MIAX Options Fee Schedule Amendment - Non-Transaction Fee Updates

18946

registrant's application to withdraw a (''Commission'') the proposed rule consistent with Section 11A(a)(1)(C)(iii) of the Act.Accordingly, pursuant to change as described in Items I, II, and registration statement to determine Section 19(b)(2) of the Act,the III below, which Items have been whether to grant such application 36Commission finds good cause to prepared by the Exchange. The (based on whether such withdrawal is approve the proposed rule change, as Commission is publishing this notice to consistent with the public interest and modified by Amendment No. 2, on an solicit comments on the proposed rule the protection of investors). The accelerated basis. change from interested persons. information required by Rule 477 is mandatory and is publicly available on VI. Conclusion I. Self-Regulatory Organization's the Commission's Electronic Data Statement of the Terms of Substance of It is therefore ordered, pursuant to Gathering, Analysis, and Retrieval the Proposed Rule Change Section 19(b)(2) of the Act,that the (''EDGAR'') system. We estimate that 37proposed rule change (SR-NYSETEX- approximately 548 registrants file a 2026-05), as modified by Amendment MIAX Options Exchange Fee Schedule withdrawal application under Rule 477, No. 2, be, and it hereby is, approved on (the ''Fee Schedule'') to update various once per year each, for a total estimate an accelerated basis. non-transaction fees that have not been of 548 responses annually. We estimate changed in a number of years to be that Rule 477 requires one burden hour For the Commission, by the Division of comparable to fees charged by other like per response for a total annual burden Trading and Markets, pursuant to delegated exchanges for similar products. authority. of approximately 548 hours. We 38 The text of the proposed rule change Sherry R. Haywood, estimate that registrants carry 100% of is available on the Exchange's website at the burdens associated with Rule 477 Assistant Secretary. https://www.miaxglobal.com/markets/ internally and, therefore, that there is no [FR Doc. 2026-07036 Filed 4-10-26; 8:45 am] us-options/all-options-exchanges/rule- cost burden associated with Rule 477. filings and at MIAX's principal office. BILLING CODE 8011-01-P An agency may not conduct or sponsor, and a person is not required to II. Self-Regulatory Organization's SECURITIES AND EXCHANGE respond to, a collection of information Statement of the Purpose of, and COMMISSION unless it displays a currently valid OMB Statutory Basis for, the Proposed Rule Control Number. Change [OMB Control No. 3235-0550] The public may view and comment In its filing with the Commission, the on this information collection request Agency Information Collection Exchange included statements at: https://www.reginfo.gov/public/do/ Activities; Submission for OMB concerning the purpose of and basis for PRAViewICR?refnbr=202601-3235-006 Review; Comment Request; Extension: the proposed rule change and discussed or send an email comment to Securities Act Rule 477 any comments it received on the MBX.OMB.OIRA.SECdesk_officer@ proposed rule change. The text of these Upon Written Request, Copies Available omb.eop.gov within 30 days of the day statements may be examined at the From: Securities and Exchange after publication of this notice by May places specified in Item IV below. The Commission, Office of FOIA Services, 14, 2026. Exchange has prepared summaries, set 100 F Street NE, Washington, DC forth in sections A, B, and C below, of Dated: April 8, 2026. 20549-2736 the most significant aspects of such Sherry R. Haywood, Notice is hereby given that, pursuant statements. to the Paperwork Reduction Act of 1995 Assistant Secretary. (44 U.S.C. 3501 et seq.), the Securities A. Self-Regulatory Organization's [FR Doc. 2026-07047 Filed 4-10-26; 8:45 am] and Exchange Commission Statement of the Purpose of, and BILLING CODE 8011-01-P (''Commission'') has submitted to the Statutory Basis for, the Proposed Rule Office of Management and Budget this Change SECURITIES AND EXCHANGE request for extension of the previously 1. Purpose COMMISSION approved collection of information discussed below. The Exchange first launched [Release No. 34-105179; File No. SR-MIAX- Rule 477 (17 CFR 230.477) under the operations in December 2012 to attract 2026-12] Securities Act of 1933 (15 U.S.C. 77a et order flow and encourage market seq.) sets forth procedures for Self-Regulatory Organizations; Miami participants to experience the high withdrawing a registration statement, International Securities Exchange, determinism and resiliency of the including any amendments or exhibits LLC; Notice of Filing and Immediate Exchange's trading Systems. To do so, 3to the registration statement. The rule Effectiveness of a Proposed Rule the Exchange took a pragmatic and provides that a registrant must sign any Change To Amend MIAX Options thoughtful approach to each fee application for withdrawal and must Exchange Fee Schedule To Amend proposal to encourage and increase state fully in it the grounds on which Non-Transaction Fees participation in its marketplace while the registrant makes the application. being mindful of fee levels charged by April 8, 2026. The rule further provides that the other exchanges for similar products Pursuant to Section 19(b)(1) of the registrant must state in the application and services. The Exchange now Securities Exchange Act of 1934 (''Act'' that no securities were sold in proposes to amend various fees for non- or ''Exchange Act''), and Rule 19b-4 connection with the offering. Rule 477's transaction related services to be in line 1thereunder, notice is hereby given that information collection requirements with those of other options exchanges 2on March 25, 2026, Miami International help to ensure that the Commission has and enable it to continue to effectively Securities Exchange, LLC (''MIAX'' or sufficient information regarding a compete with other exchanges who ''Exchange'') filed with the Securities charge higher non-transaction fees and and Exchange Commission See supra note 25 and accompanying text. 3515 U.S.C. 78s(b)(2). The term ''System'' means the automated 36 315 U.S.C. 78s(b)(1). Id. trading system used by the Exchange for the trading 37117 CFR 200.30-3(a)(12). 17 CFR 240.19b-4. of securities. See Exchange Rule 100. 382

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00137 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18947

generate greater revenue. This proposal Monthly Trading Permit Fees listed option classes are excluded from simply seeks to increase certain fees to the calculation of the monthly Trading reflect current market rates. The Permit fee until the calendar quarter Fee Schedule to amend the amount of Exchange notes that significant portion following their listing, at which time the the monthly Trading Permit fees of the fees for non-transaction related newly listed option classes will be assessed to EEMs and Market Makers. services that are the subject of this filing included in both the per class count and EEMs have not been increased since 2015. the percentage of total national average Specifically, the Exchange proposes to daily volume. The Exchange notes that Trading amend the Fee Schedule to amend the Currently, the Exchange assess the Permit fees for EEMs have not been following non-transaction fees: (1) following Trading Permit fees to Market amended since January 1, 2015. The 13monthly Trading Permit fees Makers: Exchange assesses a flat monthly fee of 4 • $7,000 for Market Maker applicable to Electronic Exchange $1,500 per Trading Permit to each EEM. Members (''EEMs'') and Market registrations in up to 10 option classes The Exchange now proposes to increase 5Makers; (2) connectivity fees to the or up to 20% of option classes by the monthly Trading Permit fee assessed 6 to EEMs from $1,500 to $2,000. • $12,000 for Market Maker recovery facility for Members and non- 7 Market Makers registrations in up to 40 option classes Members; and (3) FIX, MEI, Purge, 8 9 10and FXD Port fees. or up to 35% of option classes by ADV; The monthly Trading Permit fees for 11 12 • $17,000 for Market Maker Market Makers have not been amended registrations in up to 100 option classes since May 1, 2015. Currently, the The term ''Trading Permit'' means a permit 144 Exchange assesses monthly Trading issued by the Exchange that confers the ability to and transact on the Exchange. See Exchange Rule 100. Permit fees to Market Makers based on • $22,000 for Market Maker The term ''Electronic Exchange Member'' or the lesser of either the per class basis or 5''EEM'' means the holder of a Trading Permit who registrations in over 100 option classes percentage of total national average is not a Market Maker. Electronic Exchange daily volume (''ADV'') measurements. Members are deemed ''members'' under the The amount of the monthly Trading Exchange Act. See Exchange Rule 100. The Exchange also assesses an The term ''Market Makers'' refers to ''Lead Permit fee is based upon the number of 6Market Makers,'' ''Primary Lead Market Makers,'' alternative lower Trading Permit fee to classes in which the Market Maker was and ''Registered Market Makers'' collectively. See Market Makers who fall within the 3rd assigned to quote on any given day Exchange Rule 100. and 4th levels of the Market Maker within the calendar month, or upon The term ''Member'' means an individual or 7 Trading Permit fee table, which levels class volume percentages. The Exchange organization approved to exercise the trading rights associated with a Trading Permit. Members are are described immediately above, if will assess MIAX Market Makers the deemed ''members'' under the Exchange Act. See certain volume thresholds are met. This monthly Trading Permit fee based on Exchange Rule 100. alternative lower Trading Permit fee for the greatest number of classes listed on A FIX Port is an interface with MIAX systems 8 Market Makers is set forth in footnote MIAX that the Market Maker was that enables the Port user (typically an Electronic Exchange Member or a Market Maker) to submit '''' that is included in the Market assigned to quote in on any given day simple and complex orders electronically to MIAX. Maker Trading Permit fee table and within a calendar month. The class 15See Fee Schedule, Section 5)d), footnote 24. provides that if the Market Maker's total volume percentage is based on the total MIAX Express Interface is a connection to MIAX 9 monthly executed volume during the national ADV in classes listed on MIAX systems that enables Market Makers to submit relevant month is less than 0.060% of simple and complex electronic quotes to MIAX. See in the prior calendar quarter. Newly Fee Schedule, Section 5)d), footnote 26. Full the total monthly executed volume Service MEI Ports provide Market Makers with the reported by OCC in the market maker ability to send Market Maker simple and complex Release No. 104589 (January 13, 2026), 91 FR 2195 account type for MIAX-listed option quotes, eQuotes, and quote purge messages to the (January 16, 2026) (SR-MIAX-2025-50). On MIAX System. Full Service MEI Ports are also January 30, 2026, the Exchange withdrew SR- classes for that month, then the fee will capable of receiving administrative information. MIAX-2025-50 and refiled this proposal. See be $15,500 instead of the fee otherwise Market Makers are limited to two Full Service MEI Securities Exchange Act Release No. 104836 applicable to such level. Ports per matching engine. See Fee Schedule, (February 12, 2026), 91 FR 7549 (February 18, 2026) The Exchange now proposes to Section 5)d), footnote 27. Limited Service MEI Ports (SR-MIAX-2026-07). On March 25, 2026, the increase the Trading Permit fees Exchange withdrew SR-MIAX-2026-07 and refiled provide Market Makers with the ability to send simple and complex eQuotes and quote purge this proposal. assessed to Market Makers, which, as messages only, but not Market Maker Quotes, to the See Securities Exchange Act Release No. 73957 described above, were last amended 13MIAX System. Limited Service MEI Ports are also (December 30, 2014), 80 FR 593 (January 6, 2015) over ten years ago in May 2015. In capable of receiving administrative information. (SR-MIAX-2014-68). particular, the Exchange proposes to Market Makers initially receive four Limited See Securities Exchange Act Release No. 74856 14Service MEI Ports per matching engine. See Fee assess the following Trading Permit fees (May 1, 2015), 80 FR 26304 (May 7, 2015) (SR- Schedule, Section 5)d), footnote 28. MIAX-2015-31). The Exchange notes that in 2018 to Market Makers: Purge Ports provide Market Makers with the the Exchange filed to establish a lower Trading • $9,500 for Market Maker 10ability to send quote purge messages to the MIAX Permit fee rate for Market Makers that were willing registrations in up to 10 option classes System. Purge Ports are not capable of sending or to quote the entire Exchange market (or a or up to 20% of option classes by receiving any other type of messages or information. substantial amount of the Exchange market), as See Fee Schedule, Section 5)d), footnote 30. objectively measure by either the number of classes The FIX Drop Copy Port (''FXD'') is a assigned or national average daily volume, but who • $16,000 for Market Maker 11messaging interface that will provide a copy of real- did not otherwise execute a significant amount of registrations in up to 40 option classes time trade execution, trade correction and trade volume on the Exchange. See Securities Exchange or up to 35% of option classes by ADV; cancellation information for simple and complex Act Release No. 82868 (March 13, 2018), 83 FR • $23,000 for Market Maker orders to FIX Drop Copy Port users who subscribe 12063 (March 19, 2018) (SR-MIAX-2018-08); see, to the service. FIX Drop Copy Port users are those generally, Fee Schedule, Section 3)b), footnote ''''. registrations in up to 100 option classes users who are designated by an EEM to receive the However, the standard monthly Trading Permit fee information and the information is restricted for use rates have remained unchanged since 2015. and by the EEM only. FXD Port Fees will be assessed Pursuant to Exchange Rule 602(a), the Board or 15 • $29,500 for Market Maker in any month the Member is credentialed to use the a committee designated by the Board shall appoint FXD Port in the production environment. See Fee registrations in over 100 option classes Market Makers to one or more classes of option Schedule, Section 5)d)iv). contracts traded on the Exchange based on several The Exchange initially filed this proposal on factors described in the Rule in the best interest of 12December 31, 2025. See Securities Exchange Act the Exchange to provide competitive markets.

