Self-Regulatory Organizations; Miami International Securities Exchange, LLC, MIAX Emerald, LLC, and MIAX PEARL, LLC; Notice of Withdrawal of Proposed Rule Changes To Amend Fees for Purge Ports, 58124-58125 [2021-22796]

Download as PDF lotter on DSK11XQN23PROD with NOTICES1 58124 Federal Register / Vol. 86, No. 200 / Wednesday, October 20, 2021 / Notices sides to receive the $0.01 additional rebate. Lastly, the Exchange believes that the proposed changes to the existing qualification are equitable and not unfairly discriminatory because any Member may qualify for the note * incentive by submitting the requisite volume of Solicited Orders and complex orders. The Exchange will apply the amended qualification to all qualifying Members uniformly. changes in this market may impose any burden on competition is extremely limited. In sum, if the changes proposed herein are unattractive to market participants, it is likely that the Exchange will lose market share as a result. Accordingly, the Exchange does not believe that the proposed changes will impair the ability of Members or competing exchanges to maintain their competitive standing in the financial markets. Technical Amendment The Exchange’s proposal to amend note 16 in Options 7, Section 4 is reasonable, equitable, and not unfairly discriminatory. As discussed above, the Exchange is simply aligning the note’s language corresponding language currently in the header of the Priority Customer complex rebates table. The Exchange believes that the proposed changes will bring clarity and transparency to the Exchange’s Pricing Schedule. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. 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 not necessary or appropriate in furtherance of the purposes of the Act. In terms of intra-market competition, the Exchange does not believe that its proposal will place any category of market participant at a competitive disadvantage. As discussed above, any Member may qualify for the QCC and Solicitation Rebates, including the note * incentive and the proposed note & incentive. The proposed changes are primarily aimed at attracting greater Solicited Order and complex order flow to the Exchange. To the extent the Exchange’s proposal incentivizes Members to bring more order flow to ISE, the Exchange believes that the resulting additional volume and liquidity will benefit all market participants. In terms of inter-market competition, 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, or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees to remain competitive with other options exchanges. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee VerDate Sep<11>2014 17:55 Oct 19, 2021 Jkt 256001 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.19 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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– ISE–2021–21 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–2021–21. This file number should be included on the subject line if email is used. To help the Commission process and review your 19 15 PO 00000 U.S.C. 78s(b)(3)(A)(ii). Frm 00071 Fmt 4703 Sfmt 4703 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–ISE–2021–21 and should be submitted on or before November 10, 2021. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–22807 Filed 10–19–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–93329; File Nos. SR–MIAX– 2021–29, SR–EMERALD–2021–22, SR– PEARL–2021–30] Self-Regulatory Organizations; Miami International Securities Exchange, LLC, MIAX Emerald, LLC, and MIAX PEARL, LLC; Notice of Withdrawal of Proposed Rule Changes To Amend Fees for Purge Ports October 14, 2021. On July 1, 2021, Miami International Securities Exchange, LLC, MIAX Emerald, LLC, and MIAX PEARL, LLC (each an ‘‘Exchange’’) each filed with the Securities and Exchange Commission (‘‘Commission’’) pursuant to Section 19(b)(1) of the Securities 20 17 E:\FR\FM\20OCN1.SGM CFR 200.30–3(a)(12). 20OCN1 Federal Register / Vol. 86, No. 200 / Wednesday, October 20, 2021 / Notices Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to increase fees for purge ports. Each proposed rule change was immediately effective upon filing with the Commission pursuant to Section 19(b)(3)(A) of the Act.3 The proposed rule changes were published for comment in the Federal Register on July 15, 2021.4 The Commission received comment on the proposals.5 On August 27, 2017, the Commission, pursuant to Section 19(b)(3)(C) of the Act,6 temporarily suspended the proposed rule changes and instituted proceedings to determine whether to approve or disapprove the proposed rule changes.7 Each Exchange withdrew its proposed rule change as of October 12, 2021 (SR– MIAX–2021–29, SR–EMERALD–2021– 22, and SR–PEARL–2021–30). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–22796 Filed 10–19–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–93323; File No. SR–IEX– 2021–12] Self-Regulatory Organizations: Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period for the Market-Wide Circuit Breakers to March 18, 2022 October 14, 2021. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). A proposed rule change may take effect upon filing with the Commission if it is designated by the exchange as ‘‘establishing or changing a due, fee, or other charge imposed by the self-regulatory organization on any person, whether or not the person is a member of the self-regulatory organization.’’ 