[Federal Register Volume 85, Number 198 (Tuesday, October 13, 2020)]
[Notices]
[Pages 64559-64563]
[FR Doc No: 2020-22477]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90102; File No. SR-PEARL-2020-17]

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

October 6, 2020.
    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 September 24, 2020, 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 adopt a fee schedule setting
forth transaction fees and rebates for MIAX PEARL Equities, an equities
trading facility of the Exchange (the ``Fee Schedule'').\3\ The
proposed fees are scheduled to become operative September 25, 2020.
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    \3\ See Exchange Rule 1901. The Exchange notes that it submitted
a separate filing with the Commission pursuant to Section
19(b)(3)(A) of the Act to adopt non-transaction fees. See SR-PEARL-
2020-18 (filed September 24, 2020).
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    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
    On August 14, 2020, the Commission approved MIAX PEARL's proposal
to adopt rules governing the trading of equity securities on MIAX PEARL
Equities.\4\
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    \4\ See Securities Exchange Act Release No. 89563 (August 14,
2020), 85 FR 51510 (August 20, 2020) (SR-PEARL-2020-03) (Order
Approving a Proposed Rule Change, as Modified by Amendment No. 1, To
Establish Rules Governing the Trading of Equity Securities)
(``Approval Order'').
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    The purpose of the proposed rule change is to adopt the Fee
Schedule, which would set forth fees and rebates for use of MIAX PEARL
Equities. The Fee Schedule will apply equally to all market
participants trading equity securities on and/or using services
provided by MIAX PEARL Equities. The proposed fees are scheduled to
become operative September 25, 2020.
    The Exchange will operate in a highly competitive market in which
market participants can readily direct order flow to competing venues
if they deem fee levels at a particular venue to be excessive or
rebates/incentives to be insufficient. More specifically, the Exchange
will be only one of several equities venues (including both registered
exchanges and various alternative trading systems) to which market
participants may direct their order flow and execute their trades.
Indeed, equity trading is currently

dispersed across 16 exchanges,\5\ 31 alternative trading systems,\6\
and numerous broker-dealer internalizers and wholesalers, all competing
for order flow. Based on publicly available information, no single
registered equities exchange currently has more than approximately 20%
of total market share.\7\ Thus, in such a low-concentrated and highly
competitive market, no single equities trading venue possesses
significant pricing power in the execution of trades, and, as it
commences operations, the Exchange anticipates representing a very
small percentage of the overall market.
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    \5\ See Cboe Global Markets, U.S Equities Market Volume Summary,
available at https://markets.cboe.com/us/equities/market_share/.
    \6\ See FINRA ATS Transparency Data, available at https://otctransparency.finra.org/otctransparency/AtsIssueData. A list of
alternative trading systems registered with the Commission is
available at https://www.sec.gov/foia/docs/atslist.htm.
    \7\ See Cboe Global Markets U.S. Equities Market Volume Summary,
available at http://markets.cboe.com/us/equities/market_share/.
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Proposed Transaction Fees and Rebates
    The Exchange proposes to adopt a simple maker/taker fee structure
where it would generally provide a rebate to Equity Members \8\ that
add liquidity and charge a fee to Equity Members that remove liquidity.
The amount of the proposed fees and rebates described below are
competitive and designed to enable the Exchange to attract order flow
and to compete with other equity exchanges and trading venues. The
Exchange believes its proposed fee structure is consistent with those
adopted by other exchanges that employ maker/taker pricing structures
and is designed to encourage additional liquidity on the Exchange
through competitive rebates and fees. The proposed fees and rebates
would be set forth under Section (1)(a), Standard Rates, of the Fee
Schedule.
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    \8\ The term ``Equity Member'' means a Member authorized by the
Exchange to transact business on MIAX PEARL Equities. See Exchange
Rule 1901.
