83 FR 58630 - 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 83, Issue 224 (November 20, 2018)
Federal Register Volume 83, Issue 224 (November 20, 2018)
| Page Range | 58630-58633 | |
| FR Document | 2018-25247 |
[Federal Register Volume 83, Number 224 (Tuesday, November 20, 2018)] [Notices] [Pages 58630-58633] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-25247] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84591; File No. SR-PEARL-2018-22] 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 14, 2018. Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 [[Page 58631]] thereunder,\2\ notice is hereby given that on October 31, 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''). 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 Exchange proposes to amend the Add/Remove Tiered Rebates/Fees set forth in Section 1(a) of the Fee Schedule to decrease the ``Taker'' fee in Tiers 1-3 assessable to Priority Customers \3\ orders for options transactions in Non-Penny classes. --------------------------------------------------------------------------- \3\ ``Priority Customer'' means a person or entity that (i) is not a broker or dealer in securities, and (ii) does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). See Exchange Rule 100, including Interpretations and Policies .01. --------------------------------------------------------------------------- The Exchange currently assesses transaction rebates and fees to all market participants which are based upon the total monthly volume executed by the Member \4\ on MIAX PEARL in the relevant, respective origin type (not including Excluded Contracts) \5\ expressed as a percentage of TCV.\6\ In addition, the per contract transaction rebates and fees are applied retroactively to all eligible volume for that origin type once the respective threshold tier (``Tier'') has been reached by the Member. The Exchange aggregates the volume of Members and their Affiliates.\7\ Members that place resting liquidity, i.e., orders resting on the book of the MIAX PEARL System,\8\ are paid the specified ``maker'' rebate (each a ``Maker''), and Members that execute against resting liquidity are assessed the specified ``taker'' fee (each a ``Taker''). For opening transactions and ABBO uncrossing transactions, per contract transaction rebates and fees are waived for all market participants. Finally, Members are assessed lower transaction fees and receive lower rebates for order executions in standard option classes in the Penny Pilot Program \9\ (``Penny classes'') than for order executions in standard option classes which are not in the Penny Pilot Program (``Non-Penny classes''), where Members are assessed higher transaction fees and receive higher rebates. Transaction rebates and fees in Section 1(a) of the Fee Schedule are currently assessed for Priority Customer orders according to the following table: --------------------------------------------------------------------------- \4\ ``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 the Definitions Section of the Fee Schedule and Exchange Rule 100. \5\ ``Excluded Contracts'' means any contracts routed to an away market for execution. See the Definitions Section of the Fee Schedule. \6\ ``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 believes that it is reasonable and appropriate to select two consecutive hours as the amount of time necessary to constitute an Exchange System Disruption, as two hours equates to approximately 1.4% of available trading time per month. 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. \7\ ``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. \8\ The term ``System'' means the automated trading system used by the Exchange for the trading of securities. See Exchange Rule 100. \9\ See Securities Exchange Act Release No. 79778 (January 12, 2017), 82 FR 6662 (January 19, 2017) (SR-PEARL-2016-01). -------------------------------------------------------------------------------------------------------------------------------------------------------- Per contract rebates/fees for Penny classes Per contract rebates/ ------------------------------------------------ fees for Non-Penny Origin Tier Volume criteria classes Maker Taker * SPY taker QQQ, IWM, ----------------------- VXX taker Maker Taker -------------------------------------------------------------------------------------------------------------------------------------------------------- Priority Customer......................... 1 0.00%-0.10%................. ($0.25) $0.48 $0.43 $0.47 ($0.85) $0.87 2 Above 0.10%-0.35%........... (0.40) 0.46 0.43 0.46 (0.95) 0.86 3 Above 0.35%-0.50%........... (0.45) 0.44 0.42 0.44 (1.00) 0.85 4 Above 0.50%-0.75%........... (0.52) 0.44 0.41 0.43 (1.03) 0.84 5 Above 0.75%-1.25%........... (0.53) 0.44 0.40 0.42 (1.04) 0.84 6 Above 1.25%................. (0.53) 0.43 0.38 0.40 (1.04) 0.84 -------------------------------------------------------------------------------------------------------------------------------------------------------- * For all Penny Classes other than SPY, QQQ, IWM, and VXX. [[Page 58632]] The Exchange proposes to decrease the Taker fee for Priority Customer orders for options in Non-Penny classes in Tier 1 from $0.87 to $0.84, in Tier 2 from $0.86 to $0.84 and in Tier 3 from $0.85 to $0.84. The purpose of decreasing the specified Taker fees for Priority Customer orders for options in Non-Penny classes is for