Proposed Rule Change to Amend Fee Schedule for Liquidity Taker Event Reports

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Commission (''Commission'') the purposes of the Act. Indeed, all clearing Paper Comments: members would see the same relative proposed rule change as described in • Send paper comments in triplicate decrease in their default fund Items I, II, and III below, which Items to Secretary, Securities and Exchange contribution so that all clearing have been prepared by the Exchange. Commission, 100 F Street NE, participants are treated equally, except The Commission is publishing this Washington, DC 20549-1090. if their default fund contribution is notice to solicit comments on the All submissions should refer to file small enough that it is subject to the 10 proposed rule change from interested number SR-LCH SA-2026-001. This persons. million euros floor in which case the file number should be included on the decrease could be smaller or even nil. subject line if email is used. To help the I. Self-Regulatory Organization's The Proposed Rule Change was Commission process and review your Statement of the Terms of Substance of discussed with the current Clearing comments more efficiently, please use the Proposed Rule Change Members and would not affect their only one method. The Commission will The Exchange proposes to amend the ability or of other market participants post all comments on the Commission's MIAX Options Exchange Fee Schedule generally to engage in cleared internet website (https://www.sec.gov/ (the ''Fee Schedule'') to: (i) increase the transactions or to access clearing rules-regulations/self-regulatory- annual fee for all Liquidity Taker Event services. The Proposed Rule Change organization-rulemaking). Copies of the Reports (described below); (ii) establish will have no effect on the open access filing will be available for inspection annual and monthly fees for the Purge model maintained by LCH SA. and copying at the principal office of Liquidity Taker Report; (iii) establish a Therefore, LCH SA does not believe LCH SA and on LCH SA's website at discount program for market that the proposed rule change would http://www.lch.com/resources/rules- participants with multiple annual impose a burden on competition not and-regulations/proposed-rule-changes- subscriptions to the various Liquidity necessary or appropriate in furtherance 0. Taker Event Reports; and (iv) establish Do not include personal identifiable of the purposes of the Act. a sunset period in which the Exchange information in submissions; you should will no longer offer monthly C. Clearing Agency's Statement on submit only information that you wish subscriptions to all Liquidity Taker Comments on the Proposed Rule to make available publicly. We may Event Reports. Change Received From Members, redact in part or withhold entirely from The text of the proposed rule change Participants or Others publication submitted material that is is available on the Exchange's website at obscene or subject to copyright Written comments were not and are https://www.miaxglobal.com/markets/ protection. not intended to be solicited with respect us-options/all-options-exchanges/rule- All submissions should refer to file to the Proposed Rule Change and none filings and at MIAX's principal office. number SR-LCH SA-2026-001 and have been received by LCH SA. II. Self-Regulatory Organization's should be submitted on or before May III. Date of Effectiveness of the Statement of the Purpose of, and 8, 2026. Proposed Rule Change Statutory Basis for, the Proposed Rule For the Commission, by the Division of Change Within 45 days of the date of Trading and Markets, pursuant to delegated In its filing with the Commission, the authority. publication of this notice in the Federal 29Exchange included statements Register or within such longer period Sherry R. Haywood, concerning the purpose of and basis for up to 90 days (i) as the Commission may Assistant Secretary. the proposed rule change and discussed designate if it finds such longer period [FR Doc. 2026-07492 Filed 4-16-26; 8:45 am] any comments it received on the to be appropriate and publishes its BILLING CODE 8011-01-P proposed rule change. The text of these reasons for so finding or (ii) as to which statements may be examined at the the self-regulatory organization places specified in Item IV below. The SECURITIES AND EXCHANGE consents, the Commission will: (A) by Exchange has prepared summaries, set COMMISSION order approve or disapprove such forth in sections A, B, and C below, of proposed rule change, or (B) institute [Release No. 34-105232; File No. SR-MIAX- the most significant aspects of such proceedings to determine whether the 2026-14] statements. proposed rule change should be disapproved. Self-Regulatory Organizations; Miami A. Self-Regulatory Organization's International Securities Exchange, Statement of the Purpose of, and