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    The Exchange proposes to adopt a simple fee structure where it
would charge a single fee of $0.0028 per share for orders that remove
liquidity in securities priced at or above $1.00. The Exchange proposes
to provide a rebate of $0.0028 per share for orders that are displayed
\9\ on the MIAX PEARL Equities Book \10\ and add liquidity in
securities priced at or above $1.00.\11\ The Exchange proposes to
provide a rebate of $0.0022 per share for orders that are non-displayed
\12\ on the MIAX PEARL Equities Book and add liquidity in securities
price at or above $1.00.\13\ The Exchange proposes that orders in
securities priced below $1.00 would be free, regardless of whether they
add or remove liquidity. All orders executed in the Exchange's Opening
and Re-Opening processes \14\ would also be free.
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    \9\ See Exchange Rule 2614(c)(3).
    \10\ The term ``MIAX PEARL Equities Book'' shall mean the
electronic book of orders in equity securities maintained by the
System. See Exchange Rule 1901.
    \11\ This pricing is referred to by the Exchange on the proposed
Fee Schedule in the column titled ``Adding Liquidity Displayed
Order.''
    \12\ See Exchange Rule 2614(c)(4).
    \13\ This pricing is referred to by the Exchange on the proposed
Fee Schedule in the column titled ``Adding Liquidity Non-Displayed
Order.''
    \14\ See Exchange Rule 2615 for a description of the Exchange's
Opening and Re-Opening Processes.
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    The Exchange proposes to provide a higher rebate to displayed
orders that add liquidity than non-displayed orders to incentivize
displayed liquidity on the Exchange to encourage and facilitate price
discovery and price information, which the Exchange believes benefits
all Equity Members and investors.
    The Exchange also proposes to charge a flat fee for routed orders.
Specifically, the Exchange proposes to charge $0.0030 per share for
routed orders in securities priced at or above $1.00 and 0.30% of the
dollar value for routed orders in securities priced below $1.00. These
rates would be applicable to all routed orders that: (i) Are executed
on an away market; and (ii) remove liquidity from the market to which
it was routed (``Routed Removed Volume''). As described in Exchange
Rule 2617(b), the Exchange uses unaffiliated routing broker-dealers to
route orders to the away Trading Centers. All charges by the Exchange
for routing are applicable only in the event that an order is executed;
there is no charge for orders that are routed away from the Exchange
but are not filled. The Exchange notes that the fees for routing relate
to orders routed through an unaffiliated routing broker-dealer. Routing
services offered by the Exchange and its unaffiliated routing broker-
dealers are completely optional and market participants can readily
select between various providers of routing services, including other
exchanges and broker-dealers.
General Notes
    The Exchange proposes to include a General Notes section at the
beginning of the Fee Schedule. The purpose of the General Notes section
is provide additional clarity to market participants within the Fee
Schedule. The Exchange proposes to include the following General Notes
that will be applicable to the entire Fee Schedule:
     Rebates are indicated by parentheses ( ).
     All references to ``per share'' mean ``per share
executed.''
     Unless otherwise indicated, rebates and charges for
adding, removing or routing liquidity are listed as per share rebates
and charges.
     Web CRD fees set forth in Section 2(c) of the MIAX PEARL
Options Fee Schedule will be assessed on MIAX PEARL Equity Members (as
applicable) and collected by FINRA.
    The Exchange notes that the proposed General Notes section is based
on similar sections included in the fee schedules of other equities
exchanges \15\ and the Exchange believes that including a General Notes
section in the beginning of the Fee Schedule makes the Fee Schedule
more comprehensive and user-friendly
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    \15\ See Cboe BZX Exchange, Inc. Fee Schedule, General Notes
section; Cboe BYX Exchange, Inc., General Notes section; Cboe EDGA
Exchange, Inc., General Notes section; Cboe EDGX Exchange, Inc.,
General Notes section.
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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 \16\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \17\ in
particular, in that it is an equitable allocation of reasonable 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.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(4) and (5).