business and competitive reasons to attract greater Priority Customer order flow to the Exchange. The Exchange believes that reducing the Taker fees for Priority Customer orders for options in Non-Penny classes in Tiers 1-3 to a $0.84 per contract fee, will incentivize Members to send greater Priority Customer order flow to the Exchange due to favorable pricing for this liquidity type. With all proposed changes, Section (a) of the Fee Schedule for Priority Customer orders shall be the following: -------------------------------------------------------------------------------------------------------------------------------------------------------- Per contract rebates/fees for Penny classes Per contract rebates/ ------------------------------------------------ fees for Non-Penny Origin Tier Volume criteria classes Maker Taker * SPY taker QQQ, IWM, ----------------------- VXX taker Maker Taker -------------------------------------------------------------------------------------------------------------------------------------------------------- Priority Customer......................... 1 0.00%-0.10%................. ($0.25) $0.48 $0.43 $0.47 ($0.85) $0.84 2 Above 0.10%-0.35%........... (0.40) 0.46 0.43 0.46 (0.95) 0.84 3 Above 0.35%-0.50%........... (0.45) 0.44 0.42 0.44 (1.00) 0.84 4 Above 0.50%-0.75%........... (0.52) 0.44 0.41 0.43 (1.03) 0.84 5 Above 0.75%-1.25%........... (0.53) 0.44 0.40 0.42 (1.04) 0.84 6 Above 1.25%................. (0.53) 0.43 0.38 0.40 (1.04) 0.84 -------------------------------------------------------------------------------------------------------------------------------------------------------- * For all Penny Classes other than SPY, QQQ, IWM, and VXX. The proposed change is scheduled to become operative November 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 \10\ in general, and furthers the objectives of Section 6(b)(4) of the Act,\11\ in that it is an equitable allocation of reasonable dues, fees and other charges among Exchange members and issuers and other persons using its facilities, and 6(b)(5) of the Act,\12\ 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. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(4). \12\ 15 U.S.C. 78f(b)(1) and (b)(5). --------------------------------------------------------------------------- The proposed Taker fee decrease for Priority Customer orders for options in Non-Penny classes in Tiers 1-3 is reasonable, equitable, and not unfairly discriminatory, because all Priority Customer orders are subject to the same Taker fees and access to the Exchange is offered on terms that are not unfairly discriminatory. The Exchange initially set its Taker fees at the various volume levels based upon business determinations and an analysis of current Taker fees and volume levels at other exchanges. For competitive and business reasons, the Exchange believes that lower Taker fees assessable to Priority Customer transactions in Non-Penny classes in Tiers 1-3 will encourage Members to execute more volume in Non-Penny classes on behalf of Priority Customers since they will be assessed reduced fees. The Exchange believes for these reasons that offering the reduced Taker fees for Priority Customer transactions in Non-Penny classes in Tiers 1-3 is equitable, reasonable and not unfairly discriminatory, and thus consistent with the Act. The Exchange believes that its proposal to reduce Taker fees assessable to transactions in options in Non-Penny classes and not to reduce Taker fees for transactions in options in Penny classes is consistent with other options markets that also assess different transaction fees for options in Non-Penny classes as compared to Penny classes. The Exchange believes that establishing different pricing for options in Non-Penny classes and Penny classes is reasonable, equitable, and not unfairly discriminatory because options in Penny classes are generally more liquid as compared to Non-Penny classes. Additionally, other competing options exchanges differentiate pricing in a similar manner today.\13\ --------------------------------------------------------------------------- \13\ See Nasdaq PHLX LLC Pricing Schedule, Section II; NYSE American Options Fee Schedule, Section I; Cboe Exchange, Inc., Fee Schedule, p. 1. --------------------------------------------------------------------------- Further, the Exchange believes that it is equitable and not unfairly discriminatory to assess lower fees to Priority Customer orders than to orders from origin types that are not Priority Customer. A Priority Customer is by definition not a broker or dealer in securities, and does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). This limitation does not apply to participants on the Exchange whose behavior is substantially similar to that of market professionals, including non-Priority Customers, MIAX PEARL Market Makers, Firms, and Broker-Dealers, who will generally submit a higher number of orders (many of which do not result in executions) than Priority Customers. Furthermore, the proposed decrease to the Taker fees in Non-Penny classes for Priority Customer transactions in Tiers 1-3 promotes just and equitable principles of trade, fosters cooperation and coordination with persons engaged in facilitating transactions in securities, and protects investors and the public interest because the proposed decrease in the fees will encourage Members to send more orders to the Exchange even if it is an order which takes liquidity since they will be assessed a reduced Taker fee in Tiers 1-3. To the extent that Priority Customer order flow in Non-Penny classes is increased by the proposal, market participants will increasingly compete for the opportunity to trade on the Exchange, including sending more orders which will have the potential to be assessed lower fees and higher rebates. The resulting increased volume and liquidity will benefit all Exchange participants by providing more trading opportunities and tighter spreads. 