IV. Solicitation of Comments LLC; Notice of Filing and Immediate Statutory Basis for, the Proposed Rule Effectiveness of a Proposed Rule Interested persons are invited to Change Change To Amend the MIAX Options submit written data, views and 1. Purpose Exchange Fee Schedule for All arguments concerning the foregoing, Liquidity Taker Event Reports including whether the proposed rule The Exchange proposes to amend the change, is consistent with the Act. Fee Schedule to: (i) increase (or, as April 14, 2026. Comments may be submitted by any of described below, establish) the annual Pursuant to Section 19(b)(1) of the the following methods: fee for all Liquidity Taker Event Securities Exchange Act of 1934 Reports; (ii) establish annual and 3Electronic Comments: (''Act''),and Rule 19b-4 thereunder, 12notice is hereby given that on March 31, • Use the Commission's internet See Exchange Rules 531(a)-(d), providing the 2026, Miami International Securities 3comment form (https://www.sec.gov/ rule text for the following: (a) Liquidity Taker Event Exchange, LLC (''MIAX'' or ''Exchange'') Report--Simple Orders (the ''Simple Order rules-regulations/self-regulatory- filed with the Securities and Exchange Report''); (b) Liquidity Taker Event Report-- organization-rulemaking); or Complex Orders (the ''Complex Order Report''); (c) • Send an email to rule-comments@Liquidity Taker Event Report--Resting Simple 17 CFR 200.30-3(a)(12). Orders (the ''Resting Simple Order Report''); and (d) 29sec.gov. Please include file number SR- 15 U.S.C. 78s(b)(1). Purge Liquidity Taker Report (the ''Purge Report''). 1LCH SA-2026-001 on the subject line. 17 CFR 240.19b-4. Continued 2

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monthly fees for the Purge Report; (iii) either the Simple Order Report or be amended by herein (including the establish a discount program for market Complex Order Report, but not both, multiple report discount described participants with multiple annual may add a subscription to the Simple below), remains similar to the subscriptions to two or more of the Order Report or Complex Order Report annualized fee charged by other Reports; and (iv) establish a sunset during their current 12 month exchanges for their similar reports. 11period in which the Exchange will no subscription. In such case, the fee for The proposed annual fee of $30,000 for longer offer monthly subscriptions to the added report is pro-rated for the each of the Simple Order Report and the Reports. remainder of the subscriber's current 12 Complex Order Report is also month subscription based on the discounted when compared to the Background amount of the 12 Month Subscription monthly fee for each report of $4,000 Currently, the Exchange offers the Discount. Subscribers receive the 12 (i.e., $4,000 per month multiplied by Month Subscription Discount for twelve months means that a subscriber Report and Resting Simple Order Report subscribing to both the Simple Order that took the monthly subscription for as Member -specific reports, which are Report and Complex Order Report on 4 an entire year would be charged $48,000 available for purchase by Exchange the renewal date of their original rather than the $30,000 proposed annual Members on a voluntary basis. In subscription. The Exchange also fee). The Exchange also proposes to general, the Simple Order Report, provides that new subscribers will be increase the annual fee for the Resting Complex Order Report and Resting charged for the full calendar month for Simple Order Report from $12,000 to Simple Order Report are each daily which they subscribe and will be $15,000. The Exchange does not reports that provide a Member provided Liquidity Taker Event Report propose to amend the monthly fee (''Recipient Member'') with its liquidity (Simple, Complex, and/or Resting amounts. response time details for executions Simple Order Report) data for each against an order resting on the Simple Proposal To Establish Annual and trading day of the calendar month prior Order Book (or Strategy Book ), where Monthly Fees for the Purge Report to the day on which they subscribed. 5 6that Recipient Member attempted to On January 26, 2026, the Exchange execute against such resting order The Exchange proposes to amend filed a proposed rule change with the within certain timeframes. Section 7 of the Fee Schedule to Securities and Exchange Commission 7For the Simple Order Report and establish a new row in the table to (''Commission'') to establish the Purge Complex Order Report, the Exchange provide for a monthly and annual fee for Report. In that filing, the Exchange 8assesses a fee of $4,000 per month for the Purge Report, which will be offered stated that it would issue an alert to monthly subscribers or the discounted as a subscription for the first time market participants regarding the date fee of $24,000 per year for annual beginning April 1, 2026. In general, the that