Federal Register #SR-EMERALD-2026-09

SEC Notice: MIAX Emerald, LLC Proposed Fee Schedule Amendments for Options Exchange Reports

This notice from the Securities and Exchange Commission (SEC) details a proposed rule change by MIAX Emerald, LLC regarding its Options Exchange Fee Schedule: - Government Buyer: - Securities and Exchange Commission (SEC) - OEM/Vendor: - MIAX Emerald, LLC (operator of the MIAX Emerald Options Exchange) - Products/Services Affected: - Simple Order Report - Annual subscription fee increased from $24,000 to $30,000 - Monthly fee remains $4,000 - Complex Order Report - Annual subscription fee increased from $24,000 to $30,000 - Monthly fee remains $4,000 - Resting Simple Order Report - Annual subscription fee increased from $12,000 to $15,000 - Monthly fee remains $2,000 - Purge Liquidity Taker Report (new offering) - Available starting April 1, 2026 - Annual subscription fee $30,000 - Monthly subscription fee $4,000 - Notable Requirements: - Discount program for market participants purchasing multiple annual subscriptions - Monthly subscriptions will be phased out after December 31, 2026; only annual subscriptions will be available thereafter - Semi-annual renewal dates for annual subscriptions (January 1 and July 1) - Pro-rated fees for subscriptions starting between renewal dates - All changes are specific to MIAX Emerald, LLC's proprietary market data reports; no procurement of physical products or external services is requested - Place of performance and oversight: SEC headquarters, 100 F Street NE, Washington, DC

Description

This notice from the Securities and Exchange Commission announces a proposed rule change by MIAX Emerald, LLC to amend its options exchange fee schedule. The amendments include increasing annual fees for liquidity taker event reports, establishing fees for a new Purge Liquidity Taker Report, introducing a discount program for multiple annual subscriptions, and setting a sunset period for monthly subscriptions. The changes aim to streamline fee structures and improve transparency for market participants.

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