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    Upon launch, the Exchange will operate in a highly fragmented and
competitive market. The Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Market
participants can readily direct order flow to competing venues if they
deem fee levels at a particular venue to be excessive or rebates/
incentives to be insufficient. The Exchange believes that the proposed
Fee Schedule reflects a simple and competitive pricing structure
designed to incentivize market participants to add aggressively priced
displayed liquidity and direct their order flow to the Exchange, which
the Exchange believes

would promote price discovery and price formation and deepen liquidity
that is subject to the Exchange's transparency, regulation, and
oversight as an exchange, thereby enhancing market quality to the
benefit of all Members and investors.
    The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \18\
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    \18\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005) (File No. S7-10-04) (``Regulation
NMS'').
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    As the Commission itself recognized, the market for trading
services in NMS stocks has become ``more fragmented and competitive.''
\19\ Indeed, equity trading is currently dispersed across 16
exchanges,\20\ 31 alternative trading systems,\21\ and numerous broker-
dealer internalizers and wholesalers, all competing for order flow.
Based on publicly-available information, no single exchange currently
has more than 20% market share (whether including or excluding auction
volume).\22\ Therefore, no exchange possesses significant pricing power
in the execution of equity order flow. More specifically, as noted
earlier, the Exchange has yet to launch trading operations and thus has
a market share of 0% of executed volume of equities trading.
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    \19\ See Securities Exchange Act Release No. 82873 (March 14,
2018), 83 FR 13008 (March 26, 2018) (File No. S7-05-18) (Transaction
Fee Pilot for NMS Stocks).
    \20\ See supra note 5.
    \21\ See supra note 6.
    \22\ See supra note 5.
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    The Exchange has designed its proposed Fee Schedule to balance the
need to attract order flow as a new exchange entrant with the desire to
provide a simple fee structure to market participants. The Exchange
believes its proposed structure enables the Exchange to compete for
order flow. The Exchange believes that the ever-shifting market share
among the exchanges from month to month demonstrates that market
participants can shift order flow, or discontinue to reduce use of
certain categories of products, in response to fee changes. With
respect to nonmarketable order which provide liquidity on an Exchange,
Equity Members can choose from any one of the 16 currently operating
registered exchanges to route such order flow. Accordingly, competitive
forces reasonably constrain exchange transaction fees that relate to
orders that would provide displayed liquidity on an exchange. Stated
otherwise, changes to exchange transaction fees can have a direct
effect on the ability of an exchange to compete for order flow. Given
this competitive environment, the Exchange's proposed transaction fees
and rebates represent a reasonable attempt to attract order flow to a
new exchange entrant.
    The Exchange believes the proposed transaction fees and rebates on
MIAX PEARL Equities are reasonable, equitable and not unfairly
discriminatory. The Exchange notes that it proposes a simple fee
structure, with a standard fee and rebate structure for displayed and
non-displayed orders priced at or above $1.00, while also providing
executions in securities priced below $1.00 and those that occur in the
Exchange's Opening and Re-Opening processes free of charge. This fee
structure is designed to allow the Exchange to attract order flow from
day one while providing market participants with a clear and concise
Fee Schedule.
    MIAX PEARL Equities will operate within a highly competitive market
in which market participants can readily send order flow to several
other competing venues if, among other things, they deem fees at a
particular venue to be unreasonable or excessive. The proposed fee
structure is intended to attract order flow to MIAX PEARL, not only
from the established incumbent exchanges that have fee structures that
are highly tailored to attract order flow from specific types of market
participants, but also new exchanges with similar fee structures as
proposed herein.
    The Exchange believes its proposed fee of $0.0028 per share for
orders that remove liquidity in securities priced above $1.00 is
reasonable, equitable and not unfairly discriminatory because it will
apply to all orders from all market participants and regardless of
whether they are displayed or non-displayed. The Exchange notes that
this fee is also comparable to or lower than the standard fee to remove
liquidity charged by other exchanges.\23\
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    \23\ For example, the New York Stock Exchange trading fee
schedule on its public website reflects fees to ``take'' liquidity
ranging from $0.0024-$0.00275 depending on the type of market
participant, order and execution; see https://www.nyse.com/markets/nyse/trading-info/fees. The Nasdaq Stock Market trading fee schedule
on its public website reflects standard fees to ``remove'' liquidity
of $0.0030 per share for shares executed at or above $1.00 or 0.30%
of total dollar volume for shares executed below $1.00; see http://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2. The Cboe BZX
trading fee schedule on its public website reflects standard fees
for ``removing'' liquidity of $0.0030 for shares executed at or
above $1.00 or 0.30% of total dollar volume for shares executed
below $1.00; see https://markets.cboe.com/us/equities/membership/fee_schedule/bzx/.
