Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by MIAX PEARL, LLC To Amend Exchange Rule 2613, Usage of Data Feeds, 5948-5949 [2024-01747]

Download as PDF 5948 Federal Register / Vol. 89, No. 20 / Tuesday, January 30, 2024 / Notices Statement has been updated due to a systematic review. Analysis Agency: Retirement Operations, Retirement Services, Office of Personnel Management. Title: Federal Employees Health Benefits (FEHB) Open Season Express Interactive Voice Response (IVR) System and Open Season Online. OMB Number: 3206–0201. Frequency: On occasion. Affected Public: Individual or Households. Number of Respondents: 350,100. Estimated Time per Respondent: 10 minutes. Total Burden Hours: 58,350 hours. Office of Personnel Management. Kayyonne Marston, Federal Register Liaison. [FR Doc. 2024–01742 Filed 1–29–24; 8:45 am] BILLING CODE 6325–38–P [Release No. 34–99425; File No. SR– PEARL–2024–04] January 24, 2024. 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 January 22, 2024, 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. khammond on DSKJM1Z7X2PROD with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Exchange Rule 2613(a), Usage of Data Feeds, to disclose that the Exchange will utilize direct data feeds from the Investors Exchange LLC (‘‘IEX’’) when performing order handling, order execution, routing, and related VerDate Sep<11>2014 17:23 Jan 29, 2024 Jkt 262001 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. 1. Purpose Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by MIAX PEARL, LLC To Amend Exchange Rule 2613, Usage of Data Feeds U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change SECURITIES AND EXCHANGE COMMISSION 1 15 compliance processes for equity securities. The text of the proposed rule change is available on the Exchange’s website at https://www.miaxglobal.com/markets/ us-equities/pearl-equities/rule-filings, at MIAX Pearl’s principal office, and at the Commission’s Public Reference Room. Exchange Rule 2613 identifies the data feeds that the Exchange utilizes for the handling, execution, and routing of orders in equity securities on the Exchange’s equity trading platform (‘‘MIAX Pearl Equities’’), as well as for surveillance necessary to monitor compliance with applicable securities laws and Exchange Rules. The Exchange currently utilizes IEX market data from the Consolidated Quotation System (‘‘CQS’’)/UTP Quotation Data Feed (‘‘UQDF’’) for these purposes on MIAX Pearl Equities. The Exchange intends to begin to utilize IEX’s direct feeds in place of market data from the CQS/ UQDF. Therefore, the Exchange proposes to amend Exchange Rule 2613(a) to reflect that the Exchange will utilize IEX’s direct feeds in place of market data from the CQS/UQDF when performing order handling, order execution, routing, and related compliance processes for equity securities on MIAX Pearl Equities. The Exchange does not currently utilize a secondary source for data from IEX. Once it begins to utilize direct feeds for data from IEX, the Exchange will also begin to utilize CQS/UQDF as a secondary source of data from IEX on MIAX Pearl Equities. Implementation Due to the technological changes associated with this proposed change, the Exchange will issue a trading alert PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 publicly announcing the implementation date of this proposed rule change. The Exchange anticipates that the implementation date will be in either the second or third quarter of 2024. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Act,3 in general, and furthers the objectives of Section 6(b)(5),4 in particular, because 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 mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. The proposal to update Exchange Rule 2613(a) to reflect that the Exchange will utilize IEX’s direct feeds in place of market data from the CQS/UQDF on MIAX Pearl Equities will continue to provide market participants with insight and transparency into which data feeds the Exchange utilizes when performing order handling, order execution, routing, and related compliance processes for equity securities. The Exchange’s proposal to utilize IEX’s direct feeds promotes just and equitable principles of trade because it will allow the Exchange to receive market data directly from IEX, thereby potentially enhancing the performance of its order handling, order execution, routing, and related compliance processes for equity securities. The proposed rule changes also remove impediments to and perfects the mechanism of a free and open market and protects investors and the public interest because it will continue to ensure that Exchange Rule 2613(a) accurately reflects the Exchange’s sources of market data it utilizes for each other equities exchange and the Financial Industry Regulatory Authority, Inc.’s Alternative Display Facility. 