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00138 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18948

• $650 per 1Gb connection to the The Exchange also proposes to of classes in which the Market Maker increase the alternative lower Trading disaster recovery facility; was assigned to quote on any given day • $3,500 per 10Gb connection to the Permit fee to Market Makers who fall within the calendar month, or upon within the 3rd and 4th levels of the class volume percentages. The Exchange disaster recovery facility; and Market Maker Trading Permit fee table, • $15,000 per 10Gb ULL connection assesses Market Makers the monthly if certain volume thresholds are met, Full Service MEI Port fee based on the to the primary/secondary facility. from $15,500 to $16,000 per month by greatest number of classes listed on Port Fees amending the footnote '''' following the MIAX that the Market Maker was Market Maker Trading Permit fee table assigned to quote in on any given day for these monthly Trading Permit tier within a calendar month. The class fees for FIX Ports, Full Service MEI levels. volume percentage is based on the total Ports, Limited Service MEI Ports, Purge national ADV in classes listed on MIAX Ports, and FXD Ports. Some of these fees System Connectivity Fees in the prior calendar quarter. Newly have not been increased since they were 1Gb and 10Gb Network Connectivity listed option classes are excluded from first adopted in 2015. Each port Fees the calculation of the monthly Full provides access to the Exchange's Service MEI Port fee until the calendar primary and secondary data centers as Next, the Exchange proposes to quarter following their listing, at which well as its disaster recovery center for a amend the Fee Schedule to increase time the newly listed option classes will single fee. connectivity fees to the primary/ be included in both the per class count secondary and disaster recovery FIX Ports and the percentage of total national facilities for Members and non- average daily volume. Specifically, the Members. Currently, the Exchange Exchange assesses the following Full fees for FIX Ports, which have not been assesses the same amount of increased since January 2017. A FIX Service MEI Port fees to Market Makers: connectivity fees to Members and non- Port allows Members to submit simple Members that connect to the Exchange's • $5,000 for Market Maker and complex orders electronically to assignments in up to 5 option classes or MIAX. The Exchange currently recovery facility. In particular, the up to 10% of option classes by national 18assesses the following monthly FIX Port Exchange assesses the following ADV; fees: connectivity fees to Members and non- • $10,000 for Market Maker • $550 for the first FIX Port; Members: assignments in up to 10 option classes • $1,400 per 1 gigabit (''Gb'') • $350 per port for the second to fifth or up to 20% of option classes by ADV; connection to the primary/secondary FIX Ports; and • $14,000 for Market Maker facility; • $150 per port for the sixth or more • $550 per 1Gb connection to the assignments in up to 40 option classes FIX Ports. 19disaster recovery facility; or up to 35% of option classes by The Exchange proposes to increase • $2,750 per 10Gb connection to the monthly FIX Port fees as follows: disaster recovery facility; and • $700 for the first FIX Port; • $17,500 for Market Maker • $13,500 per 10Gb ultra-low latency • $450 per port for the second to fifth assignments in up to 100 option classes (''ULL'') connection to the primary/ FIX Ports; and secondary facility. • $200 per port for the sixth or more and The Exchange notes that the above FIX Ports. • $20,500 for Market Maker fees for 1Gb connectivity and 10Gb to assignments in over 100 option classes the disaster recovery facility, and 1Gb Full Service MEI Ports connectivity to the primary/secondary facilities, have not been increased since Full Service MEI Port fees for Market December 2019.The fee for 10Gb ULL The Exchange also provides an 16Makers, which have not been increased connectivity was last increased in alternative lower Full Service MEI Port since June 1, 2015. Full Service MEI 20January 2023.The Exchange now fee for Market Makers who fall within 17Ports provide Market Makers with the propose to amend Sections 5)a)-b) of the 4th and 5th levels of the Market ability to send Market Maker simple and the Fee Schedule to increase Maker Full Service MEI Port fee table, complex quotes, eQuotes, and quote connectivity fees for Members and non- which levels are described directly purge messages to the MIAX System. Members. In particular, the Exchange above, if certain volume thresholds are Full Service MEI Ports are also capable proposes to assess the following met. This alternative lower Full Service of receiving administrative connectivity fees to Members and non- MEI Port fee for Market Makers is set information. Members: 21 forth in footnote '''' in the Market The Exchange assesses the amount of • $1,500 per 1Gb connection to the Maker Full Service MEI Port fee table the monthly Full Service MEI Port fees primary/secondary facility; and provides that if the Market Maker's for Market Makers based on the lesser of total monthly executed volume during either the per class basis or percentage See Securities Exchange Act Release No. 87875 the relevant month is less than 0.060% 16of total national ADV measurements. (December 31, 2019), 85 FR 770 (January 7, 2020) of the total monthly executed volume The amount of the monthly Full Service (SR-MIAX-2019-51). reported by OCC in the market maker MEI Port fee is based upon the number See Securities Exchange Act Release Nos. 17 account type for MIAX-listed option 96629 (January 10, 2023), 88 FR 2729 (January 17, classes for that month, then the fee will 2023) (SR-MIAX-2022-50) and 99822 (March 21, See supra note 8. 2024), 89 FR 21337 (March 27, 2024) (SR-MIAX- 18 be $14,500 instead of the fee otherwise Each FIX Port provides access to all matching 2024-16) (noting that while the proposed fee 19 applicable to such level. engines. See Fee Schedule, Section 5)d), note '' ''. changes subject to this filing were immediately ∧See Securities Exchange Act Release No. 75140 effective, the proposed fee changes had been The Exchange now proposes to 20(June 10, 2015), 80 FR 34480 (June 16, 2015) (SR- effective since January 1, 2023 pursuant to the increase the Full Service MEI Port fees MIAX-2015-37). Exchange's initially filed proposal on December 30, assessed to Market Makers as follows: 2022 (i.e., SR-MIAX-2022-50)). See supra note 9. 21

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00139 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18949

• $6,500 for Market Maker additional Limited Service MEI Port for 2. Statutory Basis assignments in up to 5 option classes or each matching engine. The Exchange up to 10% of option classes by national proposes to increase the fee for each proposed rule change is consistent with additional Limited Service MEI Port ADV; the provisions of Section 6(b) of the • $13,500 for Market Maker 29 from $275 to $350 per month per Act in general, and furthers the assignments in up to 10 option classes additional Limited Service MEI Port for objectives of Section 6(b)(4) of the 30or up to 20% of option classes by ADV; each matching engine. Act, in particular, in that it is designed • $19,000 for Market Maker to provide for the equitable allocation of Purge Ports assignments in up to 40 option classes reasonable dues, fees and other charges or up to 35% of option classes by among its Members and other persons fees for Purge Ports, which provide using its facilities. Additionally, the • $23,500 for Market Maker Market Makers with the ability to send assignments in up to 100 option classes quote purge messages to the MIAX fees are consistent with the objectives of System. Purge Ports are not capable of Section 6(b)(5) of the Act in that they and 31 sending or receiving any other type of are designed to promote just and • $27,500 for Market Maker messages or information. The equitable principles of trade, to foster 23assignments in over 100 option classes Exchange proposes to increase the cooperation and coordination with monthly Purge Port fee from $300 per persons engaged in regulating, clearing, matching engine to $400 per matching settling, processing information with The Exchange also proposes to engine. respect to, and facilitating transactions 24decrease the alternative lower Full in securities, to remove impediments to Service MEI Port fee for Market Makers FXD Ports a free and open market and national who fall within the 3rd, 4th and 5th market system, and, in general, to levels of the proposed Market Maker fees for FXD Ports, which have not been protect investors and the public interest, Full Service MEI Port fee table, if certain increased since they were first adopted and, particularly, are not designed to volume thresholds are met, from in September 2015. A FXD Port means permit unfair discrimination between $14,500 to $13,500 per month by 25 a messaging interface that will provide customers, issuers, brokers, or dealers. amending footnote '''' following the a copy of real-time trade execution, Market Maker Full Service MEI Port fee The Proposed Fees Are Reasonable and trade correction and trade cancellation table. Comparable to the Fees Charged by information for simple and complex Other Exchanges for Similar Products Limited Service MEI Ports orders to FIX Drop Copy Port users who and Services subscribe to the service. FXD Port Fees will be assessed in any month the fees for Limited Service MEI Ports, Overall. The proposed fees are Member is credentialed to use the FXD which provide Market Makers with the comparable to those of other options Port in the production environment. ability to send simple and complex exchanges. The Exchange compared the 26 The Exchange now proposes to increase eQuotes and quote purge messages only, fees proposed herein to the fees charged the monthly fee per FXD Port from $500 but not Market Maker Quotes, to the by other options exchanges for similar to $675. MIAX System. Limited Service MEI products or services. A more detailed 27Ports are also capable of receiving discussion of the comparison follows. Implementation 32administrative information. Market EEM Trading Permit Fees Makers currently receive four free The Exchange issued an alert publicly Limited Service MEI Ports per matching announcing the proposed fees on The proposed Trading Permit fee for engine. Currently, Market Makers may October 14, 2025 and a reminder alert EEMs are lower than the trading permit 22request additional Limited Service MEI on December 19, 2025. The fees fees charged by Cboe Exchange, Inc. 28Ports for which MIAX will assess subject to this proposal are immediately (''Cboe''), as summarized in the table Market Makers $275 per month per effective. below. *MIAX ....................................................................... EEM Trading Permit ....................................................................................... $2,000**