15 U.S.C. 78s(b)(3)(A)(ii). 4 See Securities Exchange Act Release Nos. 92364 (July 9, 2021), 86 FR 37364 (July 15, 2021) (SR– MIAX–2021–29); 92360 (July 9, 2021), 86 FR 37373 (July 15, 2021) (SR–EMERALD–2021–22); 92363 (July 9, 2021), 86 FR 37376 (July 15, 2021) (SR– PEARL–2021–30). 5 Comment on the proposed rule changes can be found at: https://www.sec.gov/comments/sr-miax2021-29/srmiax202129.htm; https://www.sec.gov/ comments/sr-emerald-2021-22/sremerald202122. htm; https://www.sec.gov/comments/sr-pearl-202130/srpearl202130.htm. 6 15 U.S.C. 78s(b)(3)(C). 7 See Securities Exchange Act Release No. 92792 (August 27, 2021), 86 FR 49384 (September 2, 2021). 8 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). lotter on DSK11XQN23PROD with NOTICES1 2 17 VerDate Sep<11>2014 17:55 Oct 19, 2021 Jkt 256001 ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on October 13, 2021, the Investors Exchange LLC (‘‘IEX’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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 Pursuant to the provisions of Section 19(b)(1) under the Act,4 and Rule 19b– 4 thereunder,5 IEX is filing with the Commission a proposed rule change to amend IEX Rule 11.280 to extend the pilot period for the market-wide circuit breaker to the close of business on March 18, 2022. IEX has designated this rule change as ‘‘non-controversial’’ under Section 19(b)(3)(A) of the Act 6 and requested that the Commission waive the five-day pre-filing notice required by Rule 19b–4(f)(6)(iii) thereunder.7 The text of the proposed rule change is available at the Exchange’s website at www.iextrading.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization 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 statement may be examined at the places specified in Item IV below. The self-regulatory organization 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 Market-Wide Circuit Breaker (‘‘MWCB’’) rules, including paragraphs (a) through (d) and (f) of IEX Rule 11.280, provide an important, automatic 2 15 U.S.C. 78a. CFR 240.19b–4. 4 15 U.S.C. 78s(b)(1). 5 17 CFR 240.19b–4. 6 15 U.S.C. 78s(b)(3)(A). 7 17 CFR 240.19b–4(f)(6)(iii). 3 17 PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 58125 mechanism that is invoked to promote stability and investor confidence during periods of significant stress when cash equities securities experience extreme market-wide declines. The MWCB rules are designed to slow the effects of extreme price declines through coordinated trading halts across both cash equity and equity options securities markets. The cash equities rules governing MWCBs were first adopted in 1988 and, in 2012, all U.S. cash equity exchanges and FINRA amended their cash equities uniform rules on a pilot basis 8 (the ‘‘Pilot Rules,’’ i.e., for IEX, Rule 11.280(a)–(d) and (f) 9). The Pilot Rules currently provide for trading halts in all cash equity securities during a severe market decline as measured by a singleday decline in the S&P 500 Index (‘‘SPX’’).10 Under the Pilot Rules, a market-wide trading halt will be triggered if SPX declines in price by specified percentages from the prior day’s closing price of that index. The triggers are set at three circuit breaker thresholds: 7% (Level 1), 13% (Level 2), and 20% (Level 3). A market decline that triggers a Level 1 or Level 2 halt after 9:30 a.m. and before 3:25 p.m. would halt market-wide trading for 15 minutes, while a similar market decline at or after 3:25 p.m. would not halt market-wide trading. (Level 1 and Level 2 halts may occur only once a day.) A market decline that triggers a Level 3 halt at any time during the trading day would halt market-wide trading for the remainder of the trading day. The Commission approved the Pilot Rules, the term of which was to coincide with the pilot period for the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS (the ‘‘LULD Plan’’) 11, 8 See Securities Exchange Act Release No. 67090 (May 31, 2012), 77 FR 33531 (June 6, 2012) (SR– BATS–2011–038; SR–BYX–2011–025; SR–BX– 2011–068; SR–CBOE–2011–087; SR–C2–2011–024; SR–CHX–2011–30; SR–EDGA–2011–31; SR–EDGX– 2011–30; SR–FINRA–2011–054; SR–ISE–2011–61; SR–NASDAQ–2011–131; SR–NSX–2011–11; SR– NYSE–2011–48; SR–NYSEAmex–2011–73; SR– NYSEArca–2011–68; SR–Phlx–2011–129). 9 IEX’s Pilot Rule has been effective since its approval for registration as a national securities exchange in 2016. See Securities Exchange Act Release No. 78101 (June 17, 2016), 81 FR 41142 (June 23, 2016) (File No. 10–222). 10 The rules of the equity options exchanges similarly provide for a halt in trading if the cash equity exchanges invoke a MWCB Halt. See, e.g., NYSE Arca Rule 6.65–O(d)(4). 11 See Securities Exchange Act Release No. 67091 (May 31, 2012), 77 FR 33498 (June 6, 2012). An amendment to the LULD Plan adding IEX as a Participant was filed with the Commission on August 11, 2016, and became effective upon filing pursuant to Rule 608(b)(3)(iii) of the Act. See Securities Exchange Act Release No. 78703 (August Continued E:\FR\FM\20OCN1.SGM 20OCN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 86, Number 200 (Wednesday, October 20, 2021)]
[Notices]
[Pages 58124-58125]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-22796]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93329; File Nos. SR-MIAX-2021-29, SR-EMERALD-2021-22, 
SR-PEARL-2021-30]