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    The Exchange believes that it is appropriate, reasonable, and
consistent with the Act to provide a standard rebate of $0.0028 per
share for displayed orders that add liquidity in securities priced at
or above $1.00 because this rebate is consistent with transaction
rebates provided by other exchanges.\24\ The Exchange further believes
that this rebate structure is equitably allocated and not unfairly
discriminatory because it applies equally to all Equity Members. The
Exchange believes that charging a fee to the Equity Member removing
liquidity, and providing a rebate to the Equity Member adding
liquidity, is reasonable, equitable and not unfairly discriminatory
because it incentivizes liquidity provision on the Exchange. The
Exchange also notes that several other exchanges charge fees for
removing liquidity and provide rebates for adding liquidity, and that
this aspect of the Exchange's proposed Fee Schedule does not raise any
new or novel issues that have not previously been considered by the
Commission in connection with the fees and rebates of other
exchanges.\25\
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    \24\ For example, the New York Stock Exchange trading fee
schedule on its public website reflects a standard rebate for
``adding'' liquidity of $0.0012 for shares executed at or above
$1.00, with various tiers that provide the ability of a firm to
receive a rebate of $0.0029 per share or higher; see https://www.nyse.com/markets/nyse/trading-info/fees. The Nasdaq Stock Market
trading fee schedule on its public website reflects a standard
rebate for ``adding'' liquidity for shares executed at or above
$1.00 of $0.0020 in Tape A and B securities and $0.0015 in Tape C
securities, with various tiers that provide the ability of a firm to
receive a rebate of $0.0029 per share or higher; see http://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2. The Cboe BZX
trading fee schedule on its public website reflects a standard
rebate for ``adding'' liquidity of $0.0020 for shares executed at or
above $1.00, with various tiers that provide the ability of a firm
to receive a rebate of $0.0029 per share or higher; see https://markets.cboe.com/us/equities/membership/fee_schedule/bzx/.
    \25\ See supra notes 23 and 24.
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    The Exchange also believes that it is reasonable, equitable and not
unfairly discriminatory to provide a higher rebate to displayed orders
that add liquidity than to non-displayed orders as this rebate
structure is designed to incentivize Equity Members to send the
Exchange displayable orders, thereby contributing to price discovery
and price formation, consistent with the

overall goal of enhancing market quality. Moreover, the Exchange notes
that there is precedent for exchanges to provide rebates that
distinguish between displayed and non-displayed volume to incentivize
displayed orders and facilitate price discovery.\26\
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    \26\ Id.
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    The Exchange believes its proposal to not charge transaction fees
that occur as part of the Exchange's Opening and Re-Opening or in
securities priced below $1.00 is reasonable, equitable and not unfairly
discriminatory because it will incentivize Equity Members to send
greater order flow to the Exchange in these scenarios, potentially
providing greater liquidity on the Exchange. In addition, the Exchange
believes that its proposal to not charge these fees is fair and
equitable because it provides certainty for Equity Members with respect
to execution costs across all trades, including trades occurring as
part of the Exchange's Opening and Re-Opening and trades in securities
priced below $1.00. The Exchange also believes that this proposal is
nondiscriminatory because it will apply equally to all Equity Members.