the Purge Report would be available subscribers. For the Resting Simple Purge Report, is a daily report that to subscribers. On March 26, 2026, the Order Report, the Exchange assesses a provides a Member (''Recipient Exchange issued an alert announcing fee of $2,000 per month for monthly Member'') with the liquidity response/ that the Purge Report would become subscribers or the discounted fee of taker time details for executions against available for subscription beginning $12,000 per year for annual subscribers. quotes entered by the Recipient Member April 1, 2026, with fees to be announced The Exchange also offers subscribers to that are resting on the Simple Order in a future alert and rule filing with the both the Simple Order Report and Book that occur before and after the Commission. 9Complex Order Report a discount for receipt of a purge message sent by the 12 Proposal To Increase the Annual Fee for annual subscriptions to both of those Recipient Member, where that Recipient the Simple Order Report, Complex reports called the ''12 Month Member attempted to cancel such Order Report and Resting Simple Order Subscription Discount'' in Section 7 of resting quote within the timeframes the Fee Schedule. In particular, the Report Exchange assesses subscribers a The Exchange proposes to amend See, e.g., Cboe BZX Exchange, Inc. (''BZX'') discounted fee of $40,000 per year when 11 Section 7 of the Fee Schedule to Options Fee Schedule, Cboe Timestamping Service they purchase annual subscriptions to increase the annual fee for each of the (assessing members a fee of $3,500 per month for both the Simple Order Report and a subscription to the Missed Liquidity Report) and Complex Order Report. Subscribers with Cboe EDGX Exchange, Inc. (''EDGX'') Options Fee Order Report from $24,000 to $30,000. 10 Schedule, Cboe Timestamping Service (assessing an existing 12 month subscription to The Exchange notes that the annual fee members a fee of $3,500 per month for a for the Simple Order Report and subscription to the Missed Liquidity Report). On an annualized basis, a BZX or EDGX member would The Simple Order Report, Complex Order Report, Complex Order Report, as proposed to pay a total of $42,000 per year for the Missed Resting Simple Order Report and Purge Report are Liquidity Report ($3,500 per month multiplied by collectively referred to herein as the ''Reports.'' 12 months). See also BZX Rule 21.15(b)(7)(1) (''The See Securities Exchange Act Release No. 104778 See Exchange Rule 100. 84 Missed Liquidity Report . . . provides time details (February 6, 2026), 91 FR 6276 (February 11, 2026) The ''Simple Order Book'' is the Exchange's 5 for executions of orders and quotes that rest on the (SR-MIAX-2026-05). regular electronic book of orders and quotes. See book where the Member receiving the report See Trading Alert, MIAX Exchange Group-- Exchange Rule 518(a)(17). 9 attempted to execute against a resting order or quote Options Markets--Purge Liquidity Taker Report The ''Strategy Book'' is the Exchange's 6 within an Exchange-determined period of time Launching April 1, 2026, available at https://electronic book of complex orders and complex . . .'') and EDGX Rule 21.15(b)(7)(1) (''The Missed www.miaxglobal.com/alert/2026/03/26/miax- quotes. See Exchange Rule 518(a)(19). A ''complex Liquidity Report . . . provides time details for exchange-group-options-markets-purge-liquidity- order'' is any order involving the concurrent executions of orders and quotes that rest on the taker-report-launching-2?nav=all. purchase and/or sale of two or more different book where the Member receiving the report options in the same underlying security (the ''legs'' The Exchange also proposes to make non- 10 attempted to execute against a resting order or quote or ''components'' of the complex order), for the substantive changes to amend all references in within an Exchange-determined period of same account, in a conforming or non-conforming Section 7 of the Fee Schedule from ''12 month time. . .''). ratio as defined in Exchange Rule 518 for the subscription'' to now be to ''annual subscription.'' purposes of executing a particular investment Purge messages are sent over purge ports, The purpose of these changes is to provide 12strategy. See Exchange Rule 518(a)(5). which support only quote mass cancel messages. consistency in the Fee Schedule regarding fees for the Reports, including changes proposed in this See MIAX Options Exchange User Manual, Version See Exchange Rules 531(a)-(c) (providing details 7 filing. The Exchange also proposes to delete the ''12 1.0.0, Section 5.01 (dated December 12, 2023), regarding the information contained in each of the available at https://www.miaxglobal.com/miax_ Month Subscription Discount'' as the Exchange Simple Order Report, Complex Order Report, and optionsusermanual.pdf. Resting Simple Order Report). proposes a revised discounted fee structure herein.

