Federal Register 60-Day Notice

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Federal Register / Vol. 90, No. 106 / Wednesday, June 4, 2025 / Notices
exchanges that offer similar data
products to their customers; and (ii) the
existence of inexpensive real-time
consolidated data disseminated by the
SIPs. Top of book data is disseminated
by both the SIPs and the sixteen equities
exchanges. There are therefore a number
of alternative products available to
market participants and investors. In
this competitive environment potential
subscribers are free to choose which
competing product to purchase to
satisfy their need for market
information. Often, the choice comes
down to price, as broker-dealers or
vendors look to purchase the cheapest
top of book data product, or quality, as
market participants seek to purchase
data that represents significant market
liquidity. In order to better compete for
this segment of the market, the
Exchange is proposing to reduce the
cost of top of book data provided by
Hosting Small Retail Broker Distributors
to its External Hosted Subscribers, and
in turn, their retail investors. The
Exchange believes that this would
facilitate greater access to such data,
ultimately benefiting the retail investors
that are provided access to such market
data.
The Exchange does not believe that
this price reduction would cause any
unnecessary or inappropriate burden on
intermarket competition as other
exchanges and data vendors are free to
lower their prices to better compete
with the Exchange’s offering. Indeed, as
explained in the basis section of this
proposed rule change, the Exchange’s
decision to (i) waive the Distribution
Fee for the Hosting Small Retail Broker
and the External Hosted Subscriber and
(ii) waiving the Consolidation Fee
(when applicable) for the External
Hosted Subscriber and (iii) setting a
fixed cost for the Non-Professional
Users for the External Hosted Subscriber
is itself a competitive response to
different fee structures available on
competing markets. The Exchange
therefore believes that the proposed rule
change is pro-competitive as it seeks to
offer pricing incentives to customers to
better position the Exchange as it
competes to attract additional market
data subscribers. The Exchange also
believes that the proposed reduction in
fees the Hosting Small Retail Broker and
the External Hosted Subscriber would
not cause any unnecessary or
inappropriate burden on intramarket
competition. Although the proposed fee
discount would be largely limited to
small retail broker subscribers, larger
broker-dealers and vendors can already
purchase top of book data from the
Exchange at prices that represent a

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significant cost savings when compared
to competitor products that combine
higher subscriber fees with lower fees
for distribution. In light of the benefits
already provided to this group of
subscribers, the Exchange believes that
additional discounts to small retail
brokers would increase rather than
decrease competition among brokerdealers that participate on the Exchange.
Furthermore, as discussed earlier in this
proposed rule change, the Exchange
believes that offering pricing benefits to
brokers that represent retail investors
facilitates the Commission’s mission of
protecting ordinary investors, and is
therefore consistent with the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
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)
of the Act 23 and paragraph (f) of Rule
19b–4 24 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 will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
CboeBYX–2025–014 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
23 15
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U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).

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Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to file
number SR–CboeBYX–2025–014. 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 (https://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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–CboeBYX–2025–014 and should be
submitted on or before June 25, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.25
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–10118 Filed 6–3–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0107]

Proposed Collection; Comment
Request; Extension: Form T–4—
Application for Exemption
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
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CFR 200.30–3(a)(12).

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Federal Register / Vol. 90, No. 106 / Wednesday, June 4, 2025 / Notices