Cboe ..................................................................... Electronic Access Permit ................................................................................ 3,000 a

See Cboe Fee Schedule, Electronic Trading Permit Fees section, page 6, available at https://cdn.cboe.com/resources/membership/Cboe_aFeeSchedule.pdf. Cboe. Cboe charges higher trading proposed by the Exchange for EEMs. analogous to the Exchange's Trading permit fees than the Trading Permit fees Cboe's Electronic Access Permit is Permits for EEMs. In general, a Trading

See supra note 9. Each FXD Port provides access to all matching Changes (dated December 19, 2025), available at 22 27 engines. See Fee Schedule, Section 5)d)iv), footnote https://www.miaxglobal.com/alert/2025/12/19/ See supra note 10. 23 31. miax-options-pearl-options-and-emerald-options- A Market Maker may request and be allocated 24 See Fee Change Alert, MIAX Options, Pearl exchanges-reminder-january-1-1?nav=all. two (2) Purge Ports per matching engine to which 28 Options and Emerald Options--January 1, 2026 15 U.S.C. 78f. it connects via a Full Service MEI Port and will be 29 Non-Transaction Fee Changes (dated October 14, charged the monthly fee per Matching Engine. See 15 U.S.C. 78f(b)(4). 30 2025), available at https://www.miaxglobal.com/ Fee Schedule, Section 5)d)ii). 15 U.S.C. 78f(b)(5). alert/2025/10/14/miax-options-pearl-options-and- 31See Securities Exchange Act Release No. 75735 The fee amounts listed in each table provided emerald-options-exchanges-january-1-2026-non- 25 32(August 19, 2015), 80 FR 51641 (August 25, 2015) in the Statutory Basis section of this filing that 1?nav=all and Fee Change Alert, MIAX Options, (SR-MIAX-2015-52). pertain to the Exchange are the proposed new rates Pearl Options and Emerald Options Exchanges--

See supra note 11. Reminder: January 1, 2026 Non-Transaction Fee for each product or service. 26

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00140 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18950

Permit is a permit issued by the Electronic Access Permit holders must Permit per month, lower than Cboe's flat Exchange that confers the ability to be broker-dealers registered with Cboe $3,000 fee. transact on the Exchange. EEMs are and are allowed transact on Cboe. 33 35 Market Maker Trading Permit Fees assessed the monthly Trading Permit fee Cboe charges a higher trading permit in order to transact on the Exchange on fee for Electronic Access Permits than The proposed Trading Permit fees 36behalf of their customers or to conduct the Trading Permit fee proposed by the for Market Makers are similar to the proprietary trading. Likewise, Cboe's Exchange for EEMs. Cboe charges a flat Trading Permit fees charged by NYSE Electronic Access Permits entitle the $3,000 per Electronic Access Permit per American LLC (''NYSE American''), as holder to access Cboe. Like Trading month, while the Exchange proposes to 34Permit Holders on the Exchange, charge a flat $2,000 per EEM Trading

MIAX .............................................. Market Maker Trading Permit ....... $9,500 Up to 10 Class- Up to 20% of Classes by volume

es. (as a % of national ADV). 16,000 Up to 40 Class- Up to 35% of Classes by volume es. (as a % of national ADV). 23,000 Up to 100 Class- Up to 50% of Classes by volume es. (as a % of national ADV). 29,500 Over 100 Class- Over 50% of Classes by volume es. up to all Classes on MIAX Op- tions (as a % of national ADV). NYSE American........................... Options Market Maker ATPs ........ $8,000 1st ATP: 60 issues plus bottom 45% a6,000 2nd ATP: 150 issues plus bottom 45%

5,000 3rd ATP: 500 issues plus bottom 45% 4,000 4th ATP: 1,100 issues plus bottom 45% 3,000 5th ATP: all issues traded 2,000 6th to 9th ATP: all issues traded 500 10th or more ATPs: all issues traded See NYSE American Options Fee Schedule, Section III.A., available at https://www.nyse.com/publicdocs/nyse/markets/american-options/ aNYSEAmericanOptionsFeeSchedule.pdf.

assignments for each Trading Permit tier NYSE American. NYSE American daily volume measurement. A ''class'' of charges similar trading permit fees for options means all option contracts because it believes this structure best its market makers as the Trading Permit covering the same underlying represents the Market Makers that trade fees proposed by the Exchange for its security.NYSE American's market on the Exchange. NYSE American, on 40Market Makers. In general, a Trading maker ATPfee is analogous to the the other hand, provides significantly 41Permit is a permit issued by the Exchange's Trading Permit fees for more ''issues'' or options classes in each Exchange that confers the ability to Market Makers, which is a monthly fee ATP tier in order to ''properly transact on the Exchange.Each in order to transact on NYSE American [incentivize] Market Makers to quote in 37registered Market Maker is assessed a for the purpose of making markets in a broad range of options, including less monthly Trading Permit fee in order to options contracts.NYSE American liquid and active names. . .'' 42 44appoint a qualified person (or persons) assesses its ATP fees based on the NYSE American charges similar to act as a Registered Option Trader number of issuesin their 43trading permit fees to its ATPs as (''ROT'')pursuant to the Exchange's appointment. The Exchange and NYSE 38proposed by the Exchange herein for the Rules and fulfill the Market Maker's American provide for different numbers Exchange's Market Makers. NYSE obligations to act as a specialist on the of option classes included in each tier American charges all Options Market Exchange.The Exchange assesses of their respective trading permit fee 39Makers tiered trading permit fees 45Trading Permit fees based on the lesser structures due to their own business and competitive reasons. The Exchange of either the per class basis or percentage of total national average provides fewer options class

See Exchange Rule 100. Similar to NYSE American, the Exchange See, generally, NYSE American Rule 923NY. 33 36 42 assesses the monthly Trading Permit fee on a per- See Cboe Fee Schedule, Electronic Trading An ''issue'' means an options class. See 34 43 Member basis, not to each individual person within Permit Fees section, page 6, available at https:// Securities Exchange Act Release No. 67764 (August the Member. cdn.cboe.com/resources/membership/Cboe_ 31, 2012), 77 FR 55254 (September 7, 2012) (SR-

See Exchange Rule 100. FeeSchedule.pdf. The Exchange notes that Cboe NYSEMKT-2012-44) (changing the calculation of 37differentiates between electronic access permits for trading permit fees to be based on the ''number of An ROT is permitted to enter quotes and orders 38 option classes in [a NYSE Amex Options Market clearing firms and electronic exchange member only for the account of the Market Maker with Maker's] electronic trading appointment . . .'' and which he is associated. See Exchange Rule 601(a). firms and charges a trading permit fee of $2,000 per then using the term ''issue'' in the tiers of ATP fees). month for Clearing TPH Permits, which is the same See, generally, Chapter VI of the Exchange's 39rate for a Trading Permit as proposed by the Rules. See id. 44Exchange for EEMs that act as Clearing Members. See Exchange Rule 100. A ''Market Maker'' refers to an ATP Holder that 40 45See id. The term ''Clearing Member'' means a acts as a Market Maker pursuant to NYSE American An ''ATP'' or ''ATP Holder'' is a registered 41Member that has been admitted to membership in Rule 920NY and is referred to as an ''NYSE Broker-Dealer who is a permit holder on NYSE the Clearing Corporation pursuant to the provisions AMERICAN Options Market Maker'' in the NYSE American, per NYSE American Rule 900.2NY(4),(5). of the rules of the Clearing Corporation. See American Fee Schedule. See NYSE American See NYSE American Options Fee Schedule, Key Exchange Rule 100. The term ''Clearing Options Fee Schedule, Preface, available at https:// Terms and Definitions section, available at https:// Corporation'' means The Options Clearing www.nyse.com/publicdocs/nyse/markets/american- www.nyse.com/publicdocs/nyse/markets/american- Corporation (''OCC''). Id. options/NYSEAmericanOptionsFeeoptions/NYSEAmericanOptionsFee

See Cboe Rulebook, Chapter 3, Rules 3.2-3.3. Schedule.pdf. Schedule.pdf. 35

VerDate Sep<11>2014 20:52 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18951

based on the number of issues permitted fee of $16,000 (as proposed) for Market transacts in certain options classes, in an Options Market Maker's quoting Makers if their total monthly executed which fees add to the ATP fees assignment. NYSE American provides volume during the relevant month is described above. 46 48tiered ATP fees ranging from $8,000 to less than 0.060% of the total monthly Network Connectivity Fees (Disaster $26,000 due to the cumulative nature of executed volume reported by OCC in Recovery Facility) the fee, which amount could be the market maker account type for 47significantly higher if a market maker MIAX-listed option classes for that The proposed network connectivity purchases six or more ATPs, while the month, which still allows these Market fees to the Exchange's disaster recovery Exchange provides tiered Trading Makers to quote the entire market (or facility for Members and non-Members Permit fees ranging from $9,500 to close to the entire market). NYSE are lower than the connectivity fees $29,500 (as proposed), based on the American does not offer reduced fees for charged by Cboe C2 Exchange, Inc. lesser of either the per class basis or its Options Market Makers that only (''Cboe C2'') for connecting to the Cboe percentage of total national ADV quote in certain classes compared to C2 disaster recovery facility, as measurements. The Exchange offers those that quote the entire market. even greater savings to Market Makers NYSE American actually charges higher as it provides a reduced Trading Permit fees for Options Market Makers that

(per connection)

MIAX .................................................................... 1Gb Connectivity (disaster recovery) ........................................................ $650

10Gb Connectivity (disaster recovery) ...................................................... 3,500

Cboe C2 ............................................................ Physical Port 1Gb (disaster recovery) ...................................................... 2,000 a Physical Port 10Gb (disaster recovery) .................................................... 6,000

See Cboe C2 Fee Schedule, Physical Connectivity Fees section, available at https://www.cboe.com/us/options/membership/fee_schedule/ actwo/. Cboe C2. Cboe C2 charges higher 1Gb data center operations are disabled. per 1Gb connection and $3,500 per and 10Gb connectivity fees to connect to Cboe C2's 1Gb and 10Gb connections to 10Gb connection to its disaster recovery its disaster recovery facility than the its disaster recovery center allow its facility. Exchange proposes to connect to its members to connect to that data center Network Connectivity Fees (Primary/ disaster recovery facility. Cboe C2's in the event that Cboe C2's primary data Secondary Facility) connectivity fees to connect to its center is no longer operational. 49 Cboe C2 charges higher 1Gb and 10Gb disaster recovery facility are analogous The proposed network connectivity connectivity fees to its disaster recovery to the Exchange's connectivity fees to its fees to the Exchange's primary and facility than the fees proposed by the disaster recovery facility. In general, the secondary facility for Members and non- Exchange herein for connectivity to the disaster recovery facility is a secondary Members are lower than the Exchange's disaster recovery facility. data center in a separate, geographically connectivity fees charged by Nasdaq BX, Cboe C2 charges monthly fees of $2,000 diverse location that Exchange Inc. (''Nasdaq BX'') and NYSE American per 1Gb connection and $6,000 per participants are able to connect to in for connectivity to their primary data 10Gb connection to its disaster recovery order to have redundancy for their centers, as summarized in the table trading and market data connections in facility. Meanwhile, the Exchange below. the event that the Exchange's primary proposes to charge monthly fees of $650

(per connection)

MIAX .................................................................... 1Gb Connectivity ....................................................................................... $1,500

10Gb Connectivity ..................................................................................... 15,000

Nasdaq BX ........................................................ 1Gb Connection ........................................................................................ 2,750 a 10Gb Ultra Connection .............................................................................. 18,500

NYSE American ................................................. 10Gb LX LCN Circuit ................................................................................ 22,000 b

See Securities Exchange Act Release No. 104261 (November 25, 2025), 90 FR 55209 (December 1, 2025) (SR-BX-2025-027). aSee NYSE American Connectivity Fee Schedule, page 12, available at https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_band_Charges.pdf.

