83 FR 22300 - Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 93 (May 14, 2018)
Federal Register Volume 83, Issue 93 (May 14, 2018)
| Page Range | 22300-22302 | |
| FR Document | 2018-10141 |
[Federal Register Volume 83, Number 93 (Monday, May 14, 2018)] [Notices] [Pages 22300-22302] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-10141] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83188; File No. SR-PEARL-2018-12] Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule May 8, 2018. 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 April 27, 2018, 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 is filing a proposal to amend the MIAX PEARL Fee Schedule (the ``Fee Schedule'') to establish a monthly Trading Permit Fee assessable to Members that solely clear transactions on the Exchange. The text of the proposed rule change is available on the Exchange's website 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 purpose of the proposed rule change is to establish a monthly Trading Permit Fee assessable to Members \3\ that solely clear transactions on the Exchange. For clarity, the Exchange also proposes to adopt a related definition of ``EEM Clearing Firm'' (the type of Member to which this monthly Trading Permit Fee shall apply) in the ``Definitions'' section of the Fee Schedule. The Exchange notes that it recently adopted certain monthly Trading Permit Fees applicable to its Members (other than Members that solely clear transactions on the Exchange).\4\ --------------------------------------------------------------------------- \3\ ``Member'' means an individual or organization that is registered with the Exchange pursuant to Chapter II of the 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. \4\ See Securities Exchange Act Release No. 82867 (March 13, 2018), 83 FR 12044 (March 19, 2018) (SR-PEARL-2018-07). --------------------------------------------------------------------------- Definitions The Exchange proposes to amend the ``Definitions'' section of the Fee Schedule to add the new definition of ``EEM Clearing Firm.'' The term ``EEM Clearing Firm'' shall mean an EEM \5\ that solely clears transactions on the Exchange and does not connect to the Exchange via either the FIX Interface \6\ or MEO Interface.\7\ --------------------------------------------------------------------------- \5\ ``EEM'' or ``Electronic Exchange Member'' means the holder of a Trading Permit who is a Member representing as agent Public Customer Orders or Non-Customer Orders on the Exchange and those non-Market Maker Members conducting proprietary trading. Electronic Exchange Members are deemed ``members'' under the Exchange Act. See Exchange Rule 100. \6\ ``FIX Interface'' means the Financial Information Exchange interface for certain order types as set forth in Exchange Rule 516. See Exchange Rule 100. See the Definitions Section of the Fee Schedule. \7\ ``MEO Interface'' means a binary order interface for certain order types as set forth in Rule 516 into the MIAX PEARL System. See Exchange Rule 100. See the Definitions Section of the Fee Schedule. --------------------------------------------------------------------------- Monthly EEM Clearing Firm Trading Permit Fees The Exchange recently adopted fees applicable to Trading Permits which are issued to Members who are either EEMs or Market Makers.\8\ The Exchange [[Page 22301]] charges its Members Trading Permit fees which are based upon the monthly total volume executed by the Member and its Affiliates \9\ on the Exchange across all origin types, not including Excluded Contracts,\10\ as compared to the TCV \11\ in all MIAX PEARL-listed options. The Exchange adopted a tier-based fee structure that is volume-based. --------------------------------------------------------------------------- \8\ ``Market Maker'' means a Member registered with the Exchange for the purpose of making markets in options contracts traded on the Exchange. See Exchange Rule 100. \9\ ``Affiliate'' means (i) an affiliate of a Member of at least 75% common ownership between the firms as reflected on each firm's Form BD, Schedule A, or (ii) the Appointed Market Maker of an Appointed EEM (or, conversely, the Appointed EEM of an Appointed Market Maker). An ``Appointed Market Maker'' is a MIAX PEARL Market Maker (who does not otherwise have a corporate affiliation based upon common ownership with an EEM) that has been appointed by an EEM and an ``Appointed EEM'' is an EEM (who does not otherwise have a corporate affiliation based upon common ownership with a MIAX PEARL Market Maker) that has been appointed by a MIAX PEARL Market Maker, pursuant to the process described in the Fee Schedule. See the Definitions Section of the Fee Schedule. \10\ ``Excluded Contracts'' means any contracts routed to an away market for execution. See the Definitions Section of the Fee Schedule. \11\ ``TCV'' means total consolidated volume calculated as the total national volume in those