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, 10676 [2025-03028]

Agencies

• SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 90, Number 36 (Tuesday, February 25, 2025)]
[Notices]
[Page 10676]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-03028]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-102448; File No. SR-PEARL-2025-05]


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

February 19, 2025.
    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 February 13, 2025, MIAX PEARL, LLC (``MIAX Pearl'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Item I below, which Item has been 
substantially prepared by the Exchange. The Exchange has designated 
this proposal for immediate effectiveness pursuant to Section 
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f) thereunder.\4\ 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.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f). 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 will institute proceedings to determine whether the 
proposed rule change should be approved or disapproved.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the fee schedule (the ``Fee 
Schedule'') applicable to MIAX Pearl Equities, an equities trading 
facility of the Exchange, to: (1) establish Liquidity Indicator Codes 
\5\ and associated fees and rebates for orders executed during the 
Early Trading Session \6\ and Late Trading Session; \7\ (2) amend the 
definition for ``Percent Time at NBBO'',\8\ the explanatory text above 
the NBBO Setter Plus table, the NBBO Setter Additive Rebate,\9\ the 
NBBO First Joiner Additive Rebate,\10\ and certain footnotes to the 
NBBO Setter Plus Table to provide for order interactions that occur 
during the new Early Trading Session and Late Trading Session; (3) 
increase the fee for executions of orders in securities priced at or 
above $1.00 per share that remove liquidity from the Exchange and 
update the corresponding Liquidity Indicator Codes; (4) remove the 
Step-Up Rebate \11\ provided for under the NBBO Setter Plus Program 
(referred to in this filing as the ``NBBO Program''); and (5) amend 
certain fees and rebates for orders routed to away exchanges.
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    \5\ See, generally, Fee Schedule, Section 1)b).
    \6\ See Securities Exchange Act Release No. 101358 (October 16, 
2024), 89 FR 84406 (October 22, 2024) (SR-PEARL-2024-47) (Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To 
Adopt Both an Early and Late Trading Session on its Equity Trading 
Platform). The term ``Early Trading Session'' shall mean the time 
between 4:00 a.m. and 9:30 a.m. Eastern Time. See Exchange Rule 1901 
(as amended by SR-PEARL-2024-47) (establishing a definition for 
``Early Trading Session'').
    \7\ See id. The term ``Late Trading Session'' shall mean the 
time between 4:00 p.m. and 8:00 p.m. Eastern Time. See Exchange Rule 
1901 (as amended by SR-PEARL-2024-47) (establishing a definition for 
``Late Trading Session'').
    \8\ The term ``Percent Time at NBBO'' means the aggregate of the 
percentage of time during regular trading hours where a Member has a 
displayed order of at least one round lot at the national best bid 
(``NBB'') or national best offer (``NBO''). See the Definitions 
section of the Fee Schedule.
    \9\ See Fee Schedule, Section 1)c).
    \10\ Id.
    \11\ Id. at footnote #4.
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    The proposed rule change, including the Exchange's statement of the 
purpose of, and statutory basis for, the proposed rule change, is 
available on the Exchange's website at https://www.miaxglobal.com/markets/us-options/pearl-options/rule-filings and on the Commission's 
website at https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-PEARL-2025-05.

II. 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.\12\ Comments may be submitted 
electronically by using the Commission's internet comment form (https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-PEARL-2025-05) or by 
sending an email to [email protected]. Please include file number 
SR-PEARL-2025-05 on the subject line. Alternatively, paper comments may 
be sent to Secretary, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549-1090. All submissions should refer to file 
number SR-PEARL-2025-05. 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-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-PEARL-2025-05). 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-2025-05 and should be 
submitted on or before March 18, 2025.
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    \12\ 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.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-03028 Filed 2-24-25; 8:45 am]
BILLING CODE 8011-01-P