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(i.e., $15,000, as proposed to be specified under Exchange Rule subscribers with multiple reports, as increased herein). 531(d)(2). described below. All current (prior to The Exchange proposes to assess a fee The following examples are intended April 1, 2026) annual subscriptions will of $4,000 per month for monthly to clarify how the Exchange intends to run through the expiration date of the assess fees for the Reports during the subscriptions to the Purge Report or current annual term at the current transition to only annual subscriptions, $30,000 per year for annual annual rates (i.e., $24,000 per year for including how the Exchange will assess subscriptions to the Purge Report. the Simple Order Report or Complex fees pursuant to the proposed discount Similar to the Simple Order Report, Order Report; $12,000 per year for the program (all subscriptions are assumed Complex Order Report and Resting Resting Simple Order Report; and to be on an annual basis at the proposed Simple Order Report, new subscribers to $40,000 per year for combined annual higher rates as the discount will only the Purge Report will be charged for the subscriptions to both the Simple Order apply to annual subscriptions): full calendar month for which they Report and Complex Order Report). At subscribe and will be provided Purge the expiration of the current annual Example 1 Report data for each trading day of the term, subscribers may renew their ''Member A'' subscribes annually to calendar month prior to the day on annual subscriptions at the prevailing all four Reports beginning July 1, 2026. which they subscribed. rates, including the discount for ''Member A'' would be assessed a total multiple subscriptions as described Proposal To Establish a Sunset Period fee of $80,000 pursuant to the proposed below, or terminate their subscriptions. for Monthly Subscriptions discount for multiple annual The purpose of these changes is to Next, the Exchange proposes to subscriptions ($70,000 for the Simple reduce billing complexity and amend Section 7 of the Fee Schedule to Order Report, Complex Order Report streamline the fee structure for the establish a sunset period for all monthly and Purge Report + $10,000 to add on Reports. The Exchange notes that the subscriptions to the Reports. As the Resting Simple Order Report). majority of subscribers purchase annual described above, market participants ''Member A's'' subscription to all four subscriptions to the Reports and each may currently purchase monthly Reports would run through June 30, monthly subscriber will have nine subscriptions to the Simple Order 2027, at which time ''Member A'' would months (i.e., April through December Report ($4,000 per month), Complex be subject to the next semi-annual 2026) to determine whether they would Order Report ($4,000 per month), and renewal period and could terminate any like to transition to an annual the Resting Simple Order Report ($2,000 or all subscriptions. subscription or terminate their per month). Also as described and subscriptions altogether. Example 2 proposed above, beginning April 1, ''Member B'' subscribes annually to 2026, market participants may purchase Proposal To Establish a Discount the Simple Order Report beginning monthly subscriptions to the Purge Program for Multiple Annual April 20, 2026. ''Member B'' would be Report for the corresponding fee of Subscriptions assessed $2,500 each month for the $4,000 per month. Finally, the Exchange proposes to The Exchange now proposes to amend months of April (and receive the full amend Section 7 of the Fee Schedule to the Fee Schedule to provide that data set for the entire month of April), establish a discount for market effective December 31, 2026, the May and June 2026, for a total of $7,500. participants that purchase multiple Exchange will no longer offer monthly This is calculated by dividing the annual subscriptions. In particular, the subscriptions to the Simple Order proposed annual fee of $30,000 for the Exchange proposes to provide in the Fee Report, Complex Order Report, Resting Simple Order Report by twelve months Schedule that effective beginning April Simple Order Report, and Purge Report. ($30,000/12 = $2,500) and then 1, 2026, new annual subscribers to Current monthly subscribers to each of multiplying by the number of months multiple Reports will be charged based the Reports may terminate their remaining until the July 1st semi-annual on the number and type of Reports subscriptions or transition to an annual renewal date, including any partial pursuant to the following schedule of subscription at the prevailing rates for month when the subscription began fees: each of the Reports at any time. Further, (i.e., remainder of April, a and full • An annual subscription to one of the Exchange proposes to amend the Fee months for May and June, which equals the following will be $30,000 annually Schedule to provide that beginning three total months). Beginning July 1, (per the rates in the table in Section 7 January 1, 2027, the Exchange will only 2026, the semi-annual renewal date, of the Fee Schedule): the Simple Order offer annual subscriptions to the Simple ''Member B'' would be assessed the Report, Complex Order Report or Purge Order Report, Complex Order Report, annual fee of $30,000 for the Simple Report. Resting Simple Order Report and Purge Order Report subscription, which would • Annual subscriptions to two of the Report, with new/renewal subscriptions run through June 30, 2027. following will be $50,000 annually: the taking effect on a semi-annual basis (i.e., Example 3 January 1st or July 1st of each year). For Report and/or Purge Report. new subscribers between the semi- Prior to April 1, 2026, ''Member C'' • Annual subscriptions to all three of annual subscription dates of January 1st has an annual subscription to both the or July 1st, beginning April 1, 2026, the the following will be $70,000 annually: Exchange will pro-rate the annual fee the Simple Order Report, Complex Order Report, with an expiration date of based on the number of months Order Report and Purge Report. February 28, 2027. ''Member C'' has remaining to the next semi-annual • For subscribers to one or more of already paid the $40,000 discounted renewal date. The pro-rated fee will take rate (per the current terms of the Fee the Simple Order Report, Complex into account the discount for Schedule) for a subscription to both the Order Report or Purge Report, the cost to add an annual subscription to the Order Report. ''Member C'' will Resting Simple Order Report will be See Exchange Rule 531(d) (providing details 13continue to receive data for the Simple $10,000 instead of the fee described for regarding the information contained in the Purge Report). See also Securities Exchange Act Release Order Report and Complex Order Report the Resting Simple Order Report in the No. 104778 (February 6, 2026), 91 FR 6276 through the end of February 2027. At table in Section 7 of the Fee Schedule (February 11, 2026) (SR-MIAX-2026-05).