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 of the purposes of the Act. To the contrary, the Exchange believes the proposal would enhance competition by 3 15 4 15 E:\FR\FM\30JAN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(5). 30JAN1 Federal Register / Vol. 89, No. 20 / Tuesday, January 30, 2024 / Notices enhancing transparency and enabling market participants to better assess the quality of MIAX Pearl Equities’ execution and routing services by continuing to provide market participants with insight and transparency into which data feeds the Exchange utilizes when performing order handling, order execution, routing, and related compliance processes for equity securities. The Exchange also believes the proposal would enhance competition because it will potentially enhance the performance of its order handling and execution of orders in equity securities by receiving market data directly from IEX. Lastly, the proposed rule change will not impact competition between market participants because it will affect all market participants 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 5 and Rule 19b–4(f)(6) 6 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. khammond on DSKJM1Z7X2PROD with NOTICES IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, 5 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. 6 17 VerDate Sep<11>2014 17:23 Jan 29, 2024 Jkt 262001 5949 including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION 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–2024–04 on the subject line. FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: Publishing in the FR of 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–2024–04. 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 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR–PEARL–2024–04 and should be submitted on or before February 20, 2024. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–01747 Filed 1–29–24; 8:45 am] BILLING CODE 8011–01–P 7 17 PO 00000 CFR 200.30–3(a)(12). Frm 00095 Fmt 4703 Sfmt 4703 Sunshine Act Meetings 1/29/24 PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING: Wednesday, January 31, 2024, at 9:00 a.m. The Open Meeting scheduled for Wednesday, January 31, 2024, at 9:00 a.m., has been changed to Wednesday, January 31, 2024, at 9:30 a.m. CHANGES IN THE MEETING: CONTACT PERSON FOR MORE INFORMATION: For further information; please contact Vanessa A. Countryman from the Office of the Secretary at (202) 551–5400. Authority: 5 U.S.C. 552b. Dated: January 26, 2024. J. Matthew DeLesDernier, Deputy Secretary. [FR Doc. 2024–01948 Filed 1–26–24; 4:15 pm] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–99423; File No. SR–LCH SA–2023–008] Self-Regulatory Organizations; LCH SA; Order Approving Proposed Rule Change, as Modified by Partial Amendment No. 1, Relating to Recovery and Resolution January 24, 2024. I. Introduction On November 24, 2023, Banque Centrale de Compensation, which conducts business under the name LCH SA (‘‘LCH SA’’), filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend its CDS Clearing Rule Book (‘‘Rule Book’’) to make amendments relating to recovery and resolution. On December 5, 2023, LCH SA filed Partial Amendment No. 1 to the proposed rule change to make certain changes to the Exhibit 5 to File No. LCH SA–2023– 008.3 The proposed rule change, as 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Partial Amendment No. 1 updates the pagination throughout Exhibit 5 to File No. LCH SA–2023–008 and the Table of Contents in Exhibit 5 to File No. LCH SA–2023–008 to reflect the revised pagination. Partial Amendment No. 1 would also remove two references to field codes in Chapter 1 of Exhibit 5 to File No. LCH SA–2023–008. 2 17 E:\FR\FM\30JAN1.SGM 30JAN1