(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Form T–4 (17 CFR 269.4) is a form
used by an issuer to apply for an
exemption under Section 304(c) (15
U.S.C. 77ddd (c)) of the Trust Indenture
Act of 1939 (77 U.S.C. 77aaa et seq.). We
estimate that Form T–4 takes
approximately 5 hours per response to
prepare and is filed by approximately 3
respondents annually. We estimate that
20% of the 5 burden hours (1 hour per
response) is prepared by the filer for a
total annual reporting burden of 3 hours
(1 hour per response × 3 responses
annually). We estimate that 80% of the
5 burden hours (4 hours per response)
is carried by outside professionals
retained by the filer to assist in the
preparation of the form, at an estimated
cost of $600 per hour, for a total annual
cost burden of $7,200 (4 hours per
response × $600 per hour × 3 responses
annually).
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
Control Number.
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the SEC,
including whether the information will
have practical utility; (b) the accuracy of
the SEC’s estimate of the burden
imposed by the proposed collection of
information, including the validity of
the methodology and the assumptions
used; (c) ways to enhance the quality,
utility, and clarity of the information to
be collected; and (d) ways to minimize
the burden of the collection of
information on respondents, including
through the use of automated, electronic
collection techniques or other forms of
information technology.
Please direct your written comment to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg, 100
F Street NE, Washington, DC 20549 and
send it by email to
[email protected] by
August 4, 2025.
Dated: May 29, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–10095 Filed 6–3–25; 8:45 am]
BILLING CODE 8011–01–P

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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103150; File No. SR–
PEARL–2025–24]

Self-Regulatory Organizations; MIAX
PEARL, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the MIAX Pearl
Equities Fee Schedule To Amend the
Fees for Ports
May 29, 2025.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 22,
2025, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
fee schedule (the ‘‘Fee Schedule’’)
applicable to the Exchange’s equities
trading platform (‘‘MIAX Pearl
Equities’’ 3) to amend the fees for three
types of ports, FIX, MEO, and FXD, each
of which are described below.
Specifically, the Exchange proposes to
eliminate the tiered pricing structure by
no longer providing a certain number of
FIX and MEO ports for free and subject
each purchased FIX and MEO port to
the same fee. Likewise, the Exchange
proposes to no longer provide all FXD
ports for free and subject each
purchased FXD port to the same fee as
the Exchange charges for each FIX and
MEO port. As a result of these changes,
the Exchange also proposes to amend
the Fee Schedule to remove the defined
term ‘‘Waiver Period’’ 4 as there will no
longer be any fees subject to a Waiver
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 All references to the ‘‘Exchange’’ in this filing
refer to MIAX Pearl Options. Any references to the
equities trading facility of MIAX PEARL, LLC will
specifically be referred to as ‘‘MIAX Pearl Equities.’’
4 The term ‘‘Waiver Period’’ means, for each
applicable fee, the period of time from the initial
effective date of the MIAX Pearl Equities Fee
Schedule until such time that MIAX Pearl has an
effective fee filing establishing the applicable fee.
MIAX Pearl Equities will issue a Regulatory
Circular announcing the establishment of an
applicable fee that was subject to a Waiver Period
at least fifteen (15) days prior to the termination of
the Waiver Period and effective date of any such
applicable fee. See the Definitions section of the Fee
Schedule.
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Period upon the effectiveness of this
filing. As described more fully below,
the proposed fees described herein for
each FIX, MEO and FXD port are
comparable to, or lower than, the fees
charged by other exchanges for similar
port connectivity.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxglobal.com/markets/
us-options/pearl-options/rule-filings 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
fees for three types of ports, FIX, MEO,
and FXD, each of which are described
below. Specifically, the Exchange
proposes to eliminate the tiered pricing
structure by no longer providing a
certain number of FIX and MEO ports
for free and subject each purchased FIX
and MEO port to the same fee. Likewise,
the Exchange also proposes to no longer
provide all FXD ports for free and
subject each purchased FXD port to the
same fee as each FIX and MEO port. As
a result of these changes, the Exchange
also proposes to amend the Fee
Schedule to remove the defined term
‘‘Waiver Period’’ as there will no longer
be any fees subject to a Waiver Period
upon the effectiveness of this filing. As
described more fully below, the
proposed fees described herein for each
FIX, MEO and FXD port are comparable
to, or lower than, the fees charged by
other exchanges for similar port
connectivity.
The Exchange offers Equity Members 5
three types of ports: (i) FIX ports; 6 (ii)
5 The term ‘‘Equity Member’’ means a Member
authorized by the Exchange to transact business on
MIAX PEARL Equities. See Exchange Rule 1901.
6 The term ‘‘FIX Port’’ means a FIX port that
allows Equity Members to send orders and other

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