classes listed on MIAX PEARL for the month for which the fees apply, excluding consolidated volume executed during the period time in which the Exchange experiences an ``Exchange System Disruption'' (solely in the option classes of the affected Matching Engine (as defined below)). The term Exchange System Disruption, which is defined in the Definitions section of the Fee Schedule, means an outage of a Matching Engine or collective Matching Engines for a period of two consecutive hours or more, during trading hours. The term Matching Engine, which is also defined in the Definitions section of the Fee Schedule, is a part of the MIAX PEARL electronic system that processes options orders and trades on a symbol-by-symbol basis. Some Matching Engines will process option classes with multiple root symbols, and other Matching Engines may be dedicated to one single option root symbol (for example, options on SPY may be processed by one single Matching Engine that is dedicated only to SPY). A particular root symbol may only be assigned to a single designated Matching Engine. A particular root symbol may not be assigned to multiple Matching Engines. The Exchange notes that the term ``Exchange System Disruption'' and its meaning have no applicability outside of the Fee Schedule, as it is used solely for purposes of calculating volume for the threshold tiers in the Fee Schedule. See the Definitions Section of the Fee Schedule. --------------------------------------------------------------------------- The Exchange also charges such Trading Permit Fees based upon the type of interface used by the Member to connect to the Exchange--either the FIX Interface and/or the MEO Interface. Any Member (whether EEM or Market Maker) can select either type of interface (either FIX Interface and/or MEO Interface). Each Member who uses the FIX Interface to connect to the System \12\ is assessed the following Trading Permit Fees each month: (i) If its volume falls within the parameters of Tier 1 of the Non-Transaction Fees Volume-Based Tiers, or volume up to 0.30%, $250, (ii) if its volume falls within the parameters of Tier 2 of the Non-Transaction Fees Volume-Based Tiers, or volume above 0.30% up to 0.60%, $350, and (iii) if its volume falls with the parameters of Tier 3 of the Non-Transaction Fees Volume-Based Tiers, or volume above 0.60%, $450. --------------------------------------------------------------------------- \12\ The term ``System'' means the automated trading system used by the Exchange for the trading of securities. See Exchange Rule 100. --------------------------------------------------------------------------- Each Member who uses the MEO Interface to connect to the System is assessed the following Trading Permit Fees each month: (i) If its volume falls within the parameters of Tier 1 of the Non-Transaction Fees Volume-Based Tiers, or volume up to 0.30%, $300, (ii) if its volume falls within the parameters of Tier 2 of the Non-Transaction Fees Volume-Based Tiers, or volume above 0.30% up to 0.60%, $400, and (iii) if its volume falls with the parameters of Tier 3 of the Non- Transaction Fees Volume-Based Tiers, or volume above 0.60%, $500. Members who use the MEO Interface may also connect to the System through the FIX Interface as well, and vice versa. Members who use the MEO Interface and who also use the FIX Interface are assessed the rates for both types of Trading Permits set forth above and receive a $100 monthly credit towards the Trading Permit Fees applicable to such Member for MEO Interface use. Members that solely clear transactions on the Exchange do not connect to the Exchange, as such a connection is not required to perform that clearing-only activity. Therefore, at present, Members that are EEM Clearing Firms are not assessed a monthly Trading Permit Fee. However, those Members are still utilizing the services of the Exchange, by performing that clearing-only activity. Accordingly, the Exchange is proposing to adopt a monthly Trading Permit Fee applicable to those types of Members, which the Exchange is proposing to define each as an ``EEM Clearing Firm.'' In particular, the Exchange proposes to assess a monthly Trading Permit Fee of $250 to such EEM Clearing Firms, in order to cover the operational and administrative costs of such EEMs using the Exchange's System to perform clearing-only services. Such monthly Trading Permit Fees will be assessed with respect to EEM Clearing Firms in any month the EEM Clearing Firm is certified in the membership system to clear transactions on the Exchange. The Exchange's affiliate, Miami International Securities Exchange, LLC (``MIAX Options''), also assesses a monthly trading permit fee, in the amount of $1,500 per month, to its members who are clearing firms \13\ that are performing the same activity. --------------------------------------------------------------------------- \13\ See MIAX Options Fee Schedule Section 3(b). The Commission notes that members on MIAX Options who perform clearing-only services are assessed a monthly trading permit fee of $1,500. --------------------------------------------------------------------------- The proposed rule changes will become operative May 1, 2018. 