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that time, if ''Member C'' wanted to reports will apply, as described above. designed to prevent fraudulent and For clarity, to add an annual manipulative acts and practices, continue subscribing to only the Simple subscription to the Purge Report in promote just and equitable principles of Order Report and Complex Order September 2026, ''Member E'' will be trade, remove impediments to and Report, then ''Member C'' would be assessed an additional $1,666.67 each perfect the mechanism of a free and assessed pro-rated fees of $16,666.67 14 month (calculated by dividing the open market and a national market covering March, April, May and June $20,000 discounted price to add an system, and protect investors and the 2027, which is based on the discounted annual subscription to the Purge Report public interest, and is not designed to rate for multiple annual subscriptions based on the multiple report annual permit unfair discrimination among (i.e., $50,000 annually). This is discount and is in addition to the customers, brokers, or dealers. The calculated by dividing the proposed $40,000 already paid) for September, Exchange also believes that its proposal annual fee of $50,000--the discounted October, November, and December to adopt fees for the reports is consistent rate for annual subscriptions to multiple 2026, as well as January and February with Section 6(b) of the Act in Reports (other than the Resting Simple 17 2027. Beginning March 1, 2027, general, and furthers the objectives of Order Report)--by twelve months assuming ''Member E'' wants to Section 6(b)(4) of the Act in ($50,000/12 = $4,166.66) and then 18 continue annual subscriptions to the particular, in that it is an equitable multiplying by the number of months allocation of dues, fees and other remaining until the July 1st semi-annual Report and Purge Report, the Exchange charges among its Members and other renewal date, including any partial will assess ''Member E'' the monthly recipients of Exchange data. month when the subscription began In adopting Regulation NMS, the pro-rated amount for three annual (i.e., March, April, May and June 2027, Commission granted self-regulatory subscriptions until the next semi-annual which equals four total months). organizations (''SROs'') and broker- renewal date of July 1, 2027. Beginning July 1, 2027, the semi-annual dealers increased authority and Accordingly, ''Member E'' will be renewal date, ''Member C'' would be flexibility to offer new and unique assessed $5,833.33 each month of assessed the discounted annual fee of market data to the public. It was March, April, May and June 2027. This $50,000 for multiple subscriptions, believed that this authority would is calculated by dividing the annual fee which would run through June 30, 2028. expand the amount of data available to for subscribing to all three of the Simple Example 4 consumers, and also spur innovation Order Report, Complex Order Report and competition for the provision of and Purge Report ($70,000) by twelve ''Member D'' has a monthly market data. The Exchange believes that months, which equals $5,833.33 per subscription to the Simple Order the Reports further broaden the month until the next semi-annual Report. ''Member D'' will continue to availability of U.S. option market data to renewal date. On July 1, 2027, ''Member pay the $4,000 monthly subscriber fee investors consistent with the principles E'' will be assessed the full annual fee each month until the end of December of Regulation NMS. The Reports also for multiple annual subscriptions of 2026. At that time, ''Member D'' may promote increased transparency through $70,000. terminate their subscription entirely (or The purpose of establishing the the dissemination of the data contained at anytime before December) or discount program for market in each of the Reports. Particularly, the transition to an annual subscription for participants that purchase annual Reports will benefit investors by the Simple Order Report, which would subscriptions to two or more of the facilitating their prompt access to the be $30,000, effective for January 1, 2027. Reports is to provide an incentive via value-added information that is In this case, there would be no pro-rated reduced fees for market participants to included in each of the Reports. The fees because January 1st is the semi- continue receiving the data provided in Reports will allow Members to access annual renewal date. the Reports. information regarding their trading or Example 5 purge activity that they may utilize to * * * * * evaluate their own trading or purge The Reports are being offered to ''Member E'' has annual subscriptions behavior and order interactions. Members on a completely voluntary to both the Simple Order Report and basis in that the Exchange is not Complex Order Report beginning March Proposals To Increase the Annual Fee required by any rule or regulation to 1, 2026. ''Member E'' is assessed the for the Simple Order Report, Complex make this data available and potential $40,000 discounted fee pursuant to the Order Report and Resting Simple Order subscribers may purchase any report ''12 Month Subscription