Federal Register #SR-EMERALD-2026-08

MIAX Emerald Options Exchange Fee Schedule Amendment

This notice details MIAX Emerald, LLC's proposed amendments to its Options Exchange Fee Schedule, as published by the Securities and Exchange Commission (SEC): - Government Buyer: - Securities and Exchange Commission (SEC) - OEM/Vendor: - MIAX Emerald, LLC (primary and only OEM/vendor mentioned) - Services/Fees Affected: - Increases to monthly Trading Permit fees for Electronic Exchange Members (EEMs) (from $1,500 to $2,000 per permit) - Tiered monthly Trading Permit fee increases for Market Makers (ranging from $8,000 to $26,000, with volume-based discounts) - Higher network connectivity fees for 1Gb and 10Gb connections to primary/secondary and disaster recovery facilities - Increased monthly fees for various port types: - FIX Ports (order submission) - Full Service MEI Ports (quotes and admin messages) - Limited Service MEI Ports (beyond four free per matching engine) - Purge Ports (quote purge messages) - CTD Ports (real-time clearing trade updates) - FXD Ports (real-time trade execution/correction info) - Notable Requirements: - Fee changes are designed to align MIAX Emerald's rates with those of comparable options exchanges (e.g., Cboe, NYSE American) - No physical products or purchase quantities are requested; this is a fee schedule amendment, not a procurement for goods or services - Place of Performance/Contracting Office: - Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090

Description

MIAX Emerald, LLC filed a proposed rule change with the Securities and Exchange Commission to amend its Options Exchange Fee Schedule by increasing various non-transaction fees that have not been updated since 2020. The amendments include raising monthly Trading Permit fees for Electronic Exchange Members and Market Makers, as well as increasing connectivity fees for different port types. The purpose is to align fees with current market rates and remain competitive with other exchanges. The proposal was filed on March 25, 2026, and is effective immediately.

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