The Exchange notes that Nasdaq BX exchange provides access to the network that is not shared with its and NYSE American operate on shared affiliated exchanges on their shared affiliates and therefore, each 10Gb ULL infrastructure with their affiliates. As network. Meanwhile, the Exchange connection only provides connectivity such, one network connection to one operates on a dedicated 10Gb ULL to a single exchange. In the Exchange's

american-options/NYSEAmericanOptionsFeeNYSE American charges ATP fees based on the additional monthly fee of $1,000 per product to 46Schedule.pdf. maximum number of ATPs held during the month. NYSE American Options Market Makers that This was calculated by adding the monthly fees The ''bottom 45%'' refers to the least actively traded transact in premium products, such SPY, APPL, 47for the first five ATPs that a market maker would issues on NYSE American, ranked by industry etc., capped at $7,000 per month). be required to purchase in order to quote the entire volume, as reported by the OCC for each issue See Cboe BCP/DR Plan Highlights, v1.3, page 49NYSE American market (i.e., $8,000 + $6,000 + during the calendar quarter. See NYSE American 2, available at https://cdn.cboe.com/resources/ $5,000 + $4,000 + $3,000). Options Fee Schedule, Section III.A., available at membership/CboeCorporateBCP-DR.pdf. See NYSE American Options Fee Schedule, 48https://www.nyse.com/publicdocs/nyse/markets/ Section III.D. Premium Product fees (assessing an

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00142 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18952

experience, however, market 1Gb and 10Gb Ultra fiber connections Exchange's primary and secondary participants that wish to experience provide Nasdaq BX participants with facilities (i.e., the live trading platforms the ability to connect directly to Nasdaq certain latency may elect to purchase and market data systems). NYSE multiple connections rather than using BX's trading platforms and market data American's 10Gb LX LCN Circuit one 10Gb connection to access multiple feeds. connection provides NYSE American 50markets or, in some cases, purchase a Nasdaq BX charges higher participants with the ability to connect more expensive 40Gb line if available. connectivity fees than the connectivity directly to NYSE American trading In addition, those that purchase fees to the primary and secondary platforms and market data feeds. 52connections to receive market data need facilities proposed by the Exchange NYSE American charges higher a dedicated connection to each herein. Nasdaq BX charges all connectivity fees as proposed by the exchange because they are unable to participants monthly fees of $2,750 per Exchange herein. NYSE American receive market data from multiple 1Gb connection and $18,500 per 10Gb charges all participants a monthly fee of markets over a single connection. Also, connection to access its primary data $22,000 per 10Gb LX LCN Circuit market participants may choose to not center. Meanwhile, the Exchange connection to access its primary data use the single connection to access other proposes to charge Members and non- center. Meanwhile, the Exchange markets within an exchange family to Members monthly fees of $1,500 per proposes to charge Members and non- avoid incurring other ancillary costs, 1Gb connection and $15,000 per 10Gb Members a monthly fee of $15,000 per such as membership, transaction, or ULL connection to the Exchange's 10Gb ULL connection to the Exchange's other network fees. primary and secondary facilities. primary and secondary facilities. NYSE Nasdaq BX. Nasdaq BX charges Nasdaq BX charges an additional American charges an additional higher connectivity fees to its primary installation fee for each 1Gb or 10Gb installation fee for each 10Gb LX LCN data center. Nasdaq BX's 1Gb and 10Gb connection of $1,650. Circuit connection of $15,000. 51 53Ultra fiber connection fees are NYSE American. NYSE American FIX Port Fees analogous to the Exchange's 1Gb and charges higher 10Gb connectivity fees to 10Gb ULL connectivity fees. In general, its primary data center. NYSE The proposed FIX Port fees are the Exchange's 1Gb and 10Gb ULL American's 10Gb LX LCN Circuit comparable to, or lower than, the connectivity fees provide Members and connection fee is analogous to the similar port fees charged by Cboe BZX non-Members with access to the Exchange's 10Gb ULL connectivity fee. Exchange, Inc. (''Cboe BZX''), Cboe C2 Exchange's primary and secondary In general, the Exchange's 10Gb ULL and the options trading facility of The facilities (i.e., the live trading platforms connectivity fee provides Members and Nasdaq Stock Market LLC (''Nasdaq''), and market data systems). Nasdaq BX's non-Members with access to the as summarized in the table below.

(per port)

MIAX ........................................................................................... 1st FIX Port ................................................................................ $700

2nd to 5th FIX Ports ................................................................... 450

6th or more FIX Ports ................................................................. 200

Cboe BZX ................................................................................. Logical Ports ............................................................................... 750 aCboe C2 ................................................................................... FIX Logical Ports ........................................................................ 650 bNasdaq ..................................................................................... FIX Ports .................................................................................... 650 c

See Cboe BZX Fee Schedule, Options Logical Port Fees section, available at https://www.cboe.com/us/options/membership/fee_schedule/ abzx/.

bctwo/. See Nasdaq Options 7 Pricing Schedule, Section 3(i)(1), available at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20cOptions%207.

Cboe BZX. Cboe BZX charges higher Port fees proposed by the Exchange Ports greater than 5). Cboe C2's FIX Logical Ports are analogous to the herein. Cboe BZX charges a monthly fee Logical Port fees than the FIX Port fees of $750 per Logical Port, while the Exchange's FIX Ports. In general, a FIX proposed by the Exchange. Cboe BZX's Port allows an Exchange Member to Exchange's highest proposed tier is only Logical Ports are analogous to the $700 per FIX Port per month. send simple and complex orders and Exchange's FIX Ports. In general, a FIX other messages to the Exchange using Port allows an Exchange Member to Cboe C2. Cboe C2 charges comparable the FIX protocol. Cboe C2's FIX send simple and complex orders, as FIX Logical Port fees as the FIX Port fees 56 Logical Ports allow for order entry and well as other messages, to the Exchange proposed by the Exchange, although the other messages to be sent to Cboe C2 by using the FIX protocol. Cboe BZX's Exchange's first FIX Port fee is slightly 54 participants. Logical Ports allow for order entry and higher ($700 compared to $650) with 57other messages to be sent to Cboe BZX the Exchange's fees for subsequent FIX Cboe C2 charges comparable FIX by participants. Cboe BZX charges Ports decreasing to $450 per port (FIX Logical Port fees as proposed by the 55higher Logical Port fees than the FIX Ports 2-5) and then $200 per port (FIX Exchange herein. Cboe C2 charges a

See, generally, Nasdaq Market Connectivity See, generally, NYSE American Connectivity 2025), available at https://cdn.cboe.com/resources/ 50 52 Fee Schedule, available at https://www.nyse.com/ membership/USOptionsFIXSpecification.pdf. Options web page, available at https:// publicdocs/nyse/WirelessConnectivityFeesandwww.nasdaq.com/solutions/nasdaq-co-location See Fee Schedule, Section 5)d)i), note 24. 56 Charges.pdf. (last visited March 22, 2026). See, generally, Cboe Titanium U.S. Options FIX 57 See id. See Nasdaq BX, General 8: Connectivity, 5351 Specification, Version 2.7.97 (dated October 20, See Fee Schedule, Section 5)d)i), note 24. Section 1(b), Connectivity to the Exchange, 54 2025), available at https://cdn.cboe.com/resources/ available at https://listingcenter.nasdaq.com/ See, generally, Cboe Titanium U.S. Options FIX 55 membership/USOptionsFIXSpecification.pdf. Specification, Version 2.7.97 (dated October 20, rulebook/bx/rules/BX%20General%208.

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00143 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18953

order messages; and (3) risk protection monthly fee of $650 per FIX Logical Nasdaq. Nasdaq charges comparable FIX Port fees as the FIX Port fees triggers and cancel notifications. Port, while the Exchange's highest proposed by the Exchange, although the Nasdaq charges participants $650 per proposed tier is $700 per FIX Port per Exchange's first FIX Port fee is slightly FIX Port per month, while the month. Cboe C2 FIX Logical Port users Exchange's highest proposed tier is $700 higher ($700 compared to $650) with may incur an additional monthly fee of the Exchange's fees for subsequent FIX per FIX Port per month. Nasdaq charges $650 per port. Cboe C2 provides that for Ports decreasing to $450 per port (FIX comparable FIX Port fees as proposed by the standard monthly fee of $650 per Ports 2-5) and then $200 per port (FIX the Exchange herein. FIX Logical Port, a user may enter up to Ports greater than 5). Nasdaq's FIX Ports 70,000 orders per trading day per port Limited Service MEI Port Fees are analogous to the Exchange's FIX as measured on average in a single Ports in that they that allow Nasdaq The proposed Limited Service MEI month. However, each incremental participants to connect, send, and Port (''LSPs'') fees are lower than the usage of up to 70,000 per day per FIX receive messages related to orders to similar port fees charged by Nasdaq and Logical Port will incur an additional and from Nasdaq, which include the Nasdaq MRX, LLC (''Nasdaq MRX''), as $650 fee per month.58following: (1) execution messages; (2)

(per port)

MIAX ........................................................................................... Limited Service MEI Port ............................................................ $350

Nasdaq ..................................................................................... QUO Ports .................................................................................. 750 aNasdaq MRX ............................................................................ OTTO Ports ................................................................................ 650 b

See Nasdaq, Options 7: Pricing Schedule, Section 3(i)(4), available at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20aOptions%207. See Nasdaq MRX, Options 7: Pricing Schedule, Section 6(i)(4), available at https://listingcenter.nasdaq.com/rulebook/mrx/rules/MRX%20bOptions%207.