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 proposed Taker fee decreases are intended to encourage liquidity. The proposed Taker fees should enable the [[Page 58633]] Exchange to attract and compete for order flow with other exchanges which do assess higher Taker fees, thereby adding liquidity.\14\ --------------------------------------------------------------------------- \14\ See Nasdaq Stock Market LLC, Chapter XV Options Pricing, Sec. 2; Cboe C2 Exchange, Inc., Fees Schedule, p. 1. --------------------------------------------------------------------------- The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive. In such an environment, the Exchange must continually adjust its rebates and fees to remain competitive with other exchanges and to attract order flow. The Exchange believes that the proposed rule change reflects this competitive environment because it modifies the Exchange's fees in a manner that encourages market participants to continue to provide liquidity and to send order flow to the Exchange. 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,\15\ and Rule 19b-4(f)(2) \16\ 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. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A)(ii). \16\ 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-2018-22 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-2018-22. 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-2018-22 and should be submitted on or before December 11, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-25247 Filed 11-19-18; 8:45 am] BILLING CODE 8011-01-P
![58630 Federal Register / Vol. 83, No. 224 / Tuesday, November 20, 2018 / Notices
market system because these proposed such shorter time as the Commission All submissions should refer to File
changes would add greater clarity to the may designate if consistent with the Number SR–NYSEArca–2018–79. This
Exchange’s rules and promote market protection of investors and the public file number should be included on the
transparency and efficiency because interest. subject line if email is used. To help the
Pillar phase I protocols, which for a A proposed rule change filed under Commission process and review your
period of time were available to ETP Rule 19b–4(f)(6) normally may not comments more efficiently, please use
Holders to communicate with the NYSE become operative prior to 30 days after only one method. The Commission will
Arca Marketplace, are no longer the date of filing. However, Rule 19b– post all comments on the Commission’s
available. 4(f)(6)(iii) 8 permits the Commission to internet website (http://www.sec.gov/
The Exchange believes that the designate a shorter time if such action rules/sro.shtml). Copies of the
proposed rule change to replace is consistent with the protection of submission, all subsequent
references to ETP ID with MPID for STP investors and the public interest. The amendments, all written statements
purposes would remove impediments to Exchange has requested that the with respect to the proposed rule
and perfect the mechanism of a free and Commission waive the 30-day operative change that are filed with the
open market and a national market delay period. The Commission believes Commission, and all written
system because the proposed change that waiver of the 30-day operative communications relating to the
would eliminate confusion with respect delay period is consistent with the proposed rule change between the
to how the Exchange identifies the protection of investors and the public Commission and any person, other than
identity of an ETP Holder for purposes interest. Specifically, the Commission those that may be withheld from the
of the Exchange’s STP functionality. believes that the proposal would delete public in accordance with the
The Exchange further believes that this obsolete rules from the Exchange’s provisions of 5 U.S.C. 552, will be
non-substantive amendment to the rulebook and thus should provide available for website viewing and
current rule is intended to provide clarity and eliminate confusion. For printing in the Commission’s Public
clarity and eliminate confusion among these reasons, the Commission believes Reference Room, 100 F Street NE,
market participants, which is in the that waiving the 30-day operative delay Washington, DC 20549, on official
interests of all investors and the general is consistent with the protection of business days between the hours of
public. investors and the public interest, and 10:00 a.m. and 3:00 p.m. Copies of the
designates the proposed rule change to filing also will be available for
B. Self-Regulatory Organization’s
be operative upon filing with the inspection and copying at the principal
Statement on Burden on Competition
Commission.9 office of the Exchange. All comments
The Exchange does not believe that At any time within 60 days of the received will be posted without change.
