EAFE and EM Options Fee Schedule Amendment

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notice is hereby given that, on March Commission process and review your A. Self-Regulatory Organization’s comments more efficiently, please use 16, 2026, NYSE American LLC (‘‘NYSE Statement of the Purpose of, and the only one method. The Commission will Statutory Basis for, the Proposed Rule American’’ or the ‘‘Exchange’’) filed post all comments on the Commission’s Change with the Securities and Exchange internet website (https://www.sec.gov/ Commission (the ‘‘Commission’’) the 1. Purpose rules/sro.shtml). Copies of the filing will proposed rule change as described in The purpose of this filing is to amend be available for inspection and copying Items I and II below, which Items have the Fee Schedule to establish fees in at the principal office of the Exchange. been prepared by the self-regulatory connection with the launch of trading in Do not include personal identifiable organization. The Commission is options that overlie the MSCI EAFE information in submissions; you should publishing this notice to solicit Index (‘‘EAFE options’’ or ‘‘MXEA’’) and submit only information that you wish comments on the proposed rule change the MSCI Emerging Markets Index (‘‘EM to make available publicly. We may from interested persons. options’’ or ‘‘MXEF’’). The Exchange redact in part or withhold entirely from recently filed a proposed rule change to I. Self-Regulatory Organization’s publication submitted material that is adopt rules to facilitate the transfer and obscene or subject to copyright Statement of the Terms of Substance of trading of EAFE options and EM protection. All submissions should refer the Proposed Rule Change options, which currently trade on Cboe to file number SR–NYSEARCA–2026–32 The Exchange proposes to amend the The Exchange, Inc. (‘‘Cboe Options’’).and should be submitted on or before 4NYSE American Options Fee Schedule Exchange proposes that the fees set forth April 21, 2026. (‘‘Fee Schedule’’) to adopt fees in this filing will take effect on March For the Commission, by the Division of 16, 2026, the day that trading in EAFE applicable to trading in options that Trading and Markets, pursuant to delegated options and EM options begins on the overlie each of the MSCI EAFE Index authority. 16 Exchange. and the MSCI Emerging Markets Index. Sherry R. Haywood, 5 The MSCI EAFE Index (‘‘EAFE The proposed rule change is available Assistant Secretary. Index’’) and MSCI Emerging Markets on the Exchange’s website at [FR Doc. 2026–06158 Filed 3–30–26; 8:45 am] Index (‘‘EM Index’’) are both free float- www.nyse.com and at the principal adjusted market capitalization indexes BILLING CODE 8011–01–P office of the Exchange. calculated by MSCI Inc. (‘‘MSCI’’). The II. Self-Regulatory Organization’s EAFE Index is designed to measure the SECURITIES AND EXCHANGE Statement of the Purpose of, and equity market performance of developed COMMISSION Statutory Basis for, the Proposed Rule markets, excluding the United States Change [Release No. 34–105087; File No. SR– and Canada, and the EM Index is 6NYSEAMER–2026–23] designed to measure equity market In its filing with the Commission, the performance of emerging markets. Both Self-Regulatory Organizations; NYSE 7self-regulatory organization included indexes consist of large and midcap American LLC; Notice of Filing and statements concerning the purpose of, components, and each covers Immediate Effectiveness of a Proposed and basis for, the proposed rule change approximately 85% of the free float- Rule Change To Amend the NYSE and discussed any comments it received adjusted market capitalization in each American Options Fee Schedule To on the proposed rule change. The text country included in the respective Adopt Fees for Trading in Options of those statements may be examined at index. Overlying the MSCI EAFE Index and the places specified in Item IV below. The Exchange proposes to adopt the the MSCI Emerging Markets Index The Exchange has prepared summaries, following per contract transaction fees for manual executions in MXEA and set forth in sections A, B, and C below, March 26, 2026. Pursuant to Section 19(b)(1)of the MXEF, which are largely based on the of the most significant parts of such 1 fees currently assessed by Cboe Securities Exchange Act of 1934 statements. (‘‘Act’’)and Rule 19b–4 thereunder, Options: 23 8

Rate per contract MXEA, MXEF Participant Penny/Non-Penny manual transactions

Broker-Dealer ......................................................................................................... Penny .................................................... $0.25

Non-Penny ............................................. 0.25

17 CFR 200.30–3(a)(12). See Cboe Options Fee Schedule, available at See https://www.nyse.com/trader-update/ 16 5 8 history#110000955053. sic; see also Securities except for differences in the pricing programs from following 24 emerging market country indexes: Exchange Act Release No. 74681 (April 8, 2015), 80 which transactions in MXEA and MXEF are Brazil, Chile, China, Colombia, Czech Republic, FR 20032 (April 14, 2015) (SR–CBOE–2015–023) excluded (based on differences between the Egypt, Greece, Hungary, India, Indonesia, Korea, (Order Granting Accelerated Approval of Proposed programs offered by the Exchange and those offered Malaysia, Mexico, Pakistan, Peru, Philippines, Rule Change, as Modified by Amendment No. 1, to by Cboe Options) and the amount of the proposed Poland, Qatar, Russia, South Africa, Taiwan, List and Trade Options on the MSCI EAFE Index and on the MSCI Emerging Markets Index). Thailand, Turkey and United Arab Emirates. Index License Surcharge.

