Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 2613 Usage of Data Feeds

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Release No. 34-103919; File No. SR-PEARL-2025-43]</DEPDOC> <SUBJECT>Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 2613 Usage of Data Feeds</SUBJECT> <DATE>September 9, 2025.</DATE> Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)  <SU>1</SU> <FTREF/> and Rule 19b-4 thereunder, <SU>2</SU> <FTREF/> notice is hereby given that on August 29, 2025, MIAX PEARL, LLC (“MIAX Pearl” or “Exchange”), <SU>3</SU> <FTREF/> filed with the Securities and Exchange Commission (“Commission”) a proposed rule change as described in Items I and II 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. <FTNT> <SU>1</SU>  15 U.S.C. 78s(b)(1). </FTNT> <FTNT> <SU>2</SU>  17 CFR 240.19b-4. </FTNT> <FTNT> <SU>3</SU>  All references to “MIAX Pearl” in this filing are to MIAX Pearl Equities, the equities trading facility of MIAX PEARL, LLC. <E T="03">See</E> Exchange Rule 1901. </FTNT> <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD> The Exchange proposes to amend Exchange Rule 2613 to specify the Exchange's source of market data for 24X National Exchange LLC (“24X”). The text of the proposed rule change is available on the Exchange's website at <E T="03">https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings,</E> at MIAX Pearl's principal office. <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> In its filing with the Commission, MIAX Pearl 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. MIAX Pearl has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> <HD SOURCE="HD3">1. Purpose</HD> The Exchange proposes to update and amend the use of data feeds table in Exchange Rule 2613, which sets forth on a market-by-market basis the specific securities information processor (“SIP”) and proprietary data feeds that the Exchange utilizes for the handling, execution, and routing of orders, and for performing the regulatory compliance checks related to each of those functions. Specifically, the Exchange proposes to amend the table in Rule 2613(a) to specify that, with respect to 24X, the Exchange will receive the SIP feed as its primary source of data for order handling, order execution, order routing, and regulatory compliance. The Exchange will not have a secondary source for data from 24X. <SU>4</SU> <FTREF/> <FTNT> <SU>4</SU>  24X announced that the first stage of 24 X National Exchange will launch on September 29, 2025. <E T="03">See</E> 24 Exchange Announces Launch Date for First Stage of 24X National Exchange, the First SEC-Approved 23/5 Stock Exchange, <E T="03">available at https://equities.24exchange.com/posts/24-exchange-announces-launch-date-for-first-stage-of-24x-national-exchange-the-first-sec-approved-235-stock-exchange</E> . </FTNT> <HD SOURCE="HD3">2. Statutory Basis</HD> The proposed rule change is consistent with Section 6(b) of the Act, <SU>5</SU> <FTREF/> in general, and furthers the objectives of Section 6(b)(5), <SU>6</SU> <FTREF/> in particular, because 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 mechanism of, a free and open market and a national market system and, in general, to protect investors and the public interest. The Exchange believes its proposal to amend the table in Exchange Rule 2613(a) to include the data feed source for 24X will ensure that Rule 2613 correctly identifies and publicly states on a market-by-market basis all of the specific SIP and proprietary data feeds that the Exchange utilizes for the handling, execution, and routing of orders, and for performing the regulatory compliance checks for each of those functions. The proposed rule change also removes impediments to and perfects the mechanism of a free and open market and protects investors and the public interest by providing additional specificity, clarity, and transparency in the Exchange's rules. <FTNT> <SU>5</SU>  15 U.S.C. 78f(b). </FTNT> <FTNT> <SU>6</SU>  15 U.S.C. 78f(b)(5). </FTNT> <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD> The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed change is not designed to address any competitive issue, but rather would provide the public and market participants with up-to-date information about the data feeds the Exchange will use for the handling, execution, and routing of orders, as well as for regulatory compliance. <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD> Written comments were neither solicited nor received. <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD> The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act  <SU>7</SU> <FTREF/> and Rule 19b-4(f)(6)  <SU>8</SU> <FTREF/> thereunder. Because the foregoing proposed rule change does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; or (iii) become operative for 30 days after the date of filing, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act  <SU>9</SU> <FTREF/> and Rule 19b-4(f)(6)  <SU>10</SU> <FTREF/> thereunder. <FTNT> <SU>7</SU>  15 U.S.C. 78s(b)(3)(A). </FTNT> <FTNT> <SU>8</SU>  17 CFR 240.19b-4(f)(6). </FTNT> <FTNT> <SU>9</SU>  15 U.S.C. 78s(b)(3)(A). </FTNT> <FTNT> <SU>10</SU>  17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires the Exchange to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. </FTNT> A proposed rule change filed under Rule 19b-4(f)(6)  <SU>11</SU> <FTREF/> normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii), <SU>12</SU> <FTREF/> the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative on September 29, 2025, the date on which 24X announced it will begin to trade equities securities. The Exchange states that the proposal is designed to identify the data feed to be used for 24X. For these reasons, and because this proposal does not raise any novel regulatory issues, the Commission finds that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing. <SU>13</SU> <FTREF/> <FTNT> <SU>11</SU>  17 CFR 240.19b-4(f)(6). </FTNT> <FTNT> <SU>12</SU>  17 CFR 240.19b-4(f)(6)(iii). </FTNT> <FTNT> <SU>13</SU>  For purposes only of waiving the 30-day operative delay, the Commission also has considered the proposed rule's impact on efficiency, competition, and capital formation. <E T="03">See</E> 15 U.S.C. 78c(f). </FTNT> 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 under Section 19(b)(2)(B)  <SU>14</SU> <FTREF/> of the Act to determine whether the proposed rule change should be approved or disapproved. <FTNT> <SU>14</SU>  15 U.S.C. 78s(b)(2)(B). </FTNT> <HD SOURCE="HD1">IV. Solicitation of Comments</HD> 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: <HD SOURCE="HD2">Electronic Comments</HD> • Use the Commission's internet comment form ( <E T="03">https://www.sec.gov/rules/sro.shtml</E> ); or • Send an email to <E T="03">rule-comments@sec.gov</E> . Please include file number SR-PEARL-2025-43 on the subject line. <HD SOURCE="HD2">Paper Comments</HD> • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. <FP> All submissions should refer to file number SR-PEARL-2025-43. This file number ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 11k characters. Full document text is stored and available for version comparison. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━