Agencies

[Federal Register Volume 89, Number 20 (Tuesday, January 30, 2024)]
[Notices]
[Pages 5948-5949]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-01747]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99425; File No. SR-PEARL-2024-04]


Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change by MIAX PEARL, 
LLC To Amend Exchange Rule 2613, Usage of Data Feeds

January 24, 2024.
    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 January 22, 2024, 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Exchange Rule 2613(a), Usage of Data 
Feeds, to disclose that the Exchange will utilize direct data feeds 
from the Investors Exchange LLC (``IEX'') when performing order 
handling, order execution, routing, and related compliance processes 
for equity securities.
    The text of the proposed rule change is available on the Exchange's 
website at https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings, 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
    Exchange Rule 2613 identifies the data feeds that the Exchange 
utilizes for the handling, execution, and routing of orders in equity 
securities on the Exchange's equity trading platform (``MIAX Pearl 
Equities''), as well as for surveillance necessary to monitor 
compliance with applicable securities laws and Exchange Rules. The 
Exchange currently utilizes IEX market data from the Consolidated 
Quotation System (``CQS'')/UTP Quotation Data Feed (``UQDF'') for these 
purposes on MIAX Pearl Equities. The Exchange intends to begin to 
utilize IEX's direct feeds in place of market data from the CQS/UQDF. 
Therefore, the Exchange proposes to amend Exchange Rule 2613(a) to 
reflect that the Exchange will utilize IEX's direct feeds in place of 
market data from the CQS/UQDF when performing order handling, order 
execution, routing, and related compliance processes for equity 
securities on MIAX Pearl Equities. The Exchange does not currently 
utilize a secondary source for data from IEX. Once it begins to utilize 
direct feeds for data from IEX, the Exchange will also begin to utilize 
CQS/UQDF as a secondary source of data from IEX on MIAX Pearl Equities.
Implementation
    Due to the technological changes associated with this proposed 
change, the Exchange will issue a trading alert publicly announcing the 
implementation date of this proposed rule change. The Exchange 
anticipates that the implementation date will be in either the second 
or third quarter of 2024.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act,\3\ in general, and furthers the objectives of Section 6(b)(5),\4\ 
in particular, because 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 mechanism of a 
free and open market and a national market system, and, in general, to 
protect investors and the public interest.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The proposal to update Exchange Rule 2613(a) to reflect that the 
Exchange will utilize IEX's direct feeds in place of market data from 
the CQS/UQDF on MIAX Pearl Equities will continue to provide market 
participants with insight and transparency into which data feeds the 
Exchange utilizes when performing order handling, order execution, 
routing, and related compliance processes for equity securities. The 
Exchange's proposal to utilize IEX's direct feeds promotes just and 
equitable principles of trade because it will allow the Exchange to 
receive market data directly from IEX, thereby potentially enhancing 
the performance of its order handling, order execution, routing, and 
related compliance processes for equity securities. The proposed rule 
changes also remove impediments to and perfects the mechanism of a free 
and open market and protects investors and the public interest because 
it will continue to ensure that Exchange Rule 2613(a) accurately 
reflects the Exchange's sources of market data it utilizes for each 
other equities exchange and the Financial Industry Regulatory 
Authority, Inc.'s Alternative Display Facility.

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 of the purposes of the Act. To the contrary, the 
Exchange believes the proposal would enhance competition by

[[Page 5949]]

enhancing transparency and enabling market participants to better 
assess the quality of MIAX Pearl Equities' execution and routing 
services by continuing to provide market participants with insight and 
transparency into which data feeds the Exchange utilizes when 
performing order handling, order execution, routing, and related 
compliance processes for equity securities. The Exchange also believes 
the proposal would enhance competition because it will potentially 
enhance the performance of its order handling and execution of orders 
in equity securities by receiving market data directly from IEX. 
Lastly, the proposed rule change will not impact competition between 
market participants because it will affect all market participants 
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 \5\ and Rule 19b-4(f)(6) \6\ 
thereunder.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(3)(A).
    \6\ 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.
---------------------------------------------------------------------------

    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-2024-04 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-2024-04. 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 
a.m. and 3 p.m. Copies of the filing also will be available for 
inspection and copying at the principal office of the Exchange. Do not 
include personal identifiable information in submissions; you should 
submit only information that you wish to make available publicly. We 
may redact in part or withhold entirely from publication submitted 
material that is obscene or subject to copyright protection. All 
submissions should refer to file number SR-PEARL-2024-04 and should be 
submitted on or before February 20, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-01747 Filed 1-29-24; 8:45 am]
BILLING CODE 8011-01-P
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