supra note 26.
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The Exchange believes its proposed amendments to its Fee Schedule
would not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. On the contrary,
the Exchange believes the proposed rule change will enhance competition
because it will enable it to offer similar connectivity and
functionality as its competitor exchanges.\31\ In addition, the
proposed MEO Purge Ports are completely voluntary and no Member is
required or under any regulatory obligation to utilize them.
Accordingly, the Exchange does not believe that the proposed change
will impair the ability of Members or competing venues to maintain
their competitive standing in the financial markets.
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\31\ Id.
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The Exchange also does not believe the proposed rule change would
impact intramarket competition as it would apply to all Members and
non-Members equally.
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 \32\ and Rule 19b-4(f)(6) \33\
thereunder.
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\32\ 15 U.S.C. 78s(b)(3)(A).
\33\ 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
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-2017-38 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-2017-38. 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 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-2017-38 and should be submitted on
or before January 16, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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\34\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-27689 Filed 12-22-17; 8:45 am]
BILLING CODE 8011-01-P