Federal Register #SR-PEARL-2026-33

SEC Notice: MIAX PEARL Options Regulatory Fee and Cboe BZX Professional Order Review Rule Changes

This notice details proposed rule changes by self-regulatory organizations in the options trading sector: - Government Buyer: - U.S. Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors Mentioned: - MIAX PEARL, LLC (options exchange and fee originator) - The Options Clearing Corporation (OCC) (clearinghouse) - Cboe BZX Exchange, Inc. (options exchange) - Products/Services Requested: - Options Regulatory Fee (ORF) adjustment by MIAX PEARL, LLC - New ORF rate: $0.0240 per contract side - Applies to customer options transactions executed on MIAX Pearl Exchange and cleared at OCC - Clarifies methodology for fee assessment and collection - Professional Order Review Service by Cboe BZX Exchange, Inc. - Changes review frequency for Professional order status from quarterly to monthly - Unique or Notable Requirements: - No procurement of physical products or IT solutions; changes are regulatory and procedural - Fee changes and review process updates are designed to improve transparency and compliance for market participants - No part numbers, hardware, or software specified

Description

The Securities and Exchange Commission has issued a notice regarding a proposed rule change by MIAX PEARL, LLC to amend the exchange's options regulatory fee (ORF). The proposal sets the ORF rate effective July 1, 2026, to $0.0240 per contract side and clarifies the ORF collection methodology. The fee applies to options transactions that clear in the customer range at The Options Clearing Corporation and is assessed to members for executions on the exchange. The change aims to ensure regulatory fees cover a material portion of the exchange's regulatory costs while providing clarity to market participants.

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