provide a limited subset of functionality Nasdaq. Nasdaq charges higher Quote orders to and from Nasdaq.Messages 64as provided by other ports offered by Using Order (''QUO'') Port fees than the sent over QUO Ports may include the both the Exchange and Nasdaq MRX. Limited Service MEI Port fees proposed following: (1) options symbol directory Nasdaq MRX's OTTO Ports allow by the Exchange. The Exchange messages (e.g., underlying); (2) system Nasdaq MRX members to connect, send, acknowledges differences between the event messages (e.g., start of trading functionality of its LSPs and that of hours messages and start of opening); (3) and receive messages related to orders, Nasdaq's QUO Ports; however, the trading action messages (e.g., halts and auction orders, and auction responses to Exchange believes that the fee resumes); (4) execution messages; (5) Nasdaq MRX. Messages sent over 66comparison between LSPs and QUO order messages; and (6) risk protection OTTO Ports include the following: (1) Ports is relevant as both ports provide triggers and cancel notifications. options symbol directory messages (e.g., 65a limited subset of functionality as Nasdaq charges a monthly fee of $750 underlying and complex instruments); provided by other ports offered by both per QUO Port, per account number, (2) system event messages (e.g., start of the Exchange and Nasdaq. In general, while the Exchange provides the first trading hours messages and start of Limited Service MEI Ports support all opening); (3) trading action messages four LSPs for free and proposes to MEI Interfaceinput message types, charge $350 per additional LSP for each (e.g., halts and resumes); (4) execution 6061but do not support bulk Quote entry. matching engine per month thereafter. messages; (5) order messages; (6) risk 62Notifications sent over LSPs between Nasdaq charges higher QUO Port fees protection triggers and cancel market participants and the Exchange than the fees proposed by the Exchange notifications; (7) auction notifications; may include the following information: herein for LSPs. (8) auction responses; and (9) post trade Nasdaq MRX. Nasdaq charges higher (1) execution notifications, cancel allocation messages. 67notifications, stock leg execution Ouch to Trade Options (''OTTO'') Port Nasdaq MRX charges a monthly fee of notifications, and order notifications; (2) fees than the Limited Service MEI Port $650 per OTTO Port, per account administrative messages (i.e., series fees proposed by the Exchange. The number (with fees for all OTTO Ports, updates); (3) risk protection settings and Exchange acknowledges differences CTI Ports, FIX Ports, FIX Drop Ports and notification updates; and (4) trading between the functionality of its LSPs disaster recovery ports subject to a status notifications (i.e., halted). and that of Nasdaq MRX's OTTO Ports; monthly cap of $7,500), while the 63however, the Exchange believes that the Nasdaq's QUO Ports allow Nasdaq Exchange provides the first four LSPs fee comparison between LSPs and for free and proposes to charge $350 per market makers to connect, send, and receive messages related to single-sided OTTO Ports is relevant as both ports additional LSP for each matching engine

files/MIAXExpressInterfaceMEIv2.10a.pdf See Cboe C2 Fee Schedule, Logical See MIAX MEI Interface Specification, Version 5861Connectivity Fees section, available at https://2.10a (revision date April 8, 2024), available at (providing full description of messages supported www.cboe.com/us/options/membership/fee_https://www.miaxglobal.com/sites/default/files/job- by the MEI Interface). files/MIAXExpressInterfaceMEIv2.10a.pdf schedule/ctwo/. Incremental usage is determined on See Nasdaq Options 3: Options Trading Rules, 64a monthly basis based on the average orders per day (providing full description of messages supported Section 7(e)(1)(D). entered in a single month across all of a market by the MEI Interface). See Nasdaq Options 3: Options Trading Rules, 65participant's subscribed FIX Ports. See id. See MIAX Options Exchange User Manual, 62Section 7(e)(1)(D). See Nasdaq Options 3 Options Trading Rules, Version 1.0.0, Section 5.01 (revision date December 59See Nasdaq MRX, Options 3: Options Trading Section 7(e)(1)(A). 12, 2023), available at https://66Rules, Supplementary Material to Options 3, www.miaxglobal.com/miax_options_user_The MIAX Express Interface (''MEI'') is a 60Section 7, .03(b). manual.pdf. connection to MIAX systems that enables Market See Nasdaq MRX, Options 3: Options Trading Makers to submit simple and complex electronic See MIAX MEI Interface Specification, Version 6763Rules, Supplementary Material to Options 3, quotes to MIAX. See Fee Schedule, Section 5)d)ii), 2.10a (revision date April 8, 2024), available at note 26. Section 7, .03(b). https://www.miaxglobal.com/sites/default/files/job-

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00144 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18954

per month thereafter. Nasdaq MRX Purge Port Fees similar port fees charged by Nasdaq charges higher OTTO Port fees than the MRX, Cboe C2 and Nasdaq, as The proposed Purge Port fees are fees proposed by the Exchange herein comparable to, or lower than, the for LSPs.

MIAX ................................................ Purge Ports ................................................................ $400 per matching engine.

Nasdaq MRX ................................. First 5 SQF Purge Ports ............................................ 1,620 per port. a Next 15 SQF Purge Ports ......................................... 1,080 per port.

All SQF Purge Ports over 20 .................................... 540 per port.

Cboe C2 ........................................ Purge Ports ................................................................ 850 per port bNasdaq .......................................... First 5 SQF Purge Ports ............................................ 1,620 per port c Next 15 SQF Purge Ports ......................................... 1,080 per port.

All SQF Purge Ports over 20 .................................... 540 per port.

See Securities Exchange Act Release No. 104005 (September 18, 2025), 90 FR 45855 (September 23, 2025) (SR-MRX-2025-20) (new afees effective January 1, 2026).

bctwo/. See Nasdaq Options 7: Pricing Schedule, Section 3 Nasdaq Options Market--Ports and Other Services, available at https://listingcenter.cnasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Options%207.

The Exchange's comparison to fees Purge Port to the disaster recovery Nasdaq MRX charges higher SQF charged by other exchanges for similar Purge Port fees than the Purge Port fees facility per market maker per month). ports is limited because a thorough proposed by the Exchange herein. Cboe C2. Cboe C2 charges higher comparison would require the Exchange Nasdaq MRX will charge (beginning Purge Port fees than the Purge Port fees to obtain competitively sensitive January 1, 2026) SQF Purge Port fees as proposed by the Exchange. Cboe C2's information about other exchanges' follows: (a) $1,620 per SQF Purge Port Purge Ports are analogous to the architecture and how their members per month for the first 5 ports; (b) Exchange's Purge Ports. In general, Cboe connect. However, in a practical sense, $1,080 per SQF Purge Port per month C2's Purge Ports allow its members the the Exchange can surmise that a market for the next 15 ports; and (c) $540 per ability to cancel a subset (or all) of open participant would require multiple SQF Purge Port for all ports over 20 orders across the executing firm's ID, purge ports to access an exchange's ports. The Exchange proposes to charge underlying symbol(s), or custom group entire market as a single port might not $400 per Purge Port per matching ID, across multiple logical ports/ connect to all matching engines or engine per month. The Exchange chose sessions. Cboe C2 charges $850 per provide the latency benefits that the 71 to charge Purge ports on a per matching Purge Port per month, while the market participant's trading behavior engine basis instead of a per port basis Exchange proposes to charge $400 per requires. The Exchange does not know due to its System architecture, which pair of Purge Ports per matching engine the actual number of purge ports needed provides two (2) Purge Ports per per month. Cboe C2 charges higher because it does not have insight into the matching engine for redundancy Purge Port fees than the Purge Port fees technical architecture of other purposes. Market Makers are able to proposed by the Exchange herein. exchanges so it is difficult to ascertain select the matching engines that they the number of purge ports a firm would Nasdaq. Nasdaq charges higher SQF want to connect to based on the need to connect to another exchange's Purge Port fees than the Purge Port fees business needs of each Market Maker entire market. Therefore, the Exchange proposed by the Exchange. Nasdaq's and pay the applicable fee based on the is limited to comparing its proposed fee SQF Purge Ports are analogous to the number of matching engines and pair of to other exchanges' purge port fees as Exchange's Purge Ports, which allow This architecture ports utilized. 70listed in their fee schedules. Nasdaq market makers to send purge provides Market Makers with flexibility Nasdaq MRX. Nasdaq MRX charges requests to the Nasdaq trading system. to control their Purge Port costs based 72higher Specialized Quote Feed (''SQF'') on the number of matching engines each Nasdaq charges higher Purge Port fees Purge Port fees than the Purge Port fees Marker Maker elects to connect to based than proposed by the Exchange herein. proposed by the Exchange. Nasdaq on each Market Maker's business needs. Nasdaq charges tiered SQF Purge Port MRX's SQF Purge Ports are analogous to Further, the Exchange's monthly Purge fees as follows: (a) $1,620 per SQF Purge the Exchange's Purge Ports. In general, Port fee provides access to the Port per month for the first 5 ports; (b) Purge Ports provide Market Makers with Exchange's primary, secondary, and $1,080 per SQF Purge Port per month the ability to send quote purge messages disaster recovery data centers for the for the next 15 ports; and (c) $540 per to the Exchange, but are not capable of single monthly fee. Nasdaq MRX, on the SQF Purge Port for all ports over 20 sending or receiving any other type of other hand, assesses an additional fee ports. The Exchange proposes to charge messages or information. Nasdaq $50 per SQF Purge Port per month, per 68 a flat $400 per pair of Purge Ports per MRX's SQF Purge Ports allow Nasdaq account number, to access its disaster matching engine per month. MRX market makers to send purge recovery facility (albeit, Nasdaq MRX requests to the Nasdaq MRX trading currently waives the fee for one SQF See Cboe Purge Ports, Frequently Asked system. 71 69 Questions, U.S. Options, Version 1.3, available at https://cdn.cboe.com/resources/features/Cboe_ The Exchange notes that each matching engine 70 USO_PurgePortsFAQs.pdf (last visited November 5, See Fee Schedule, Section 5)d)ii), note 30. corresponds to a specified group of symbols. 68 2025). See Nasdaq MRX Options 3: Trading Rules, Certain Market Makers choose to only quote in 69 See Nasdaq Options 3: Trading Rules, Section Supplementary Material to Options 3, Section 7, certain symbols while other Market Makers choose 72 to quote the entire market. .03(c). 7(e)(1)(B).

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00145 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18955

FXD Port Fees The proposed FXD Port fees are charged by Cboe C2 and Nasdaq BX, as comparable to the similar port fees

MIAX ............................................................................... FXD Ports .................................................................................................................... $675

Cboe C2 ........................................................................ Drop Logical Ports ....................................................................................................... 650 aNasdaq .......................................................................... FIX Drop Ports ............................................................................................................ 650 b

actwo/. See Nasdaq Options 7: Pricing Schedule, Section 3 Nasdaq Options Market--Ports and Other Services, available at https://listingcenter.nasdaq.com/rulebook/ bnasdaq/rules/Nasdaq%20Options%207.

