Federal Register #SR-EMERALD-2026-21

MIAX Emerald, LLC Rule Change: Options Exchange Fee Schedule Routing Amendments

This opportunity involves a proposed rule change by MIAX Emerald, LLC to amend its Options Exchange Fee Schedule. - Government buyer: - Securities and Exchange Commission (SEC) - OEMs and exchanges involved: - MIAX Emerald, LLC - MX2 LLC - Investors Exchange LLC (IEX Options) - Nasdaq Texas Options (formerly Nasdaq BX Options) - MIAX Pearl - MIAX Sapphire - Cboe BZX Options - Other affected exchanges - Products/services requested: - No products or services are being procured; this is a regulatory notice regarding fee schedule amendments - Unique or notable requirements: - Addition of routing options for Member orders to MX2 LLC and Investors Exchange LLC - Update of exchange name from Nasdaq BX Options to Nasdaq Texas Options - Adjustment of exchange groupings related to MIAX Pearl - Changes intended to better reflect routing costs and provide increased routing options for Members - No procurement or contract value is associated with this notice; it is a regulatory update impacting fee structures for options trading

Description

MIAX Emerald, LLC proposes to amend its Options Exchange Fee Schedule to update the routing fee table. The changes include adding Member orders routed to MX2 LLC and Investors Exchange LLC in anticipation of their new options trading facilities, updating the name of Nasdaq BX Options to Nasdaq Texas Options, and adjusting exchange groupings related to MIAX Pearl. These amendments aim to better reflect the costs associated with routing orders to away markets and provide increased routing options for Members. The proposal is effective August 1, 2026, and comments are invited until September 8, 2026.

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