2. Statutory Basis The Exchange believes that its proposal to amend its Fee Schedule is consistent with Section 6(b) of the Act \14\ in general, and furthers the objectives of Section 6(b)(4) of the Act \15\ in particular, in that it is an equitable allocation of reasonable dues, fees and other charges among its members and issuers and other persons using its facilities. The Exchange also believes the proposal furthers the objectives of Section 6(b)(5) of the Act in that it is designed to promote just and equitable principles of trade, 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 and is not designed to permit unfair discrimination between customers, issuers, brokers and dealers. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b). \15\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- Definition The Exchange believes that the proposed new definition ``EEM Clearing Firm'' is consistent with Section 6(b)(4) of the Act in that it is fair, equitable and not unreasonably discriminatory and should improve market quality for the Exchange's market participants. The definition applies equally to all EEMs who perform clearing-only services on the Exchange and is intended to add transparency to the Exchange's marketplace by clarifying how the Exchange determines these EEMs from other Members in order to assess the applicable fee. The Exchange believes that the proposed new definition ``EEM Clearing Firm'' is consistent with Section 6(5) of the Act in that it promotes just and equitable principles of trade for all market participants. The Exchange believes that by defining EEM Clearing Firms the Exchange is able to assess such firms a Trading Permit Fee since they use the Exchange's System to perform clearing-only services. Monthly EEM Clearing Firm Trading Permit Fee The Exchange believes that the assessment of a Trading Permit Fee to EEM Clearing Firms is reasonable, equitable, and not unfairly discriminatory. The assessment of [[Page 22302]] Trading Permit Fees to Clearing Firms is done by the Exchange's affiliate, MIAX Options, as described in the Purpose section above. The Exchange also believes that the proposed fee is fair and equitable and not unreasonably discriminatory because all similarly situated EEM Clearing Firms are subject to the same fee, and access to the Exchange is offered on terms that are not unfairly discriminatory. The Exchange believes that the proposed EEM Clearing Firm Trading Permit Fee is consistent with Section 6(b)(5) of the Act in that it promotes equitable principles of trade for all market participants. The Exchange believes that assessing such firms a Trading Permit Fee is reasonable since such firms are utilizing the Exchange's System to perform clearing-only services. Furthermore, assessing EEM Clearing Firms a Trading Permit Fee is fair and equitable since it permits the Exchange to recoup the operational and administrative costs that the Exchange does incur as a result of such firms utilizing the Exchange's System. B. Self-Regulatory Organization's Statement on Burden on Competition MIAX PEARL does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that the assessment by the Exchange of Trading Permit Fees to EEM Clearing Firms using its facilities will not have an impact on competition. As a more recent entrant in the already highly competitive environment for equity options trading, MIAX PEARL does not have the market power necessary to set prices for services that are unreasonable or unfairly discriminatory in violation of the Act. The Exchange believes that the proposed EEM Clearing Firm Trading Permit Fee would increase both intermarket and intramarket competition by encouraging clearing firms to provide clearing services to Members of the Exchange. MIAX PEARL's proposed EEM Clearing Firm Trading Permit Fee is similar to the fee assessed by its affiliate, MIAX Options, to its Clearing Firms but is much lower than that assessed by MIAX Options. 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,\16\ and Rule 19b-4(f)(2) \17\ 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. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A)(ii). \17\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- 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 CommentsUse 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-2018-12 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-2018-12. 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 (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 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 10:00 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-2018-12 and should be submitted on or before June 4, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-10141 Filed 5-11-18; 8:45 am] BILLING CODE 8011-01-P