Cboe C2. Cboe C2 charges comparable submit orders to the exchange. Cboe C2 information provided through the logical Drop Port fees as the FXD Port charges $650 per Drop Logical Port per Nasdaq FIX Drop Port includes, among fees proposed by the Exchange. Cboe month, while the Exchange proposes to other things, the following: (i) C2's Drop Logical Ports are analogous to charge $675 per FXD Port per month. executions; (ii) cancellations; (iii) the Exchange's FXD Ports. In general, Cboe C2 charges comparable Drop modifications to an existing order and FXD Ports allow the Exchange's market Logical Port fees as the FXD Port fees (iv) busts or post-trade corrections. 76participants to connect their systems proposed by the Exchange herein. Nasdaq charges $650 per FIX Drop Port with a messaging interface that provides Nasdaq. Nasdaq charges comparable per month, while the Exchange a copy of real-time trade execution, FIX Drop Port fees as the FXD Port fees proposes to charge $675 per FXD Port trade correction and trade cancellation proposed by the Exchange. Nasdaq's FIX per month. Nasdaq charges comparable information. Cboe C2's Drop Logical Drop Ports are analogous to the FIX Drop Port fees as the FXD Port fees 73Ports allow its members to receive real- Exchange's FXD Ports in that they proposed by the Exchange herein. provide a real-time order and execution time information about order flow, Full Service MEI Port Fees including execution information (i.e., update message that is sent to a Nasdaq filled or partially filled) and participant after an order has been The proposed Full Service MEI Port cancellation information. Like the received or modified or an execution fees are comparable to the similar port 74 has occurred and contains trade details Exchange's FXD Ports, Cboe C2's Drop fees charged by Cboe C2, as summarized Logical Ports do not allow the user to specific to that participant. The in the table below. 75

MIAX ............... Market Maker Full Service $6,500 Up to 5 Classes ..................... Up to 10% of Classes by volume (as a % of MEI Port. national ADV). 13,500 Up to 10 Classes ................... Up to 20% of Classes by volume (as a % of national ADV). 19,000 Up to 40 Classes ................... Up to 35% of Classes by volume (as a % of national ADV). 23,500 Up to 100 Classes ................. Up to 50% of Classes by volume (as a % of national ADV). 27,500 Over 100 Classes .................. Over 50% of Classes by volume up to all Classes on MIAX (as a % of national ADV).

Cboe C2 ....... Bulk BOE Ports ...................... $1,500 per port for ports 1 though 5 $2,500 per port for ports 6 or more a

actwo/.

Exchange does not know the actual the Exchange. Cboe C2's Bulk BOE Ports The Exchange's comparison to fees number of purge ports needed because are analogous to the Exchange's Full charged by other exchanges for similar it does not have insight into the ports is limited because a thorough Service MEI Ports. In general, Full technical architecture of other comparison would require the Exchange Service MEI Ports provide Market exchanges so it is difficult to ascertain to obtain competitively sensitive Makers with the ability to send simple the number of ports a firm would need information about other exchanges' and complex quotes, eQuotes, and quote to connect to another exchange's entire architecture and how their members purge messages to the MIAX System. 77market and quote that entire market. connect. However, in a practical sense, Full Service MEI Ports are also capable Therefore, the Exchange is limited to the Exchange can surmise that a market of receiving administrative comparing its proposed fee to other participant would require multiple ports information. The Exchange's Full 78exchanges' port fees as listed in their fee to access an exchange's entire market as Service MEI Ports entitle a Market schedules. a single port might not connect to all matching engines or provide the latency Cboe C2. Cboe C2 charges similar, or benefits that the market participant's higher, bulk order port fees than the quoting behavior requires. The Full Service MEI Port fees proposed by

See Fee Schedule, Section 5)d)iv). See Nasdaq Options 3: Trading Rules, Section See Fee Schedule, Section 5)d)ii), note 27. See 73 75 78See Cboe Titanium U.S. Options FIX 23(b)(3). also MIAX Options Exchange User Manual, Version 74Specification, Version 2.7.97, FIX Drop section 1.0.0, Section 5.01 (revision date December 12, Id. 76(dated October 20, 2025), available at https:// 2023), available at https://www.miaxglobal.com/ See Fee Schedule, Section 5)d)ii), note 27. cdn.cboe.com/resources/membership/USOptions 77 miaxoptionsusermanual.pdf. FIXSpecification.pdf.

VerDate Sep<11>2014 20:40 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00146 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18956

Maker to two such ports for each member would only receive 13 Bulk EEM Trading Permit Fees. The matching engine for a single monthly BOE Ports for the same price (i.e., Exchange believes the proposed Trading port fee. The Exchange has twenty- ($1,500 per Bulk BOE Port multiplied by Permit fee for EEMs is equitably 79four total matching engines; therefore, the first five Bulk BOE Ports) + ($2,500 allocated and not unfairly for one monthly fee, each Market Maker per Bulk BOE Port multiplied by the discriminatory because the proposed fee is provided forty-eight total Full Service next eight Bulk BOE Ports)). would apply to each EEM in a uniform MEI Ports (i.e., two per matching engine Accordingly, the Exchange believes manner without regard to membership multiplied by twenty-four matching Cboe C2 charges similar or higher bulk status or the extent of any other engines). Cboe C2's Bulk BOE Ports port fees as the Full Service MEI Port business with the Exchange or affiliated entities (i.e., order flow provider, provide users with the ability to submit fees proposed by the Exchange herein. clearing services, etc.). single and bulk order messages to enter, * * * * * Market Maker Trading Permit Fees. modify, or cancel orders and are Each of the above examples of other The Exchange believes the proposed intended for use by market makers exchanges' non-transaction fees support Trading Permit fees for Market Makers quoting large numbers of simple options the proposition that the Exchange's are equitable as the fees apply equally series. Each Bulk BOE Port has access proposed fees are comparable to those of 80 to all Market Makers based upon the to all of Cboe C2's matching units, other exchanges for similar products or number of class registrations or which, according to Cboe, typically services and are, therefore, reasonable. percentage of executed national ADV ranges from 31-35 matching units per The Proposed Fees are Equitably each month. The Exchange believes that Cboe-affiliated exchange. The Cboe C2 81 Allocated and Not Unfairly assessing lower fees to Market Makers Bulk BOE Port does not provide a Cboe Discriminatory that quote in fewer classes is equitable C2 market maker with a port for each because it will allow the Exchange to Overall. The Exchange believes that matching unit and the Exchange retain and attract smaller-scale Market its proposed fees are reasonable, believes that, based on the experience of Makers, which are an integral equitable, and not unfairly its own Market Makers, it would not be component of the options industry discriminatory because, in sum, they are feasible to quote an entire market with marketplace. Since these smaller Market designed to align fees with services only a single (or handful) of ports; Makers typically utilize less bandwidth provided by amending them to levels rather, a market maker would likely and capacity on the Exchange network that are comparable to similar fees for need to have a port on each matching due to the lower number of quoted services assessed by other equity unit to be able to quote the entire classes, the Exchange believes it is options exchanges. The Exchange market. The Exchange believes that Cboe C2 equitable to offer Market Makers believes that the proposed fees are charges similar or higher bulk port fees Trading Permit fee tiers with lower rates allocated fairly and equitably among based on a lower number of classes as the Full Service MEI Port fees Members and non-Members because assigned or a lower percentage of proposed by the Exchange herein. Cboe they apply to all Members and non- executed national ADV. In addition, C2 charges $1,500 per port for the first Members equally, and any differences smaller Market Makers who want to five Bulk BOE Ports, and $2,500 per port among categories of fees are not unfairly quote greater number of classes or a for each Bulk BOE Port utilized in discriminatory and are justified and higher percentage of executed national excess of five ports. The Exchange appropriate. ADV, but have lower volume proposes to charge between $6,500 and proposed fees are equitably allocated thresholds, the Exchange believes it is $27,500 per month for Full Service MEI because they will apply uniformly to all Ports for Market Makers, depending on equitable to offer such Market Makers a Members and non-Members that choose the number of classes assigned or lower fee, designated in footnote ''*'' to purchase a particular service based percentage of national ADV. The following the Market Maker Trading on their business need. Any Member or Exchange's proposed Full Service MEI Permit fee table. The Exchange believes it is equitable non-Member that chooses to purchase a Port fees for Market Makers provide two and not unfairly discriminatory to particular product or service is subject such ports for each of the Exchange's charge higher Trading Permit fees to to the same Fee Schedule, regardless of twenty-four matching engines, for a total Market Makers that quote a higher what type of business they operate, and of forty-eight total ports for the monthly number of classes or execute higher the decision to purchase a particular fee (between $6,500 and $27,500). For a percentages of volume on the Exchange product or service is based on objective Cboe C2 member to utilize a Bulk BOE because the System requires increased differences in usage of the particular Port on each matching unit, that performance and capacity in order to product or service among different member may need to purchase between provide the opportunity for Market Members and non-Member, which are 31 and 35 such ports. When drawing a Makers to quote in a higher number of still ultimately in the control of any comparison to the Exchange's proposed options classes on the Exchange. particular Member or non-Member. The highest tier for Full Service MEI Ports Specifically, more classes that are Exchange believes the proposed pricing ($27,500), which provides an Exchange actively quoted on the Exchange by a is equitably allocated because of the Member with 48 total ports, the Cboe C2 Market Maker will require increased service's or product's utility and value memory for record retention, increased to market participants as compared to See Fee Schedule, Section 5)d)ii), note 27. 79 bandwidth for optimized performance, other like exchanges' products and See Securities Exchange Act Release No. 83201 80 increased functionalities on each services. (May 9, 2018), 83 FR 22546 (May 15, 2018) (SR- application layer, and increased C2-2018-006) and Cboe Titanium U.S. Options Binary Order Entry Version 3 Specification, Version proposed fees are reasonable, fair and optimization with regard to surveillance 1.10, page 45 (October 31, 2025), available at equitable, and non-discriminatory and monitoring of such classes quoted. https://cdn.cboe.com/resources/membership/US_ because they will apply to all Members As such, basing the higher Market OptionsBOE3Specification.pdf. in the same manner and are not targeted Maker Trading Permit fees on the See Cboe Titanium U.S. Options Binary Order 81 at a specific type or category of market greater number of classes quoted in on Entry Version 3 Specification, Version 1.10, page 224 (October 31, 2025), available at https:// participant engaged in any particular any given day in a calendar month is cdn.cboe.com/resources/membership/USOptions trading strategy. equitable and not unfairly BOE3_Specification.pdf.

