Federal Register #SR-PEARL-2026-24

MIAX Pearl Options Exchange Proposed Non-Transaction Fee Increases

This notice details a proposed rule change by MIAX PEARL, LLC to amend its Options Exchange Fee Schedule, focusing on non-transaction fees: - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM Highlight: - MIAX PEARL, LLC (operator of the MIAX Pearl Options Exchange) - Products/Services and Fees: - Increases to monthly Trading Permit fees for Electronic Exchange Members (EEMs), Market Makers, and EEM Clearing Firms - Tiered fees based on interface type (FIX, MEO) and trading volume - Market Maker permit fees range from $3,500 to $10,000 per month depending on number of option classes or share of national ADV - EEM permit fees range from $300 to $625 per month by interface and tier - EEM Clearing Firm permit fee: $300 per month - Connectivity fees: - 1Gb connection to primary/secondary facility: $1,500 per connection - 1Gb connection to disaster recovery: $650 per connection - 10Gb connection to disaster recovery: $3,500 per connection - 10Gb ultra-low latency to primary/secondary: $15,000 per connection - Port fees: - FIX Port: $350 for first port, $225 for second to fifth, $100 for sixth or more - Full Service MEO Port (Single): $4,500 per month - Full Service MEO Port (Bulk): $5,500 to $13,000 per month for Market Makers (tiered by option class volume), $8,000 for EEMs - Limited Service MEO Port: $225 to $475 per port (third and above) - MEO Purge Port: $700 per matching engine - CTD Port: $575 per month - FXD Port: $325 per month - Notable Requirements: - Fee increases are designed to align with current market rates and remain competitive with other options exchanges (e.g., Cboe, NYSE American) - No specific products or purchase quantities are being procured; this is a regulatory fee adjustment - No comments were received on the proposal

Description

This notice announces a proposed rule change by MIAX PEARL, LLC 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 (EEMs) and Market Makers, adjustments to connectivity fees for primary, secondary, and disaster recovery facilities, and changes to fees for various port types such as FIX, MEO, MEO Purge, CTD, and FXD ports. The purpose is to align fees with current market rates and remain competitive with other options exchanges, as many fees have not been increased since 2018.

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