82 FR 52342 - Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX PEARL Fee Schedule

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 217 (November 13, 2017)

[Federal Register Volume 82, Number 217 (Monday, November 13, 2017)]
[Notices]
[Pages 52342-52343]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-24437]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82017; File No. SR-PEARL-2017-36]


Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX 
PEARL Fee Schedule

November 6, 2017.
    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 2, 2017, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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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 Fee 
Schedule (the ``Fee Schedule'').
    The text of the proposed rule change is available on the Exchange's 
Web site at http://www.miaxoptions.com/rule-filings/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 Exchange proposes to make a number of non-substantive, 
technical corrections to its routing fee table set forth in Section 
1(b) of the Fee Schedule to reflect recent corporate name changes to 
some of the options exchanges listed in the table.
    As a result of recent exchange consolidation and corporate re-
branding, some options exchanges have changed their names. The names of 
all options exchanges are set forth in the Exchange's routing fee table 
set forth in Section 1(b) of the Fee Schedule, which sets forth the 
fees for customer orders that are routed to those options exchanges for 
execution. Accordingly, the Exchange proposes to update its routing fee 
table set forth in Section 1(b) of the Fee Schedule to reflect those 
recent exchange name changes. No other changes are proposed to the 
routing fee table. Accordingly, as amended, the routing fee table shall 
be as follows:
    (b) Fees and Rebates for Customer Orders Routed to Another Options 
Exchange MIAX PEARL will assess a Routing Fee to market participants on 
all orders routed to and executed on an away market as set forth in the 
table below.

------------------------------------------------------------------------
                       Description                             Fees
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Routed, Priority Customer, Penny Pilot, to: NYSE                   $0.15
 American, BOX, Cboe, Cboe EDGX Options , Nasdaq MRX,
 MIAX OPTIONS, Nasdaq PHLX (except SPY), Nasdaq BX
 Options................................................
Routed, Priority Customer, Penny Pilot, to: NYSE Arca               0.65
 Options, Cboe BZX Options, Cboe C2, Nasdaq GEMX, Nasdaq
 ISE, NOM, Nasdaq PHLX (SPY only).......................
Routed, Priority Customer, Non-Penny Pilot, to: NYSE                0.15
 American, BOX, Cboe, Cboe EDGX Options, Nasdaq ISE,
 Nasdaq MRX, MIAX OPTIONS, Nasdaq PHLX, Nasdaq BX
 Options................................................
Routed, Priority Customer, Non-Penny Pilot, to: NYSE                0.97
 Arca Options, Cboe BZX Options, Cboe C2, Nasdaq GEMX,
 NOM....................................................
Routed, Public Customer that is not a Priority Customer,            0.65
 Penny Pilot, to: NYSE American, NYSE Arca Options, Cboe
 BZX Options, BOX, Cboe, Cboe C2, Cboe EDGX Options,
 Nasdaq GEMX, Nasdaq ISE, Nasdaq MRX, MIAX OPTIONS, NOM,
 Nasdaq PHLX, Nasdaq BX Options.........................

[[Page 52343]]

 
Routed, Public Customer that is not a Priority Customer,            0.65
 Non-Penny Pilot, to: NYSE American.....................
Routed, Public Customer that is not a Priority Customer,            1.20
 Non-Penny Pilot, to: NYSE Arca Options, Cboe BZX
 Options, Cboe C2, Nasdaq GEMX, Nasdaq MRX, Nasdaq BX
 Options................................................
Routed (Public Customer that is not a Priority                      0.97
 Customer), Non-Penny Pilot, to: BOX, Cboe, Cboe EDGX
 Options, Nasdaq ISE, MIAX OPTIONS, NOM, Nasdaq PHLX....
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2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule 
is consistent with Section 6(b) of the Act \3\ in general, and furthers 
the objectives of Section 6(b)(4) of the Act,\4\ in that it is an 
equitable allocation of reasonable fees and other charges among 
Exchange members and other persons using its facilities, and 6(b)(5) of 
the Act,\5\ in that 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 facilitating transactions in securities, to remove 
impediments to and perfect the mechanisms of a free and open market and 
a national market system and, in general, to protect investors and the 
public interest.
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    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(4).
    \5\ 15 U.S.C. 78f(b)(1) and (b)(5).
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    The Exchange believes the proposed changes to update its routing 
fee table set forth in Section 1(b) of the Fee Schedule to reflect 
recent exchange name changes promote just and equitable principles of 
trade and remove impediments to and perfect the mechanism of a free and 
open market and a national market system because the proposed rule 
change makes non-substantive technical corrections and updates the 
Exchange's Fee Schedule. None of the name changes alter the application 
of any fees or rebates on the Fee Schedule. As such, the proposed 
amendments would foster cooperation and coordination with persons 
engaged in facilitating transactions in securities and would remove 
impediments to and perfect the mechanism of a free and open market and 
a national exchange system. In particular, the Exchange believes that 
the proposed changes will provide greater clarity to Members and the 
public regarding the Exchange's Rules. It is in the public interest for 
rules to be accurate and concise so as to eliminate the potential for 
confusion.

B. Self-Regulatory Organization's Statement on Burden on Competition

    MIAX PEARL does not believe that the proposed rule changes will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The proposed changes to update 
its routing fee table set forth in Section 1(b) of the Fee Schedule to 
reflect recent exchange name changes will have no impact on competition 
as they are not designed to address any competitive issues but rather 
are designed to make non-substantive technical corrections and update 
the Exchange's Fee Schedule.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act,\6\ and Rule 19b-4(f)(2) \7\ 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.
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    \6\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \7\ 17 CFR 240.19b-4(f)(2).
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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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-PEARL-2017-36 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-PEARL-2017-36. 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 Web site (http://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 Web site 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-PEARL-2017-36 and should be 
submitted on or before December 4, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-24437 Filed 11-9-17; 8:45 am]
 BILLING CODE 8011-01-P