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00147 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18957

requirements under the Exchange Act. Exchange for Market Makers that chose discriminatory when considering how to purchase them. the increased number of quoted classes Given this difference in network Purge Ports enhance Market Makers' directly impacts the resources required utilization rate, the Exchange believes ability to manage quotes, which, in turn, for the Exchange to operate for all that it is equitable and not unfairly improves their risk controls to the market participants. discriminatory that the 10Gb ULL users benefit of all market participants. The continue to pay higher network Network Connectivity Fees. The Exchange also believes that the connectivity fees. proposed Purge Port fees are not fees for network connectivity to the FIX and FXD Port Fees. The Exchange unfairly discriminatory because they believes that the proposed FIX and FXD will apply uniformly to all Market recovery facility for Members and non- Port fees are equitable and non- Makers that choose to use the optional Members are equitably allocated discriminatory because they will apply Purge Ports. Purge Ports are completely because they would apply equally to all to all Members in the same manner and voluntary and, as they relate solely to market participants that choose to are not targeted at a specific type or optional risk management functionality, purchase such connectivity products category of market participant engaged no Market Maker is required or under and services from the Exchange. Any in any particular trading strategy. The any regulatory obligation to utilize participant that chooses to purchase the proposed fees for each type of port (FIX them. All Market Makers that Exchange's connectivity products and or FXD) does not depend on any voluntarily select this service option services would be subject to the same distinctions between Members, will be charged the same amount for the fees, regardless of what type of business customers, broker-dealers, or any other same services based upon the number of they operate or the use they plan to entity. The proposed fee will be matching engines. The Exchange also make of the products and services. assessed solely based on the number of believes that offering Purge Ports at the Additionally, the fee increases would be FIX or FXD Ports an entity selects and matching engine level promotes risk applied uniformly to market not on any other distinction applied by management across the industry, and participants without regard to Exchange the Exchange. The Exchange believes thereby facilitates investor protection. membership status or the extent of any offering a tiered fee structure where the Offering matching engine level other business with the Exchange or fee for FIX Ports decreases with the protections ensures that such affiliated entities. number utilized is equitable and not functionality is widely available to all unfairly discriminatory because FIX firms, including smaller firms that may Ports are used for order entry compared otherwise not be willing to incur the proposed fees are equitably allocated to FXD Ports, which are used to provide costs and development work necessary among anticipated users of the network messages concerning real-time trade to support their own customized mass connectivity as the Exchange expects execution, trade correction and trade cancel functionality. As such, the that users of 10Gb ULL connections will cancellation information and, in the Exchange believes the proposed fees are consume substantially more bandwidth Exchange's experience, Members tend to equitable and not unfairly and network resources than users of 1Gb utilize fewer such ports overall. Further, discriminatory. connections. It is the experience of the the Exchange believes the proposed fees Limited Service MEI Port Fees. The Exchange and its affiliated exchanges for FIX and FXD Ports are reasonable Exchange believes the proposed fee for that this is the case as 10Gb ULL because for one monthly fee for each Limited Service MEI Ports is not connection users have historically port, Members are able to access all unfairly discriminatory because it accounted for more than 99% of matching engines. would apply to all Market Makers message traffic over the network, which equally. All Market Makers remain drives increased capacity utilization, Purge Port Fees. The Exchange eligible to receive four free Limited while the users of the 1Gb connections believes that the proposed Purge Port Service MEI Ports per matching engine account for less than 1% of message fees are equitable because Purge Ports and those that elect to purchase more traffic over the network. In the are completely voluntary as they relate would be subject to the same monthly experience of the Exchange and its solely to optional risk management rate depending upon the number they affiliates, users of the 1Gb connections functionality. While the Exchange choose to utilize. In the Exchange's do not have the same business needs for believes that Purge Ports provide a experience, certain Market Makers the high-performance network as 10Gb valuable service, Market Makers can choose to purchase additional Limited ULL users. choose to purchase, or not purchase, Service MEI Ports based on their own these ports based on their own The Exchange's high-performance particular trading/quoting strategies and determination of the value and their network and supporting infrastructure feel they need a certain number of ports business needs. No Market Maker is (including employee support), provides to execute on those strategies. Other required or under any regulatory unparalleled system throughput. To Market Makers may continue to choose obligation to utilize Purge Ports. In fact, achieve a consistent, premium network to only utilize the free Limited Service some market participants, in particular performance, the Exchange built out and MEI Ports to accommodate their own the larger firms, could and do build must now maintain a network that has trading or quoting strategies, or other similar risk functionality in their trading the capacity to handle the message rate business models. All Market Makers systems that permit the flexible requirements of its most heavy network elect to receive or purchase the amount cancellation of quotes entered on the consumers. These billions of messages of Limited Service MEI Ports they Exchange at a high rate. Accordingly, per day consume the Exchange's require based on their own business the Exchange believes that Purge Ports resources and significantly contribute to decisions and all Market Makers would offer appropriate risk management the overall increase in storage and be subject to the same fee structure. functionality to firms that trade on the network transport capabilities. The Every Market Maker may receive up to Exchange must analyze its storage four free Limited Service MEI Ports and capacity on an ongoing basis to ensure those that choose to purchase additional 17 CFR 240.17a-1 (recordkeeping rule for 82it has sufficient capacity to store these national securities exchanges, national securities Limited Service MEI Ports may elect to associations, registered clearing agencies and the messages to satisfy its record keeping do so based on their own business Municipal Securities Rulemaking Board).

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00148 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18958

decisions and would continue to be that are frequently in the highest tier for lower fixed cost to those Market Makers subject to the same monthly fees. Full Service MEI Ports consume the who are willing to quote the entire most bandwidth and resources of the Exchange market (or substantial amount proposed fee for Limited Service MEI of the Exchange market), as objectively network. Ports is reasonable, equitable, and not To achieve a consistent, premium measured by either number of classes unfairly discriminatory because it is network performance, the Exchange assigned or national ADV, but who do designed to align fees with services must build out and maintain a network not otherwise execute a significant provided, will apply equally to all that has the capacity to handle the amount of volume on the Exchange. The Market Makers that are assigned Limited message rate requirements of its most Exchange believes that, by continuing to Service MEI Ports, and minimizes heavy network consumers during offer a lower fixed cost to Market barriers to entry by providing all Market anticipated peak market conditions. The Makers that execute less volume, the Makers with four free Limited Service need to support billions of messages per Exchange will continue to retain and MEI Ports. As a result, there are several day consumes the Exchange's resources attract smaller-scale Market Makers, Market Makers that are not subject to and significantly contributes to the which are an integral component of the any additional LSP fees. In contrast, overall need to increase network storage option industry marketplace, but have other exchanges generally charge in and transport capabilities. Thus, as the been decreasing in number in recent excess of $350 per port (the fee the number of ports a Market Maker has years, due to industry consolidation and Exchange proposes to charge for Limited increases, the related pull on Exchange lower market maker profitability. The Service MEI Ports) without providing resources may continue to increase. Exchange believes it is beneficial to any initial ports for free. incentivize these additional Market 83 proposed fees are reasonable, equitably Makers to register to make markets on proposed Limited Service MEI Port fee allocated and not unfairly the Exchange to increase liquidity as the discriminatory because, for the flat fee structure is equitable and not unfairly Exchange begins operations. Increased in each tier, the Exchange provides each discriminatory because it will continue liquidity from a diverse set of market to enable Market Makers to access the Member two Full Service MEI Ports for participants helps facilitate price Exchange with four free ports before the each matching engine to which that discovery and the interaction of orders, proposed fees for additional Limited Member is connected. Unlike other which benefits all market participants of Service MEI Ports apply, thereby options exchanges that provide similar the Exchange. Since these smaller-scale continuing to encourage order flow and port functionality and charge fees on a Market Makers may utilize less liquidity from a diverse set of Market per port basis, the Exchange offers Exchange capacity due to lower overall 85Makers, facilitating price discovery and Full Service MEI Ports as a package and volume executed, the Exchange believes the interaction of orders. The Exchange provides Market Makers with the option it is reasonable, equitably allocated and notes that a substantial majority of to receive up to two Full Service MEI not unfairly discriminatory to offer such Market Makers only utilize the four Ports per matching engine to which it Market Makers a lower fixed cost. The Limited Service MEI Ports provided for connects. The Exchange currently has Exchange notes that its affiliated no fee. The proposed fees are designed twenty-four matching engines, which markets, MIAX Pearl, MIAX Emerald, to encourage Market Makers to be means Market Makers may receive up to and MIAX Sapphire, offer a similar efficient with their Limited Service MEI forty-eight Full Service MEI Ports for a reduced fee for their Full Service MEO/ Port usage. There is no requirement that single monthly fee, which can vary MEI Ports for smaller-scale Market any Market Maker maintain a specific based on certain volume percentages or Makers. 86number of Limited Service MEI Ports classes the Market Maker is registered * * * * * and a Market Maker may choose to in. Assuming a Market Maker connects For all of the foregoing reasons, the maintain as many or as few of such to all twenty-four matching engines ports as each Market Maker deems during the month, and achieves the fees are equitably allocated and not appropriate. highest tier for that month, with two unfairly discriminatory. Full Service MEI Port Fees. The Full Service MEI Ports per matching proposed fees for Full Service MEI Ports B. Self-Regulatory Organization's engine, this would result in a cost of are not unfairly discriminatory because Statement on Burden on Competition approximately $573 per Full Service they would apply to all Market Makers MEI Port ($27,500 divided by 48, and In accordance with Section 6(b)(8) of equally. The Exchange's pricing rounded up to the nearest dollar). the Act, the Exchange does not believe 87structure for Full Service MEI Ports is The Exchange believes the proposed that the proposed rule change would similar to the pricing structure used by reduced Full Service MEI Port fee for impose any burden on competition that the Exchange's affiliates, MIAX Pearl, Market Makers that fall within the 3rd, is not necessary or appropriate in MIAX Emerald, and MIAX Sapphire, for 4th, and 5th levels of the Full Service furtherance of the purposes of the Act. their Full Service MEI/MEO Port fees. MEI Port fee table and certain volume 84In the Exchange's experience, Members Intra-Market Competition thresholds are met is not unfairly discriminatory because this lower EEM Trading Permit Fees monthly fee is designed to provide a See Nasdaq, Options 7: Pricing Schedule, 83 The Exchange believes the proposed Section 3(i)(4), available at https://listingcenter. Trading Permit fee for EEMs does not nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20 See NASDAQ Pricing Schedule, Options 7, Options%207 (providing zero free ports and impose any burden on intra-market 85 Section 3, Ports and Other Services and NASDAQ charging $750 per QUO Port, which is analogous to competition that is not necessary or Rules, General 8: Connectivity, Section 1. Co- the Exchange's Limited Service MEI Ports) and appropriate in furtherance of the Location Services (similar to the MIAX Pearl Nasdaq MRX, Options 7: Pricing Schedule, Section purposes of the Act because the Options' MEO Ports, SQF ports are primarily 6(i)(4), available at https://listingcenter. utilized by Market Makers); ISE Pricing Schedule, nasdaq.com/rulebook/mrx/rules/MRX%20Options%207 (providing zero free ports and Options 7, Section 7, Connectivity Fees and ISE See MIAX Pearl Fee Schedule, Section 5)d), charging $650 per OTTO Port, which is analogous Rules, General 8: Connectivity; NYSE American 86 note ''**''; MIAX Emerald Fee Schedule, Section to the Exchange's Limited Service MEI Ports). Options Fee Schedule, Section V.A. Port Fees and 5)d)ii), note ''-''; and MIAX Sapphire Fee Schedule, Section V.B. Co-Location Fees; GEMX Pricing See MIAX Pearl Fee Schedule, Section 5)d); 84 Section 5)d), note ''b''. Schedule, Options 7, Section 6, Connectivity Fees MIAX Emerald Fee Schedule, Section 5)d)ii); and MIAX Sapphire Fee Schedule, Section 5)d)ii). and GEMX Rules, General 8: Connectivity. 15 U.S.C. 78f(b)(8). 87

