Federal Register #SR-PEARL-2026-14

SEC Notice: MIAX PEARL, LLC Options Exchange Fee Schedule Amendments

This notice from the Securities and Exchange Commission (SEC) details MIAX PEARL, LLC's immediate rule change to its options exchange fee schedule: - Government Buyer: - Securities and Exchange Commission (SEC) - OEM/Vendor: - MIAX PEARL, LLC (self-regulatory organization and operator of the MIAX Pearl Options Exchange) - Products/Services (Fee Schedule Amendments): - Increases to monthly Trading Permit fees for Electronic Exchange Members (EEMs) and Market Makers - EEMs (FIX Interface): $300–$550/month (tiered) - EEMs (MEO Interface): $375–$625/month (tiered) - EEM Clearing Firms: $300/month (flat) - Market Makers: $3,500–$10,000/month (tiered by number of classes) - Connectivity Fees: - Primary/Secondary Facility: $1,500 per 1Gb, $15,000 per 10Gb ultra-low latency connection - Disaster Recovery Facility: $650 per 1Gb, $3,500 per 10Gb connection - Port Fees: - FIX Port: $350 (first), $225 (2nd–5th), $100 (6th+) - Full Service MEO Port (Single): $4,500/month (up to 24 ports) - Full Service MEO Port (Bulk) for Market Makers: $5,500–$13,000/month (tiered) - Full Service MEO Port (Bulk) for EEMs: $8,000/month - Limited Service MEO Port: $0–$475/month (tiered) - MEO Purge Port: $700/matching engine/month - CTD Port: $575/port/month - FXD Port: $325/port/month - Notable Requirements: - Fee changes are designed to align MIAX PEARL's rates with those of other major options exchanges (e.g., Cboe, NYSE American) - Tiered fee structures based on volume, interface type, or number of classes - No procurement of physical products or services; this is a regulatory fee adjustment - No specific period of performance or delivery requirements - Locations: - SEC headquarters (Washington, DC) - MIAX PEARL, LLC (federal facility)

Description

MIAX PEARL, LLC filed a proposed rule change with the Securities and Exchange Commission to amend its options exchange fee schedule, specifically targeting non-transaction fees. The amendments include increases to monthly Trading Permit fees for Electronic Exchange Members and Market Makers, connectivity fees, and various port fees. These changes aim to align MIAX Pearl's fees with those of comparable options exchanges and have been effective immediately upon filing.

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