![22300 Federal Register / Vol. 83, No. 93 / Monday, May 14, 2018 / Notices
100 F Street NE, Washington, DC Washington, DC 20549 or send an email places specified in Item IV below. The
20549–2736 to: PRA_Mailbox@sec.gov. Comments Exchange has prepared summaries, set
Extension: must be submitted to OMB within 30 forth in sections A, B, and C below, of
Rule 17g–8 & 17g–9 days of this notice. the most significant aspects of such
Dated: May 8, 2018. statements.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995 Eduardo A. Aleman, A. Self-Regulatory Organization’s
(44 U.S.C. 3501 et seq.), the Securities Assistant Secretary. Statement of the Purpose of, and
and Exchange Commission [FR Doc. 2018–10145 Filed 5–11–18; 8:45 am] Statutory Basis for, the Proposed Rule
(‘‘Commission’’) has submitted to the BILLING CODE 8011–01–P Change
Office of Management and Budget 1. Purpose
(‘‘OMB’’) a request for approval of
extension of the previously approved SECURITIES AND EXCHANGE The purpose of the proposed rule
collection of information provided for in COMMISSION change is to establish a monthly Trading
Rule 17g–8 and 17g–9 under the Permit Fee assessable to Members 3 that
[Release No. 34–83188; File No. SR– solely clear transactions on the
Securities Exchange Act of 1934 (15 PEARL–2018–12]
U.S.C. 78a et seq.).1 Exchange. For clarity, the Exchange also
Rule 17g–8 contains certain Self-Regulatory Organizations; MIAX proposes to adopt a related definition of
requirements for Nationally Recognized PEARL, LLC; Notice of Filing and ‘‘EEM Clearing Firm’’ (the type of
Statistical Rating Organizations Immediate Effectiveness of a Proposed Member to which this monthly Trading
(‘‘NRSROs’’) to have policies and Rule Change To Amend Its Fee Permit Fee shall apply) in the
procedures with respect to the Schedule ‘‘Definitions’’ section of the Fee
procedures and methodologies the Schedule. The Exchange notes that it
NRSRO uses to determine credit ratings, May 8, 2018. recently adopted certain monthly
with respect to the symbols, numbers, or Pursuant to the provisions of Section Trading Permit Fees applicable to its
scores it uses to denote credit ratings, to 19(b)(1) of the Securities Exchange Act Members (other than Members that
address instances in which a look-back of 1934 (‘‘Act’’),1 and Rule 19b–4 solely clear transactions on the
review determines that a conflict of thereunder,2 notice is hereby given that Exchange).4
interest influenced a credit rating, and on April 27, 2018, MIAX PEARL, LLC
Definitions
to consider certain prescribed factors for (‘‘MIAX PEARL’’ or ‘‘Exchange’’) filed
with the Securities and Exchange The Exchange proposes to amend the
an effective internal structure. Rule 17g– ‘‘Definitions’’ section of the Fee
9 contains requirements for NRSROs to Commission (‘‘Commission’’) a
proposed rule change as described in Schedule to add the new definition of
ensure that any person employed by an ‘‘EEM Clearing Firm.’’ The term ‘‘EEM
NRSRO to determine credit ratings Items I, II, and III below, which Items
have been prepared by the Exchange. Clearing Firm’’ shall mean an EEM 5 that
meets standards necessary to produce solely clears transactions on the
The Commission is publishing this
accurate ratings. Currently, there are 10 Exchange and does not connect to the
notice to solicit comments on the
credit rating agencies registered as Exchange via either the FIX Interface 6
proposed rule change from interested
NRSROs with the Commission. The or MEO Interface.7
persons.
Commission estimates that the total
burden for respondents to comply with I. Self-Regulatory Organization’s Monthly EEM Clearing Firm Trading
Rule 17g–8 is 1,450 hours and to Statement of the Terms of Substance of Permit Fees
comply with Rule 17g–9 is 25,004 the Proposed Rule Change The Exchange recently adopted fees
hours. The Exchange is filing a proposal to applicable to Trading Permits which are
The Commission may not conduct or amend the MIAX PEARL Fee Schedule issued to Members who are either EEMs
sponsor a collection of information (the ‘‘Fee Schedule’’) to establish a or Market Makers.8 The Exchange
unless it displays a currently valid OMB monthly Trading Permit Fee assessable
control number. No person shall be to Members that solely clear 3 ‘‘Member’’ means an individual or organization
subject to any penalty for failing to transactions on the Exchange. that is registered with the Exchange pursuant to
comply with a collection of information Chapter II of the Exchange Rules for purposes of
The text of the proposed rule change trading on the Exchange as an ‘‘Electronic Exchange
subject to the PRA that does not display is available on the Exchange’s website at Member’’ or ‘‘Market Maker.’’ Members are deemed
a valid Office of Management and http://www.miaxoptions.com/rule- ‘‘members’’ under the Exchange Act. See Exchange
Budget (OMB) control number. Rule 100.