    With respect to orders routed to other markets, the Exchange also
believes that it is appropriate, reasonable, and consistent with the
Act to charge a standard fee for routed orders because this fee is
similar to the fees charged by other exchanges for routed orders that
remove liquidity from the destination market.\27\ The Exchange's
initial fee for routing is intended to be a simple and transparent fee
for Equity Members that wish to use routing services provided by the
Exchange. The Exchange reiterates that the routing services offered by
the Exchange and its unaffiliated routing broker-dealers are completely
optional and that the Exchange operates in a highly competitive market
in which market participants can readily select between various
providers of routing services with different product offerings and
different pricing. The Exchange believes that its flat fee structure
for orders routed to all away venues is a fair and equitable approach
to pricing, as it will provide certainty with respect to execution
fees. As a general matter, the Exchange believes that the proposed fees
will allow it to recoup and cover its costs of providing routing
services. The Exchange also believes the standard fee for Routed
Removed Volume is an equitable and not an unfairly discriminatory
allocation of fees because it applies equally to all Equity Members.
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    \27\ For example, the New York Stock Exchange trading fee
schedule on its public website reflects a standard fee for routing
of $0.0035, with a tier that provides a firm the ability to pay a
reduced routing fee of $0.0030; see https://www.nyse.com/markets/nyse/trading-info/fees. The Nasdaq Stock Market trading fee schedule
on its public website reflects a standard routing fee of $0.0030;
see http://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2. The
Cboe BZX trading fee schedule on its public website reflects a
standard fee for routing of $0.0030; see https://markets.cboe.com/us/equities/membership/fee_schedule/bzx/.
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    The Exchange believes its proposal to include a General Notes
section in the Fee Schedule promotes just and equitable principles of
trade, removes impediments to and perfects the mechanism of a free and
open market and a national market system, and, in general protects
investors and the public interest and is not designed to permit unfair
discrimination between customers, issuers, brokers and dealers. The
Exchange believes that the proposal to adopt a General Notes section in
the beginning of the Fee Schedule will provide greater clarity to
Equity Members, non-Members, market participants and the public
regarding the Exchange's fees and rebates, and it is in the public
interest for the Fee Schedule to be transparent, comprehensive and
user-friendly so as to eliminate the potential for confusion.
    In conclusion, the Exchange also submits that its proposed fee
structure satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of
the Act for the reasons discussed above in that it provides for the
equitable allocation of reasonable dues, fees and other charges among
its Members and other persons using its facilities, does not permit
unfair discrimination between customers, issuers, brokers, or dealers,
and 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, particularly as the proposal neither targets
nor will it have a disparate impact on any particular category of
market participant. As described more fully below in the Exchange's
statement regarding the burden on competition, the Exchange believes
that it is subject to significant competitive forces, and that its
proposed fee and rebate structure is an appropriate effort to address
such forces.

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 not necessary or appropriate in
furtherance of the purposes of the Act. Rather, the Exchange believes
that the proposed change would encourage the submission of additional
order flow to a public exchange, thereby promoting market depth,
execution incentives and enhanced execution opportunities, as well as
price discovery and transparency for all Equity Members and non-
Members. As a result, the Exchange believes that the proposed change
furthers the Commission's goal in adopting Regulation NMS of fostering
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.'' \28\
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    \28\ See supra note 18.
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    The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. To the contrary,
the Exchange believes that the proposed pricing structure will increase
competition and is intended to draw volume to the Exchange as it
commences operations. The Exchange believes that the ever-shifting
market share among the exchanges from month to month demonstrates that
market participants can shift order flow or discontinue to reduce use
of certain categories of products, in response to new or different
pricing structures being introduced into the market. Accordingly,
competitive forces constrain the Exchange's transaction fees and
rebates, and market participants can readily trade on competing venues
if they deem pricing levels at those other venues to be more favorable.
As a new exchange, the Exchange expects to face intense competition
from existing exchanges and other non-exchange venues that provide
markets for equities trading. With respect to the Exchange's initial
pricing whereby it will operate with a neutral net capture with respect
to transactions being executed on MIAX PEARL Equities, the Exchange is
proposing this pricing initially upon its launch and for a limited time
thereafter in an effort to encourage market participants to join,
connect to, and participate on the Exchange. The Exchange expects to
modify its pricing structure after it has gained sufficient
participation from market participants to eliminate the neutral net
capture and instead be profitable with respect to such transactions.