Discount'' as Report and Establish Fees for the Purge only if they voluntarily choose to do so. currently provided for in Section 7 of Report It is a business decision of each Member the Fee Schedule, pursuant to which the The Exchange believes the proposed whether to subscribe to each Report or Exchange will provide ''Member E'' the increased annual fee for the Simple not. Not all Members purchase the data for the Simple Order Report and Order Report and Complex Order Report Reports. Members may cancel their Complex Order Report each month are reasonable as the proposed increase subscription to any of the Reports at any through February 2027. Assume that in is modest and is still comparable to the time. September 2026, ''Member E'' wants to annualized fee charged by other The proposed changes are effective add an annual subscription to the Purge exchanges for similar reports. In beginning April 1, 2026. Report. In this case, the Exchange will particular, BZX and EDGX each assess assess ''Member E'' the pro-rated 2. Statutory Basis a monthly fee of $3,500 for discounted fee for multiple annual The Exchange believes that the subscriptions to their Missed Liquidity subscriptions until the ''12 Month proposed rule change is consistent with Reports. On an annualized basis, a BZX Subscription Discount'' expires, at Section 6(b) of the Act, in general, and or EDGX member would pay a total of which time the newly proposed rates for 15 $42,000 per year for the Missed furthers the objectives of Section 6(b)(5) subscribing to two or more annual Liquidity Report ($3,500 per month of the Act, in particular, in that it is 16

Throughout this filing, the Exchange rounded 14 15 U.S.C. 78f(b). 15 U.S.C. 78f(b). up or down to the nearest whole cent when 15 17providing fee calculations. 15 U.S.C. 78f(b)(5). 15 U.S.C. 78f(b)(4). 16 18

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is not required to make the Reports multiplied by 12 months). When how much time a purge message missed canceling a quote, particularly as market compared to the Exchange's proposed available to all investors. It is entirely a conditions change throughout the day annual fee of $30,000 for each of the business decision of each Member to and Market Makers attempt to cancel Simple Order Report or Complex Order subscribe to the Reports. The Exchange Report, the Exchange believes its and replace quotes in certain symbols. offers the Reports as a convenience to Indeed, if the Exchange proposed fees proposed fee increase is reasonable. Members to provide them with that market participants viewed as Further, when looking at the Exchange's additional information regarding trading excessively high, then the proposed fees proposed fee for the Simple Order or purging activity on the Exchange on would simply serve to reduce demand Report and Complex Order Report on a a delayed basis after the close of regular for the Reports, which as noted, are per month basis, the Exchange believes trading hours. A Member that chooses to entirely optional. Other options the proposed fee is reasonable as it is subscribe to the Reports may exchanges are also free to introduce effectively less than the monthly fee discontinue receiving the Reports at any their own comparable data products assessed by BZX and EDGX for their time if that Member determines that the with lower prices to better compete with similar reports (i.e., $30,000 divided by information contained in the Reports is the Exchange's offerings. As such, the twelve months = $2,500 per month). 19no longer useful. The Exchange believes the proposed Exchange believes that the proposed increased fee for an annual subscription fees for the Reports are reasonable and Proposal To Establish a Sunset Period to the Resting Simple Order Report is set at a level to compete with other for Monthly Subscriptions reasonable as the proposed fee is still options exchanges that may choose to both modest and lower than fees (as offer similar reports or do offer similar The Exchange believes its proposal to proposed to be increased herein) reports today. Moreover, if a market sunset monthly subscriptions at the end charged by the Exchange for similar data participant views another exchange's of 2026 is reasonable because it is products, i.e., the Simple Order Report potential report as more attractive, then intended to reduce billing complexity and Complex Order Report. The such market participant can merely and streamline the fee structure for the proposed increased fee for the Resting choose not to purchase the Exchange's Reports. The Exchange notes that the Reports and instead purchase another Simple Order Report continues to be majority of subscribers purchase annual exchange's similar data product, which less expensive than the Exchange's subscriptions to the Reports and each may offer similar data points, albeit monthly subscriber will have nine Order Report because the Exchange based on that other market's trading months to determine whether they believes that the information provided activity. would like to transition to an annual Selling market data, such as one of the in the Resting Simple Order Report may subscription or terminate their Reports, is also a means