filings/pearl at MIAX PEARL’s principal 4 See Securities Exchange Act Release No. 82867
Background documentation for this office, and at the Commission’s Public (March 13, 2018), 83 FR 12044 (March 19, 2018)
information collection may be viewed at Reference Room. (SR–PEARL–2018–07).
the following website: www.reginfo.gov. 5 ‘‘EEM’’ or ‘‘Electronic Exchange Member’’
Comments should be directed to: (i) II. Self-Regulatory Organization’s means the holder of a Trading Permit who is a
Desk Officer for the Securities and Statement of the Purpose of, and Member representing as agent Public Customer
Statutory Basis for, the Proposed Rule Orders or Non-Customer Orders on the Exchange
Exchange Commission, Office of and those non-Market Maker Members conducting
Information and Regulatory Affairs, Change proprietary trading. Electronic Exchange Members
Office of Management and Budget, In its filing with the Commission, the are deemed ‘‘members’’ under the Exchange Act.
Room 10102, New Executive Office See Exchange Rule 100.
Exchange included statements 6 ‘‘FIX Interface’’ means the Financial Information
Building, Washington, DC 20503, or by concerning the purpose of and basis for Exchange interface for certain order types as set
amozie on DSK3GDR082PROD with NOTICES
sending an email to: Shagufta_Ahmed@ the proposed rule change and discussed forth in Exchange Rule 516. See Exchange Rule 100.
omb.eop.gov; and (ii) Pamela Dyson, any comments it received on the See the Definitions Section of the Fee Schedule.
Director/Chief Information Officer, proposed rule change. The text of these 7 ‘‘MEO Interface’’ means a binary order interface
Securities and Exchange Commission, c/ for certain order types as set forth in Rule 516 into
statements may be examined at the the MIAX PEARL System. See Exchange Rule 100.
o Remi Pavlik-Simon, 100 F St. NE, See the Definitions Section of the Fee Schedule.
1 15 U.S.C. 78s(b)(1). 8 ‘‘Market Maker’’ means a Member registered
1 See 17 CFR 240.17g–1 and 17 CFR 249b.300. 2 17 CFR 240.19b–4. with the Exchange for the purpose of making
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Trading Permit Fees to Clearing Firms is III. Date of Effectiveness of the Reference Room, 100 F Street NE,
done by the Exchange’s affiliate, MIAX Proposed Rule Change and Timing for Washington, DC 20549, on official
Options, as described in the Purpose Commission Action business days between the hours of
section above. The Exchange also The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of the
believes that the proposed fee is fair and effective pursuant to Section filing also will be available for
equitable and not unreasonably 19(b)(3)(A)(ii) of the Act,16 and Rule inspection and copying at the principal
discriminatory because all similarly 19b–4(f)(2) 17 thereunder. At any time office of the Exchange. All comments
situated EEM Clearing Firms are subject within 60 days of the filing of the received will be posted without change.
to the same fee, and access to the proposed rule change, the Commission Persons submitting comments are
Exchange is offered on terms that are summarily may temporarily suspend cautioned that we do not redact or edit
not unfairly discriminatory. such rule change if it appears to the personal identifying information from
Commission that such action is comment submissions. You should
The Exchange believes that the submit only information that you wish
proposed EEM Clearing Firm Trading necessary or appropriate in the public
interest, for the protection of investors, to make available publicly. All
Permit Fee is consistent with Section submissions should refer to File
or otherwise in furtherance of the
6(b)(5) of the Act in that it promotes Number SR–PEARL–2018–12 and
purposes of the Act. If the Commission
equitable principles of trade for all should be submitted on or before June
takes such action, the Commission shall
market participants. The Exchange institute proceedings to determine 4, 2018.
believes that assessing such firms a whether the proposed rule should be For the Commission, by the Division of
Trading Permit Fee is reasonable since approved or disapproved. Trading and Markets, pursuant to delegated
such firms are utilizing the Exchange’s authority.18
System to perform clearing-only IV. Solicitation of Comments
Eduardo A. Aleman,
services. Furthermore, assessing EEM Interested persons are invited to Assistant Secretary.
