Product Change-Priority Mail Negotiated Service Agreement, 76645 [2022-27169]
Download as PDF
<![CDATA[
Federal Register / Vol. 87, No. 240 / Thursday, December 15, 2022 / Notices
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.
are available at www.prc.gov, Docket
Nos. MC2023–77, CP2023–78.
Sarah Sullivan,
Attorney, Ethics & Legal Compliance.
[FR Doc. 2022–27170 Filed 12–14–22; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail
Negotiated Service Agreement
Postal ServiceTM.
ACTION: Notice.
AGENCY:
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:
December 15, 2022.
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on December 6,
2022, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Contract 772 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2023–74, CP2023–74.
SUMMARY:
Sarah Sullivan,
Attorney, Ethics & Legal Compliance.
[FR Doc. 2022–27169 Filed 12–14–22; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96472; File No. SR–
PEARL–2022–53]
Self-Regulatory Organizations; MIAX
PEARL, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the MIAX Pearl
Equities Fee Schedule
lotter on DSK11XQN23PROD with NOTICES1
December 9, 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 November
30, 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,
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Sep<11>2014
16:51 Dec 14, 2022
Jkt 259001
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 fee schedule (the ‘‘Fee
Schedule’’) applicable to MIAX Pearl
Equities, an equities trading facility of
the Exchange.
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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to amend the Exchange’s Fee
Schedule to (i) adopt a reduced fee for
executions of Midpoint Peg Orders 3 that
remove liquidity and execute at the
midpoint of the Protected NBBO
(‘‘PBBO’’); 4 (ii) adopt a new Liquidity
Code and associated fee to the Liquidity
Indicator Codes and Associated Fees
table for a Midpoint Peg Order; and (iii)
update the Standard Rates table to
include the new Liquidity Indicator
3 A Midpoint Peg Order is a non-displayed Limit
Order that is assigned a working price pegged to the
midpoint of the PBBO. A Midpoint Peg Order
receives a new timestamp each time its working
price changes in response to changes to the
midpoint of the PBBO. See Exchange Rule
2614(a)(3).
4 With respect to the trading of equity securities,
the term ‘‘Protected NBB’’ or ‘‘PBB’’ shall mean the
national best bid that is a Protected Quotation, the
term ‘‘Protected NBO’’ or ‘‘PBO’’ shall mean the
national best offer that is a Protected Quotation, and
the term ‘‘Protected NBBO’’ or ‘‘PBBO’’ shall mean
the national best bid and offer that is a Protected
Quotation. See Exchange Rule 1901.
PO 00000
Frm 00037
Fmt 4703
Sfmt 4703
76645
Code in the Removing Liquidity
column.
The Exchange first notes that it
operates in a highly competitive market
in which market participants can
readily direct order flow to competing
venues if they deem fee levels at a
particular venue to be excessive or
incentives to be insufficient. More
specifically, the Exchange is only one of
16 registered equities exchanges, as well
as a number of alternative trading
systems and other off-exchange venues,
to which market participants may direct
their order flow. Based on publicly
available information, no single
registered equities exchange currently
has more than approximately 17% of
the total market share of executed
volume of equities trading, and the
Exchange currently represents
approximately 1.06% of the overall
market share.5
Midpoint Peg Orders
The Exchange currently charges a
standard fee of $0.0029 per share for
executions of orders in securities priced
at or above $1.00 per share that remove
liquidity from the Exchange in all Tapes
(such orders, ‘‘Removed Liquidity’’).
The Exchange now proposes to adopt a
reduced fee of $0.00265 per share for
executions of Midpoint Peg Orders in
securities priced at or above $1.00 that
execute at the midpoint of the PBBO
and remove liquidity from the Exchange
in all Tapes. As proposed, executions of
Midpoint Peg Orders in securities
priced below $1.00 per share that
execute at the midpoint of the PBBO
and remove liquidity from the Exchange
will be charged a fee of 0.20% of the
total dollar of the transaction, which is
the same fee that is currently charged
for all such executions.
The purpose of reducing the fee for
executions of Midpoint Peg Orders is to
incentivize Equity Members 6 (or
‘‘Members’’) to submit additional
liquidity-removing orders designed to
execute at the midpoint to the
Exchange, as the cost of such executions
would be lower than it is today. In turn,
the Exchange believes the submission of
additional Midpoint Peg Orders would
encourage firms that post liquidity at
the midpoint to submit additional
liquidity-providing orders designed to
execute at the midpoint to the
Exchange, as such orders would have a
greater chance of being executed as a
5 See MIAX’s ‘‘The market at a glance/Equities/
MTD AVERAGE’’, available at https://
www.miaxoptions.com/ (Data as of 11/1/2022–11/
18/2022).
6 The term ‘‘Equity Member’’ is a Member
authorized by the Exchange to transact business on
MIAX Pearl Equities. See Exchange Rule 1901.
E:\FR\FM\15DEN1.SGM
15DEN1
]]>Agencies
[Federal Register Volume 87, Number 240 (Thursday, December 15, 2022)]
[Notices]
[Page 76645]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-27169]
-----------------------------------------------------------------------
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: December 15, 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
December 6, 2022, it filed with the Postal Regulatory Commission a USPS
Request to Add Priority Mail Contract 772 to Competitive Product List.
Documents are available at www.prc.gov, Docket Nos. MC2023-74, CP2023-
74.
Sarah Sullivan,
Attorney, Ethics & Legal Compliance.
[FR Doc. 2022-27169 Filed 12-14-22; 8:45 am]
BILLING CODE 7710-12-P