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00149 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18959

proposed fee does not favor certain retention, increased bandwidth for consumed by the various size of market categories of market participants in a optimized performance, increased participants and the costs to the manner that would impose a burden on functionalities on each application Exchange of providing such competition. The proposed fee is the layer, and increased optimization with connectivity services. same for all EEMs of different sizes and regard to surveillance and monitoring of FIX and FXD Port Fees business models without regard to such classes quoted. As such, basing the membership status or the extent of any Market Maker Trading Permit fee on the proposed FIX and FXD Port fees do not other business with the Exchange or greatest number of classes quoted in on place certain market participants at a affiliated entities. any given day in a calendar month, or relative disadvantage to other market percentage of total national ADV, does Market Maker Trading Permit Fees participants because they will apply to not impose any burden on intra-market all Members in the same manner and are competition that is not necessary or proposed Trading Permit fees for Market not targeted at a specific type or appropriate in furtherance of the Makers do not place certain market category of market participant engaged purposes of the Act when taking into participants at a relative disadvantage to in any particular trading strategy. The account how the increased number of other market participants because the proposed fees for each type of port (FIX quoted classes directly impact the costs proposed fees do not favor certain or FXD) do not depend on any and resources for the Exchange. categories of market participants in a distinctions between Members, Network Connectivity Fees manner that would impose a burden on customers, broker-dealers, or any other competition; rather, the fee rates are entity. The proposed fee will be proposed network connectivity fees for designed in order to provide objective assessed solely based on the number of Members and non-Members do not criteria for Market Makers of different FIX or FXD Ports an entity selects and sizes and business models that best place certain market participants at a not on any other distinction applied by matches their order and quoting activity relative disadvantage to other market the Exchange. on the Exchange. Further, the Exchange participants or affect the ability of such Purge Port Fees believes that the proposed Market market participants to compete. The Maker Trading Permit fees will not proposed fees will apply uniformly to impose a burden on intra-market all market participants regardless of the proposed Purge Port fees do not place competition because, when these fees number of 1Gb or 10Gb ULL certain market participants at a relative are viewed in the context of the overall connections they choose to purchase to disadvantage to other market activity on the Exchange, Market the primary/secondary facility or the participants because Purge Ports are Makers: (1) consume the most disaster recovery facility. The proposed completely voluntary as they relate bandwidth and resources of the fees do not favor certain categories of solely to optional risk management network; (2) transact the vast majority of market participants in a manner that functionality. Purge Ports enhance would impose an undue burden on the volume on the Exchange; and (3) Members' ability to manage orders, competition. require the high touch network support which, in turn, improves their risk The Exchange does not believe that services provided by the Exchange and controls to the benefit of all market the proposed fees for connectivity its staff, including more costly network participants. Further, the proposed fees services place certain market monitoring, reporting and support apply uniformly to all Members that participants at a relative disadvantage to services, resulting in a much higher cost choose to use the optional Purge Ports other market participants because the to the Exchange. The Exchange notes and no Market Maker is required or proposed connectivity pricing is that the majority of customer demand under any regulatory obligation to associated with relative usage of the comes from Market Makers, whose utilize them. All Members that Exchange by each market participant transactions make up a majority of the voluntarily choose to utilize Purge Ports and does not impose a barrier to entry volume on the Exchange. Further, other will be charged the same amount based to smaller participants. The Exchange member types, i.e. EEMs, take up upon the number of matching engines believes its proposed pricing is significantly less Exchange resources for each set of Purge Ports in use. reasonable and, when coupled with the and costs. As such, the Exchange does Limited Service MEI Port Fees availability of third-party providers that not believe charging Market Makers also offer connectivity solutions, higher Trading Permit fees than other The Exchange does not believe its participation on the Exchange is member types will impose a burden on proposed fee for Limited Service MEI competitive for all market participants, intra-market competition. Ports will place certain market including smaller trading firms. The participants at a relative disadvantage to increasing fees under the tiered Market connectivity services purchased by other market participants. All Market Maker Trading Permit fee structure do market participants typically increase Makers would be eligible to receive four not impose a burden on intra-market based on their additional message traffic free Limited Service MEI Ports and competition because the tiered structure and/or the complexity of their those that elect to purchase more would operations. The market participants that continues to take into account the be subject to the same monthly fee. All number of classes quoted by each utilize more connectivity services Market Makers purchase the amount of individual Market Maker or percentage typically utilize the most bandwidth, Limited Service MEI Ports they require and those are the participants that of total national ADV. The Exchange's based on their own business decisions system requires increased performance consume the most resources from the and similarly situated firms are subject and capacity in order to provide the network. Accordingly, the proposed fees to the same fee. opportunity for each Market Maker to for connectivity services do not favor Full Service MEI Port Fees certain categories of market participants quote in a higher number of options The Exchange does not believe classes on the Exchange. Specifically, in a manner that would impose a proposed fees for Full Service MEI Ports the more classes that are actively quoted burden on competition; rather, the will place certain market participants at allocation of the proposed connectivity on the Exchange by a Market Maker a relative disadvantage to other market fees reflects the network resources requires increased memory for record

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00150 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1

18960

Exchange believes that non-transaction All submissions should refer to file participants because they would apply number SR-MIAX-2026-12. This file to all Market Makers equally depending fees can be used to foster more number should be included on the on the number of classes the Market competitive transaction pricing and Maker is registered to quote in or the subject line if email is used. To help the additional infrastructure investment and percentage of national ADV. The Commission process and review your there are other options markets of which Exchange believes the proposed fees comments more efficiently, please use market participants may connect to will not result in any burden on intra- only one method. The Commission will trade options that charge higher or market competition that is not necessary post all comments on the Commission's comparable rates as the Exchange for or appropriate in furtherance of the internet website (https://www.sec.gov/ similar services and products. purposes of the Act because, in the rules/sro.shtml). Copies of the filing will Accordingly, the Exchange does not Exchange's experience, Market Makers be available for inspection and copying believe its proposed fee changes impose that are frequently in the highest tier for at the principal office of the Exchange. any burden on competition that is not Do not include personal identifiable Full Service MEI Ports consume the necessary or appropriate in furtherance information in submissions; you should most bandwidth and resources of the of the purposes of the Act. submit only information that you wish network. C. Self-Regulatory Organization's to make available publicly. We may Statement on Comments on the proposed fees do not place certain redact in part or withhold entirely from Proposed Rule Change Received From market participants at the Exchange at a publication submitted material that is Members, Participants, or Others relative disadvantage compared to other obscene or subject to copyright market participants or affect the ability protection. Written comments were neither of such market participants to compete All submissions should refer to file solicited nor received. because, for the flat fee in each tier, the number SR-MIAX-2026-12 and should III. Date of Effectiveness of the Exchange provides each Market Maker be submitted on or before May 4, 2026. Proposed Rule Change and Timing for two Full Service MEI Ports for each For the Commission, by the Division of Commission Action matching engine to which that Market Trading and Markets, pursuant to delegated Maker is connected. Further, the The foregoing rule change has become authority. 90Exchange offers a reduced Full Service effective pursuant to Section Sherry R. Haywood, MEI Port fee for Market Makers that fall 19(b)(3)(A)(ii) of the Act, and Rule 88 Assistant Secretary. within the 3rd, 4th and 5th levels of the 19b-4(f)(2) thereunder. At any time 89 [FR Doc. 2026-07041 Filed 4-10-26; 8:45 am] Full Service MEI Port fee table, which within 60 days of the filing of the lower monthly fee is designed to proposed rule change, the Commission BILLING CODE 8011-01-P provide a lower fixed cost to those summarily may temporarily suspend Market Makers who are willing to quote such rule change if it appears to the SECURITIES AND EXCHANGE the entire Exchange market (or Commission that such action is COMMISSION substantial amount of the Exchange necessary or appropriate in the public market), as objectively measured by [Release No. 34-105175; File No. SR- interest, for the protection of investors, CBOE-2026-020] either number of classes assigned or or otherwise in furtherance of the national ADV, but who do not otherwise purposes of the Act. If the Commission Self-Regulatory Organizations; Cboe execute a significant amount of volume takes such action, the Commission shall Exchange, Inc.; Order Approving a on the Exchange. institute proceedings to determine Proposed Rule Change, as Modified by The Exchange believes that, by whether the proposed rule should be Amendment No. 1, To Exchange Rules continuing to offer a lower fixed cost to approved or disapproved. 4.3 (Criteria for Underlying Securities) Market Makers that execute less volume, and 4.4 (Withdrawal of Approval of IV. Solicitation of Comments the Exchange will continue to retain and Underlying Securities) To Establish attract smaller-scale Market Makers, Interested persons are invited to Listing Criteria and Withdrawal which are an integral component of the submit written data, views and Standards for Options on Commodity- option industry marketplace, but have arguments concerning the foregoing, Based Trusts Holding Multiple Crypto been decreasing in number in recent including whether the proposed rule Assets years, due to industry consolidation and change is consistent with the Act. lower market maker profitability. Comments may be submitted by any of April 8, 2026. Accordingly, the Exchange believes the the following methods: I. Introduction reduced fee will promote competition Electronic Comments by incentivizing these additional Market On February 23, 2026, Cboe • Use the Commission's internet Makers to register to make markets on Exchange, Inc. (''Cboe'' or ''the the Exchange to increase liquidity. Exchange'') filed with the Securities and comment form (https://www.sec.gov/ Exchange Commission (''Commission''), rules/sro.shtml); or Inter-Market Competition • Send an email to rule-comments@ pursuant to Section 19(b)(1) of the The Exchange does not believe that Securities Exchange Act of 1934 (''Act'' sec.gov. Please include file number the proposed changes will result in any or ''Exchange Act'') and Rule 19b-4 SR-MIAX-2026-12 on the subject 1burden on inter-market competition that thereunder, a proposed rule change to line. 2is not necessary or appropriate in adopt listing criteria for options on Paper Comments furtherance of the purposes of the Act. Commodity-Based Trusts that hold In contrast, the Exchange believes that, • Send paper comments in triplicate multiple crypto assets. The proposed without the fee changes proposed to Secretary, Securities and Exchange rule change was published for comment herein, the Exchange is potentially at a Commission, 100 F Street NE, in the Federal Register on March 4, competitive disadvantage to certain Washington, DC 20549-1090. other exchanges that have in place 17 CFR 200.30-3(a)(12). 90comparable or higher fees for similar 15 U.S.C. 78s(b)(3)(A)(ii). 15 U.S.C. 78s(b)(1). 88 1services, as described above. The 17 CFR 240.19b-4(f)(2). 17 CFR 240.19b-4. 89 2

VerDate Sep<11>2014 19:15 Apr 10, 2026 Jkt 268001 PO 00000 Frm 00151 Fmt 4703 Sfmt 4703 E:\FR\FM\13APN1.SGM 13APN1