Opportunity
Federal Register #SR-EMERALD-2026-18
SEC Notice: MIAX Emerald Options Regulatory Fee and Cboe Exchange Rule Changes
Buyer
Securities and Exchange Commission
Posted
July 16, 2026
Respond By
August 06, 2026
Identifier
SR-EMERALD-2026-18
NAICS
523210
This notice from the Securities and Exchange Commission (SEC) details proposed rule changes by MIAX Emerald, LLC and Cboe Exchange, Inc. regarding regulatory fees and definitions on their respective options exchanges. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - MIAX Emerald, LLC (primary OEM/vendor for the Options Regulatory Fee) - Cboe Exchange, Inc. (proposing rule change on Professional definition) - Products/Services Requested: - Options Regulatory Fee (ORF) set at $0.0220 per contract side, assessed by MIAX Emerald, LLC on customer options transactions clearing at The Options Clearing Corporation (OCC) - Monthly review requirement for orders from entities defined as Professionals on Cboe Exchange, Inc. - Unique or Notable Requirements: - The ORF is designed to cover a material portion of MIAX Emerald's regulatory costs related to customer options business, including surveillance, investigations, and examinations - The rule change clarifies the methodology for assessing and collecting the ORF and removes obsolete text - Cboe Exchange's proposal aims to enhance regulatory clarity by requiring monthly reviews of Professional orders - No products or traditional services are being procured; this is a regulatory notice regarding fee and rule changes
Description
The Securities and Exchange Commission published a notice regarding MIAX Emerald, LLC's filing of a proposed rule change to amend the exchange's Options Regulatory Fee (ORF). The amendment sets the ORF rate effective July 1, 2026, to $0.0220 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 proposal aims to ensure regulatory fees cover a material portion of regulatory costs without exceeding them.