by which not be as valuable to market participants subscriptions altogether. The Exchange exchanges compete to attract business. as the other information contained in believes this proposed change is To the extent that the Exchange is the Simple Order Report and Complex equitable and not unfairly successful in continuing to attract Order Report, which measures the data subscribers for the Reports, it may earn discriminatory because all subscribers in the first 200 microseconds of the time trading revenues and further enhance will be subject to the same annual fees the resting order was received by the the value of its data products. If the Exchange. While the Exchange believes once the sunset period ends for monthly market deems the proposed fees to be that the Resting Simple Order Report subscriptions, with the annual fee for unfair or inequitable, firms can decrease continues to be useful to market each Report assessed at a discounted or discontinue their use of the data and/ participants, it may not be as helpful as rate compared to the current monthly or avail themselves of similar products the other reports offered by the rates. The Exchange also believes that that may be offered by other Exchange and, therefore, the Exchange transitioning to only annual exchanges.The Exchange, therefore, proposes a lower annual fee for the subscriptions will improve the 20believes that the proposed fees for the Resting Simple Order Report. efficiency by which the Exchange may The Exchange believes the proposed Reports reflect the competitive deliver the Reports by doing so on a fees for the Purge Report are reasonable environment and would be properly regular basis over a prolonged and set because they are identical to the fees (as assessed to subscribers to each of the period of time. proposed) that the Exchange assesses for Reports. The Exchange also believes the its Simple Order Report and Complex proposed fees are equitable and not Proposal To Establish a Discount Order Report. The Exchange also unfairly discriminatory as the fees Program for Multiple Annual believes the proposed fees for the Purge would apply equally to all subscribers Subscriptions Report are reasonable as they would who choose to purchase such data. It is support the introduction of a new a business decision of each Member that The Exchange also believes it is market data product to Market Makers chooses to purchase any of the Reports. reasonable to provide discounts for that are interested in gaining insight The Exchange's proposed fees would market participants that subscribe to into latency in connection with purge not differentiate between subscribers multiple Reports. The Exchange messages that failed to cancel their that purchase the Reports and are set at believes the discounted fees for quotes resting on the Simple Order modest levels that would allow any subscribers to multiple Reports may Book. The Purge Report accomplishes interested Member to purchase such incentivize more Members to subscribe this by providing those Market Makers data based on their business needs. and determine whether they realize data to analyze by how much time their The Exchange reiterates that the value from the Reports. The Exchange purge message may have missed decision as to whether or not to believes the discounted fees for the cancelling a quote before (or after) purchase the Reports is entirely optional Reports is equitable and not unfairly execution of that quote against a contra- for all potential subscribers. Indeed, no discriminatory because the discounted side order. The Purge Report will market participant is required to rates will apply equally to all market provide greater visibility by showing purchase the Reports, and the Exchange participants that subscribe to two or more of the Reports. See supra note 11. See supra note 11. 1920

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purchase such data based on their Do not include personal identifiable B. Self-Regulatory Organization's information in submissions; you should business needs. Statement on Burden on Competition submit only information that you wish The Exchange does not believe that C. Self-Regulatory Organization's to make available publicly. We may the proposed rule change will result in Statement on Comments on the redact in part or withhold entirely from any burden on competition that is not Proposed Rule Change Received From publication submitted material that is necessary or appropriate in furtherance Members, Participants, or Others obscene or subject to copyright of the purposes of the Act. protection. All submissions should refer Written comments were neither Inter-Market Competition to file number SR-MIAX-2026-14 and solicited nor received. should be submitted on or before May The Exchange developed the Reports III. Date of Effectiveness of the 8, 2026. in order to keep pace with changes in Proposed Rule Change and Timing for the industry and evolving customer Commission Action For the Commission, by the Division of needs and demands, and believes the Trading and Markets, pursuant to delegated The foregoing rule change has become authority. Reports will continue to contribute to 24effective pursuant to Section Sherry R. Haywood, robust competition among national 19(b)(3)(A)(ii) of the Act, and Rule securities exchanges, including with the 22 Assistant Secretary. 