the proposed rule change will impose filing of the proposed rule change, the Persons submitting comments are
any burden on competition that is not Commission summarily may cautioned that we do not redact or edit
necessary or appropriate in furtherance temporarily suspend such rule change if personal identifying information from
of the purposes of the Act. The it appears to the Commission that such comment submissions. You should
proposed rule change is not designed to action is necessary or appropriate in the submit only information that you wish
address competitive issues but rather is public interest, for the protection of to make available publicly. All
designed to ensure a fair and orderly investors, or otherwise in furtherance of submissions should refer to File
market by removing trading rules that the purposes of the Act.10 Number SR–NYSEArca–2018–79 and
are no longer operative. As such, the should be submitted on or before
proposed rule changes are intended to IV. Solicitation of Comments
December 11, 2018.
promote greater efficiency and Interested persons are invited to
submit written data, views, and For the Commission, by the Division of
transparency concerning trading on the
Trading and Markets, pursuant to delegated
Exchange. arguments concerning the foregoing, authority.11
including whether the proposed rule
C. Self-Regulatory Organization’s change is consistent with the Act.
Eduardo A. Aleman,
Statement on Comments on the Comments may be submitted by any of Assistant Secretary.
Proposed Rule Change Received From the following methods: [FR Doc. 2018–25238 Filed 11–19–18; 8:45 am]
Members, Participants, or Others BILLING CODE 8011–01–P
No written comments were solicited Electronic Comments
or received with respect to the proposed • Use the Commission’s internet
rule change. comment form (http://www.sec.gov/ SECURITIES AND EXCHANGE
rules/sro.shtml); or COMMISSION
III. Date of Effectiveness of the • Send an email to rule-comments@
Proposed Rule Change and Timing for [Release No. 34–84591; File No. SR–
sec.gov. Please include File Number SR– PEARL–2018–22]
Commission Action NYSEArca–2018–79 on the subject line.
The foregoing rule change has become Self-Regulatory Organizations; MIAX
effective pursuant to Section 19(b)(3)(A) Paper Comments
PEARL, LLC; Notice of Filing and
of the Act 6 and Rule 19b–4(f)(6) 7 • Send paper comments in triplicate Immediate Effectiveness of a Proposed
thereunder because the proposal does to Secretary, Securities and Exchange Rule Change To Amend the MIAX
not: (i) Significantly affect the Commission, 100 F Street NE, PEARL Fee Schedule
protection of investors or the public Washington, DC 20549–1090.
interest; (ii) impose any significant November 14, 2018.
burden on competition; and (iii) by its 8 17 CFR 240.19b–4(f)(6)(iii). Pursuant to the provisions of Section
9 For purposes only of waiving the operative
terms, become operative for 30 days 19(b)(1) of the Securities Exchange Act
delay for this proposal, the Commission has
from the date on which it was filed, or considered the proposed rule’s impact on
of 1934 (‘‘Act’’),1 and Rule 19b–4
efficiency, competition, and capital formation. See
6 15 U.S.C. 78s(b)(3)(A). 15 U.S.C. 78c(f). 11 17 CFR 200.30–3(a)(12).
7 17 CFR 240.19b–4(f)(6). 10 15 U.S.C. 78s(b)(3)(C). 1 15 U.S.C. 78s(b)(1).
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![Federal Register / Vol. 83, No. 224 / Tuesday, November 20, 2018 / Notices 58633
Exchange to attract and compete for • Send an email to rule-comments@ SECURITIES AND EXCHANGE
order flow with other exchanges which sec.gov. Please include File Number SR– COMMISSION
do assess higher Taker fees, thereby PEARL–2018–22 on the subject line.
adding liquidity.14 [Release No. 34–84589; File No. SR–MIAX–
The Exchange notes that it operates in Paper Comments
2018–35]
a highly competitive market in which • Send paper comments in triplicate
market participants can readily favor to Secretary, Securities and Exchange Self-Regulatory Organizations; Miami
competing venues if they deem fee Commission, 100 F Street NE, International Securities Exchange,
levels at a particular venue to be LLC; Notice of Filing of a Proposed
Washington, DC 20549–1090.
excessive. In such an environment, the Rule Change To Amend Exchange
Exchange must continually adjust its All submissions should refer to File Rule 100, Definitions; Rule 515,
rebates and fees to remain competitive Number SR–PEARL–2018–22. This file Execution of Orders and Quotes; and
with other exchanges and to attract number should be included on the Rule 503, Openings on the Exchange
order flow. The Exchange believes that subject line if email is used. To help the
the proposed rule change reflects this Commission process and review your November 14, 2018.
