Federal Register #SR-PEARL-2026-35

MIAX PEARL, LLC Rule Change: Options Exchange Fee Schedule Routing Fee Table Amendment

This opportunity concerns a regulatory notice from the Securities and Exchange Commission (SEC) about proposed changes to the MIAX PEARL Options Exchange Fee Schedule. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors Mentioned: - MIAX PEARL, LLC - MX2 LLC (MX2 Options) - Investors Exchange LLC (IEX Options) - Nasdaq Texas LLC (formerly Nasdaq BX Options) - Miami International Securities Exchange, LLC (MIAX) - MIAX Emerald, LLC - MIAX Sapphire - Cboe BZX Exchange, Inc. - NYSE American - Cboe - Cboe EDGX Options - Nasdaq PHLX - Nasdaq MRX - BOX - NYSE Arca Options - Cboe C2 - Nasdaq GEMX - Nasdaq ISE - NOM - MEMX - Products/Services Requested: - Amendment to MIAX Pearl Options Exchange Fee Schedule - Add MX2 LLC and Investors Exchange LLC (IEX) to routing fee table - Rename Nasdaq BX Options to Nasdaq Texas Options - Adjust fees and rebates for Non-Penny Classes based on order origin - Unique or Notable Requirements: - No procurement of goods or services; this is a regulatory change affecting exchange routing fees - Changes are intended to better reflect routing costs and provide increased routing options for MIAX Pearl members - No purchase quantities or part numbers specified - Technical Information: - Fee schedule amendments impact routing of customer orders to new and renamed options trading facilities - Adjustments apply to both Penny and Non-Penny Classes, with specific focus on Non-Penny Classes for certain order origins

Description

MIAX PEARL, LLC filed a proposed rule change to amend the MIAX Pearl Options Exchange Fee Schedule. The amendment involves updating the routing fee table to include new options trading facilities MX2 LLC and Investors Exchange LLC (IEX), reflecting the launch of MX2 Options and IEX Options. The proposal also updates the name change of Nasdaq BX Options to Nasdaq Texas Options. The changes aim to better reflect the costs associated with routing customer orders to these exchanges and provide increased routing options for members. The fee schedule changes will become effective on August 1, 2026.

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