Product Change-Priority Mail Negotiated Service Agreement, 48702 [2022-17173]
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48702
Federal Register / Vol. 87, No. 153 / Wednesday, August 10, 2022 / Notices
Agreements in the Mail Classification
Schedule’s Competitive Products List.
SECURITIES AND EXCHANGE
COMMISSION
DATES:
Date of required notice: August
10, 2022.
[Release No. 34–95419; File No. SR–
PEARL–2022–30]
FOR FURTHER INFORMATION CONTACT:
Self-Regulatory Organizations; MIAX
PEARL, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the MIAX
PEARL Options Fee Schedule To
Remove Certain Credits and Increase
Trading Permit Fees
Sean Robinson, 202–268–8405.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on August 1, 2022,
it filed with the Postal Regulatory
Commission a USPS Request To Add
Priority Mail Contract 753 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2022–93, CP2022–97.
SUPPLEMENTARY INFORMATION:
Sarah Sullivan,
Attorney, Ethics and Legal Compliance.
[FR Doc. 2022–17172 Filed 8–9–22; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail
Negotiated Service Agreement
AGENCY:
ACTION:
Postal ServiceTM.
Notice.
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
SUMMARY:
Date of required notice: August
10, 2022.
DATES:
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on August 5, 2022,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Contract 754 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2022–94, CP2022–98.
SUPPLEMENTARY INFORMATION:
khammond on DSKJM1Z7X2PROD with NOTICES
Sarah Sullivan,
Attorney, Ethics and Legal Compliance.
[FR Doc. 2022–17173 Filed 8–9–22; 8:45 am]
BILLING CODE 7710–12–P
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August 4, 2022.
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 July 26,
2022, 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.
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 Options Fee
Schedule (the ‘‘Fee Schedule’’) to
amend its monthly Trading Permit 3 fees
for Members 4 and no longer provide
two monthly credits associated with
Trading Permit and non-transaction
fees.
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
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The term ‘‘Trading Permit’’ means a permit
issued by the Exchange that confers the ability to
transact on the Exchange. See Exchange Rule 100.
4 The term ‘‘Member’’ means an individual or
organization that is registered with the Exchange
pursuant to Chapter II of 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 Exchange Rule 100 and the
Definitions Section of the Fee Schedule.
2 17
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
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 commenced operations
in February 2017 5 and adopted its
initial fee schedule that waived fees for
Trading Permits to trade on the
Exchange.6 Although the fee was
waived, an initial fee structure was put
in place in communicate our intent to
charge a fee in the future. As a new
exchange entrant, the Exchange chose to
offer Trading Permits free of charge to
encourage market participants to trade
on the Exchange and experience, among
things, the quality of the Exchange’s
technology and trading functionality.
This practice is not uncommon. Newlyopened exchanges often do not charge
fees or charge lower fees for certain
services such as memberships to attract
order flow to an exchange, and later
amend their fees to reflect the true value
of those services, absorbing all costs to
provide those services in the meantime.
Allowing new exchange entrants time to
build and sustain market share through
various pricing incentives before
increasing non-transaction fees
encourages market entry and promotes
competition. It also enables these new
exchanges to mature their markets and
allow market participants to trade on
the new exchanges without fees serving
as a potential barrier to attracting
memberships and order flow.7
5 See MIAX PEARL Successfully Launches
Trading Operations, dated February 6, 2017,
available at https://www.miaxoptions.com/sites/
default/files/alert-files/MIAX_Press_Release_
02062017.pdf.
6 See Securities Exchange Act Release No. 80061
(February 17, 2017), 82 FR 11676 (February 24,
2017) (SR–PEARL–2017–10).
7 See Securities Exchange Act Release No. 94894
(May 11, 2022), 87 FR 29987 (May 17, 2022) (SR–
BOX–2022–17) (stating, ‘‘[t]he Exchange established
this lower (when compared to other options
exchanges in the industry) Participant Fee in order
to encourage market participants to become
Participants of BOX. . .’’). See also Securities
Exchange Act Release No. 90076 (October 2, 2020),
85 FR 63620 (October 8, 2020) (SR–MEMX–2020–
10) (‘‘MEMX Membership Fee Proposal’’)
(proposing to adopt the initial fee schedule and
stating that ‘‘[u]nder the initial proposed Fee
Schedule, the Exchange proposes to make clear that
it does not charge any fees for membership, market
data products, physical connectivity or application
sessions.’’). MEMX has seen its market share
increase and recently proposed to adopt a
membership fee and fees for connectivity. See
Securities Exchange Act Release Nos. 93927
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]]>Agencies
[Federal Register Volume 87, Number 153 (Wednesday, August 10, 2022)]
[Notices]
[Page 48702]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-17173]
-----------------------------------------------------------------------
POSTAL SERVICE
Product Change--Priority Mail Negotiated Service Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Date of required notice: August 10, 2022.
FOR FURTHER INFORMATION CONTACT: Sean Robinson, 202-268-8405.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
August 5, 2022, it filed with the Postal Regulatory Commission a USPS
Request to Add Priority Mail Contract 754 to Competitive Product List.
Documents are available at www.prc.gov, Docket Nos. MC2022-94, CP2022-
98.
Sarah Sullivan,
Attorney, Ethics and Legal Compliance.
[FR Doc. 2022-17173 Filed 8-9-22; 8:45 am]
BILLING CODE 7710-12-P