Self-Regulatory Organizations; Miami International Securities 
Exchange, LLC, MIAX Emerald, LLC, and MIAX PEARL, LLC; Notice of 
Withdrawal of Proposed Rule Changes To Amend Fees for Purge Ports

October 14, 2021.
    On July 1, 2021, Miami International Securities Exchange, LLC, MIAX 
Emerald, LLC, and MIAX PEARL, LLC (each an ``Exchange'') each filed 
with the Securities and Exchange Commission (``Commission'') pursuant 
to Section 19(b)(1) of the Securities

[[Page 58125]]

Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to increase fees for purge ports. Each proposed 
rule change was immediately effective upon filing with the Commission 
pursuant to Section 19(b)(3)(A) of the Act.\3\ The proposed rule 
changes were published for comment in the Federal Register on July 15, 
2021.\4\ The Commission received comment on the proposals.\5\ On August 
27, 2017, the Commission, pursuant to Section 19(b)(3)(C) of the 
Act,\6\ temporarily suspended the proposed rule changes and instituted 
proceedings to determine whether to approve or disapprove the proposed 
rule changes.\7\ Each Exchange withdrew its proposed rule change as of 
October 12, 2021 (SR-MIAX-2021-29, SR-EMERALD-2021-22, and SR-PEARL-
2021-30).
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A). A proposed rule change may take 
effect upon filing with the Commission if it is designated by the 
exchange as ``establishing or changing a due, fee, or other charge 
imposed by the self-regulatory organization on any person, whether 
or not the person is a member of the self-regulatory organization.'' 
15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ See Securities Exchange Act Release Nos. 92364 (July 9, 
2021), 86 FR 37364 (July 15, 2021) (SR-MIAX-2021-29); 92360 (July 9, 
2021), 86 FR 37373 (July 15, 2021) (SR-EMERALD-2021-22); 92363 (July 
9, 2021), 86 FR 37376 (July 15, 2021) (SR-PEARL-2021-30).
    \5\ Comment on the proposed rule changes can be found at: 
https://www.sec.gov/comments/sr-miax-2021-29/srmiax202129.htm; 
https://www.sec.gov/comments/sr-emerald-2021-22/sremerald202122.htm; 
https://www.sec.gov/comments/sr-pearl-2021-30/srpearl202130.htm.
    \6\ 15 U.S.C. 78s(b)(3)(C).
    \7\ See Securities Exchange Act Release No. 92792 (August 27, 
2021), 86 FR 49384 (September 2, 2021).
    \8\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-22796 Filed 10-19-21; 8:45 am]
BILLING CODE 8011-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.