competitive environment because it comments more efficiently, please use
modifies the Exchange’s fees in a Pursuant to the provisions of Section
only one method. The Commission will 19(b)(1) of the Securities Exchange Act
manner that encourages market post all comments on the Commission’s
participants to continue to provide of 1934 (‘‘Act’’) 1 and Rule 19b–4
internet website (http://www.sec.gov/ thereunder,2 notice is hereby given that
liquidity and to send order flow to the rules/sro.shtml). Copies of the
Exchange. on November 9, 2018, Miami
submission, all subsequent International Securities Exchange, LLC
C. Self-Regulatory Organization’s amendments, all written statements (‘‘MIAX Options’’ or ‘‘Exchange’’) filed
Statement on Comments on the with respect to the proposed rule with the Securities and Exchange
Proposed Rule Change Received From change that are filed with the Commission (‘‘Commission’’) a
Members, Participants, or Others Commission, and all written proposed rule change as described in
Written comments were neither communications relating to the Items I and II below, which Items have
solicited nor received. proposed rule change between the been prepared by the Exchange. The
Commission and any person, other than Commission is publishing this notice to
III. Date of Effectiveness of the those that may be withheld from the
Proposed Rule Change and Timing for solicit comments on the proposed rule
public in accordance with the change from interested persons.
Commission Action provisions of 5 U.S.C. 552, will be
The foregoing rule change has become available for website viewing and I. Self-Regulatory Organization’s
effective pursuant to Section printing in the Commission’s Public Statement of the Terms of Substance of
19(b)(3)(A)(ii) of the Act,15 and Rule Reference Room, 100 F Street NE, the Proposed Rule Change
19b–4(f)(2) 16 thereunder. At any time Washington, DC 20549, on official
within 60 days of the filing of the The Exchange is filing a proposal to
business days between the hours of
proposed rule change, the Commission amend Exchange Rule 100, Definitions;
10:00 a.m. and 3:00 p.m. Copies of the
summarily may temporarily suspend Rule 515, Execution of Orders and
filing also will be available for
such rule change if it appears to the Quotes; and Rule 503, Openings on the
inspection and copying at the principal
Commission that such action is Exchange.
office of the Exchange. All comments
necessary or appropriate in the public received will be posted without change. The text of the proposed rule change
interest, for the protection of investors, Persons submitting comments are is available on the Exchange’s website at
or otherwise in furtherance of the cautioned that we do not redact or edit http://www.miaxoptions.com/rule-
purposes of the Act. If the Commission filings/ at MIAX Options’ principal
personal identifying information from
takes such action, the Commission shall office, and at the Commission’s Public
comment submissions. You should
institute proceedings to determine Reference Room.
whether the proposed rule should be submit only information that you wish
approved or disapproved. to make available publicly. All II. Self-Regulatory Organization’s
submissions should refer to File Statement of the Purpose of, and
IV. Solicitation of Comments Number SR–PEARL–2018–22 and Statutory Basis for, the Proposed Rule
Interested persons are invited to should be submitted on or before Change
submit written data, views, and December 11, 2018.
arguments concerning the foregoing, For the Commission, by the Division of In its filing with the Commission, the
including whether the proposed rule Trading and Markets, pursuant to delegated Exchange included statements
change is consistent with the Act. authority.17 concerning the purpose of and basis for
Comments may be submitted by any of Eduardo A. Aleman, the proposed rule change and discussed
the following methods: any comments it received on the
Assistant Secretary.
proposed rule change. The text of these
Electronic Comments [FR Doc. 2018–25247 Filed 11–19–18; 8:45 am]
statements may be examined at the
• Use the Commission’s internet BILLING CODE 8011–01–P
places specified in Item IV below. The
comment form (http://www.sec.gov/ Exchange has prepared summaries, set
rules/sro.shtml); or forth in sections A, B, and C below, of
the most significant aspects of such
14 See Nasdaq Stock Market LLC, Chapter XV
statements.
Options Pricing, Sec. 2; Cboe C2 Exchange, Inc.,
Fees Schedule, p. 1.
15 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 U.S.C. 78s(b)(1).
16 17 CFR 240.19b–4(f)(2). 17 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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Document Created: 2018-11-20 07:59:04
Document Modified: 2018-11-20 07:59:04
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 58630 |
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