Although this pricing incentive is intended to attract liquidity to the
Exchange, most other exchanges in operation today already offer
multiple incentives to their participants, including tiered pricing
that provides higher rebates or discounted executions,

and other exchanges will be able to modify such incentives in order to
compete with the Exchange.
    With respect to the specific pricing resulting in the neutral net
capture, the Exchange also notes that the proposed fee to remove
liquidity is neither the lowest fee in the market today \29\ nor is the
proposed rebate provided to adding liquidity the highest rebate in the
market today.\30\ Accordingly, with respect to a participant deciding
to either submit an order to add liquidity or seeking to remove
liquidity, there are multiple exchanges that will continue to be
competitively priced for such orders when compared to the Exchange's
pricing. Further, while pricing incentives do cause shifts of liquidity
between trading centers, market participants make determinations on
where to provide liquidity or route orders to take liquidity based on
factors other than pricing, including technology, functionality, and
other considerations. Consequently, the Exchange believes that the
degree to which its fees and rebates could impose any burden on
competition is extremely limited, and does not believe that such fees
would burden competition of Equity Members or competing venues in a
manner that is not necessary or appropriate in furtherance of the
purposes of the Act. The Exchange does not believe that the proposed
rule change will impose any burden on intramarket competition that is
not necessary or appropriate in furtherance of the purposes of the Act
because the proposed fees and rebates apply equally to all Equity
Members. The proposed pricing structure is intended to encourage market
participants to add liquidity to the Exchange by providing rebates that
are comparable to those offered by other exchanges as well as to
provide a competitive rate charged for removing liquidity, which the
Exchange believes will help to encourage Equity Members to send orders
to the Exchange to the benefit of all Exchange participants. As the
proposed rates are equally applicable to all market participants, the
Exchange does not believe there is any burden on intramarket
competition.
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    \29\ For example, the Investors Exchange fee schedule on its
public website reflects standard fees for matched liquidity of
$0.0009 for shares executed at or above $1.00, which would apply to
all orders removing liquidity; see https://iextrading.com/trading/fees/. Other markets offering ``taker/maker'' pricing provide
rebates to provide liquidity; see, e.g., Nasdaq BX fee schedule, at
http://www.nasdaqtrader.com/Trader.aspx?id=bx_pricing; Cboe BYX fee
schedule at https://markets.cboe.com/us/equities/membership/fee_schedule/byx/.
    \30\ See supra note 24.
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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,\31\ and Rule 19b-4(f)(2) \32\ 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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    \31\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \32\ 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_ADDRESS>Please include
File Number SR-PEARL-2020-17 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-2020-17. 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-2020-17 and should be submitted on
or before November 3, 2020.
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    \33\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-22477 Filed 10-9-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 5 (Tuesday, January 8, 2019)]
[Notices]
[Page 86]
[FR Doc No: 2018-28477]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. OR19-13-000]

Notice of Petition for Declaratory Order: ONEOK Elk Creek
Pipeline, LLC

    Take notice that on December 20, 2018, pursuant to Rule 207(a)(2)
of the Federal Energy Regulatory Commission's (Commission) Rules of
Practice and Procedure, 18 CFR 385.207(a)(2) (2018), ONEOK Elk Creek
Pipeline, L.L.C. (Elk Creek or Petitioner), filed a petition for a
Declaratory Order approving its open season process as well as certain
terms and conditions for transportation on the Elk Creek pipeline
system that will transport volumes of unfractioned natural gas liquids
from the Rocky Mountain region to available fractionation and
interconnections in Bushton, Kansas, all as more fully explained in the
petition.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Petitioner.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 5 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE, Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the website that enables subscribers to receive email
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern time on January 22, 2019.

    Dated: December 26, 2018.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2018-28477 Filed 1-7-19; 8:45 am]
 BILLING CODE 6717-01-P