Clearing Firms a Trading Permit Fee is submit written data, views, and [FR Doc. 2018–10141 Filed 5–11–18; 8:45 am]
fair and equitable since it permits the arguments concerning the foregoing,
BILLING CODE 8011–01–P
Exchange to recoup the operational and including whether the proposed rule
administrative costs that the Exchange change is consistent with the Act.
does incur as a result of such firms Comments may be submitted by any of SECURITIES AND EXCHANGE
utilizing the Exchange’s System. the following methods: COMMISSION
B. Self-Regulatory Organization’s Electronic Comments [SEC File No. 270–095, OMB Control No.
Statement on Burden on Competition • Use the Commission’s internet 3235–0084]
comment form (http://www.sec.gov/
MIAX PEARL does not believe that rules/sro.shtml); or Submission for OMB Review;
the proposed rule change will impose • Send an email to rule-comments@ Comment Request
any burden on competition not sec.gov. Please include File Number SR–
necessary or appropriate in furtherance Upon Written Request, Copies Available
PEARL–2018–12 on the subject line. From: Securities and Exchange
of the purposes of the Act. The
Paper Comments Commission, Office of FOIA Services,
Exchange believes that the assessment
100 F Street NE, Washington, DC
by the Exchange of Trading Permit Fees • Send paper comments in triplicate
20549–2736
to EEM Clearing Firms using its to Secretary, Securities and Exchange
facilities will not have an impact on Commission, 100 F Street NE, Extension:
competition. As a more recent entrant in Washington, DC 20549–1090. Rule 17Ac2–1
the already highly competitive All submissions should refer to File Notice is hereby given that pursuant
environment for equity options trading, Number SR–PEARL–2018–12. This file to the Paperwork Reduction Act of 1995
MIAX PEARL does not have the market number should be included on the (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
power necessary to set prices for subject line if email is used. To help the Securities and Exchange Commission
services that are unreasonable or Commission process and review your (‘‘Commission’’) has submitted to the
unfairly discriminatory in violation of comments more efficiently, please use Office of Management and Budget
the Act. The Exchange believes that the only one method. The Commission will (‘‘OMB’’) a request for approval of
proposed EEM Clearing Firm Trading post all comments on the Commission’s extension of the previously approved
Permit Fee would increase both internet website (http://www.sec.gov/ collection of information provided for in
intermarket and intramarket rules/sro.shtml). Copies of the Rule 17Ac2–1 (17 CFR 240.17Ac2–1),
competition by encouraging clearing submission, all subsequent under the Securities Exchange Act of
firms to provide clearing services to amendments, all written statements 1934 (15 U.S.C. 78a et seq.).
Members of the Exchange. MIAX with respect to the proposed rule Rule 17Ac2–1, pursuant to Section
PEARL’s proposed EEM Clearing Firm change that are filed with the 17A(c) of the Exchange Act, generally
Trading Permit Fee is similar to the fee Commission, and all written requires transfer agents for whom the
assessed by its affiliate, MIAX Options, communications relating to the Commission is the transfer agent’s
proposed rule change between the Appropriate Regulatory Agency
to its Clearing Firms but is much lower
Commission and any person, other than (‘‘ARA’’), to file an application for
than that assessed by MIAX Options.
those that may be withheld from the registration with the Commission on
amozie on DSK3GDR082PROD with NOTICES
C. Self-Regulatory Organization’s public in accordance with the Form TA–1 and to amend their
Statement on Comments on the provisions of 5 U.S.C. 552, will be registrations under certain
Proposed Rule Change Received From available for website viewing and circumstances.
Members, Participants, or Others printing in the Commission’s Public Specifically, Rule 17Ac2–1 requires
transfer agents to file a Form TA–1
Written comments were neither 16 15 U.S.C. 78s(b)(3)(A)(ii).
solicited nor received. 17 17 CFR 240.19b–4(f)(2). 18 17 CFR 200.30–3(a)(12).
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Document Created: 2018-05-12 01:10:47
Document Modified: 2018-05-12 01:10:47
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