19b-4(f)(2) thereunder. At any time proposed fee changes described herein. 23 [FR Doc. 2026-07491 Filed 4-16-26; 8:45 am] within 60 days of the filing of the The Exchange believes the proposed fee proposed rule change, the Commission BILLING CODE 8011-01-P changes in this filing permit fair summarily may temporarily suspend competition among national securities such rule change if it appears to the SECURITIES AND EXCHANGE exchanges, all of which may create Commission that such action is COMMISSION similar data products for their markets, necessary or appropriate in the public including at least two exchanges that [Release No. 34-105228; File No. SR- interest, for the protection of investors, already offer similar products. CboeBZX-2026-029] 21or otherwise in furtherance of the The Exchange does not believe the purposes of the Act. If the Commission Self-Regulatory Organizations; Cboe proposed fee changes would cause any takes such action, the Commission shall BZX Exchange, Inc.; Notice of Filing unnecessary or inappropriate burden on institute proceedings to determine and Immediate Effectiveness of a intermarket competition as other whether the proposed rule should be Proposed Rule Change To Amend Rule exchanges are free to introduce their approved or disapproved. 11.9(c)(11) and Rule 11.13(a)(4)(C)-(D) own comparable reports with lower To Describe the Behavior of Non- prices to better compete with the IV. Solicitation of Comments Displayed Orders Exchange's offerings. The Exchange Interested persons are invited to operates in a highly competitive submit written data, views and April 14, 2026. environment, and its ability to price the Pursuant to Section 19(b)(1) of the arguments concerning the foregoing, Reports is constrained by competition Securities Exchange Act of 1934 (the including whether the proposed rule among exchanges who choose to adopt ''Act''), and Rule 19b-4 thereunder, change is consistent with the Act. 1 2similar products. The Exchange must notice is hereby given that on April 8, Comments may be submitted by any of consider this in its pricing discipline in 2026, Cboe BZX Exchange, Inc. (the the following methods: order to compete for subscribers of the ''Exchange'' or ''BZX'') filed with the Exchange's market data via the Reports. Electronic Comments Securities and Exchange Commission For example, proposing fees that are • Use the Commission's internet (the ''Commission'') the proposed rule excessively higher than fees for change as described in Items I and II comment form (https://www.sec.gov/ potentially similar data products would below, which Items have been prepared rules/sro.shtml); or simply serve to reduce demand for the • Send an email to rule-comments@ by the Exchange. The Exchange filed the Exchange's Reports, which as discussed, proposal as a ''non-controversial'' sec.gov. Please include file number SR- market participants are under no proposed rule change pursuant to MIAX-2026-14 on the subject line. obligation to utilize. In this competitive Section 19(b)(3)(A)(iii) of the Act and 3environment, potential purchasers are Paper Comments Rule 19b-4(f)(6) thereunder. The 4free to choose which, if any, similar • Send paper comments in triplicate Commission is publishing this notice to product to purchase to satisfy their need solicit comments on the proposed rule to Secretary, Securities and Exchange for market information. As a result, the change from interested persons. Commission, 100 F Street NE, Exchange believes this proposed rule Washington, DC 20549-1090. I. Self-Regulatory Organization's change permits fair competition among All submissions should refer to file Statement of the Terms of Substance of national securities exchanges. number SR-MIAX-2026-14. This file the Proposed Rule Change Intra-Market Competition number should be included on the Cboe BZX Exchange, Inc. (the The Exchange does not believe the subject line if email is used. To help the ''Exchange'' or ''BZX'') is filing with the proposed rule change would cause any Commission process and review your Securities and Exchange Commission unnecessary or inappropriate burden on comments more efficiently, please use (''Commission'') a proposal to amend intramarket competition. Particularly, only one method. The Commission will Rule 11.9(c)(11) and Rule the proposed fees apply uniformly to post all comments on the Commission's 11.13(a)(4)(C)-(D) to describe the any purchaser in that the Exchange does internet website (https://www.sec.gov/ behavior of Non-Displayed Orders. The not differentiate between subscribers rules/sro.shtml). Copies of the filing will that purchase the reports. The proposed be available for inspection and copying 17 CFR 200.30-3(a)(12). fees are set at a modest level that would at the principal office of the Exchange. 24 15 U.S.C. 78s(b)(1). allow any interested Member to 1 17 CFR 240.19b-4. 215 U.S.C. 78s(b)(3)(A)(ii). 15 U.S.C. 78s(b)(3)(A)(iii). 22 3See supra note 11. 17 CFR 240.19b-4(f)(2). 17 CFR 240.19b-4(f)(6). 2123 4

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