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Rate per contract MXEA, MXEF Participant Penny/Non-Penny manual transactions

Customer ............................................................................................................... Penny .................................................... 0.25

Non-Penny ............................................. 0.25

DOMM .................................................................................................................... Penny .................................................... N/A

Non-Penny ............................................. N/A

e-Specialist ............................................................................................................ Penny .................................................... 0.45

Non-Penny ............................................. 0.45

Firm ........................................................................................................................ Penny .................................................... 0.25

Non-Penny ............................................. 0.25

Firm Facilitation ..................................................................................................... Penny .................................................... N/A

Non-Penny ............................................. N/A

NYSE American Options Market Maker ................................................................ Penny .................................................... 0.45

Non-Penny ............................................. 0.45

Non-NYSE American Options Market Maker ........................................................ Penny .................................................... 0.25

Non-Penny ............................................. 0.25

Professional Customer .......................................................................................... Penny .................................................... 0.25

Non-Penny ............................................. 0.25

Specialist ............................................................................................................... Penny .................................................... 0.45

Non-Penny ............................................. 0.45

The Exchange also proposes to amend facilities and does not unfairly a low-concentrated and highly discriminate between customers, competitive market, no single options Footnotes 3 and 5 of Fee Schedule issuers, brokers or dealers. exchange possesses significant pricing Section I.A. ‘‘Rates for Options The Exchange operates in a highly power in the execution of options order transactions’’ to exclude MXEA and competitive market. The Commission flow. Within this environment, market MXEF: (i) from Marketing Charges has repeatedly expressed its preference participants can freely and often do shift applicable to Market Makers who are for competition over regulatory their order flow among the Exchange counterparties to an electronic trade intervention in determining prices, and competing venues in response to with a customer; and (ii) from the per products, and services in the securities changes in their respective pricing contract surcharge applied to any Non- markets. In Regulation NMS, the schedules. Customer order that is not a Simple Commission highlighted the importance The Exchange believes that the ever- Order that executes against a Customer of market forces in determining prices shifting market share among the order that is not a Simple Order. The and SRO revenues and, also, recognized exchanges from month to month Exchange further proposes to amend Fee that current regulation of the market demonstrates that market participants Schedule Sections I and J to exclude system ‘‘has been remarkably successful can shift order flow or discontinue or transactions in MXEA and MXEF from in promoting market competition in its reduce use of certain categories of the Firm Monthly Fee Cap and Strategy broader forms that are most important to products, in response to fee changes. Execution Fee Cap, respectively. investors and listed companies.’’ Accordingly, competitive forces Finally, the Exchange proposes to 12 There are currently 18 registered constrain options exchange transaction adopt an Index License Surcharge of options exchanges competing for order fees. $0.20 per contract for all Non-Customer flow. Based on publicly available The Exchange believes the proposed transactions in MXEA and MXEF. The information, and excluding index-based fees for trading in MXEA and MXEF are proposed Index License Surcharge is options, no single exchange has more reasonable, equitable, and not unfairly likewise based on the index license than 16% of the market share of discriminatory. As noted above, the surcharge fee assessed by Cboe Options executed volume of multiply-listed proposed fees are generally based on for transactions in MXEA and MXEF 9 equity and ETF options trades. fees currently assessed by Cboe Options and reflects costs incurred by the 13 Therefore, currently no exchange for trading in EAFE options and EM Exchange related to licensing for possesses significant pricing power in options. The Exchange believes that it purposes of listing and trading EAFE 15 the execution of multiply-listed equity is reasonable for the Exchange to adopt options and EM options. and ETF options order flow. More fees largely based on the existing pricing 2. Statutory Basis specifically, in January 2026, the structure for EAFE options and EM Exchange had 9.03% market share of options, which would provide The Exchange believes that the executed volume of multiply-listed continuity to market participants proposed rule change is consistent with equity and ETF options trades. In such trading in these options. The Exchange Section 6(b) of the Act, in general, and 14 10 also believes that the proposed fees are furthers the objectives of Sections reasonable because the proposed fees for See Securities Exchange Act Release No. 51808 6(b)(4) and (5) of the Act, in particular, 12 11 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) manual transactions in MXEA and because it provides for the equitable (S7–10–04) (‘‘Reg NMS Adopting Release’’). MXEF are within the range of fees allocation of reasonable dues, fees, and The OCC publishes options and futures volume 13 currently applicable to manual other charges among its members, in a variety of formats, including daily and monthly transactions on the Exchange in other issuers and other persons using its volume by exchange, available here: https:// www.theocc.com/Market-Data/Market-Data- products. Similarly, the proposed Reports/Volume-and-Open-Interest/Monthly- See Cboe Options Fee Schedule, Surcharge Fee Weekly-Volume-Statistics. 9Index License (applying $0.15 surcharge on and ETF options was 6.09% for the month of Based on a compilation of OCC data for 14transactions in MXEA and MXEF). November 2024 and 9.03% for the month of January monthly volume of equity-based options and 15 U.S.C. 78f(b). 2026. monthly volume of ETF-based options, see id., the 1015 U.S.C. 78f(b)(4) and (5). Exchange’s market share in multiply-listed equity See notes 8 & 9 supra. 11 15

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impose any burden on competition that exclusion of transactions in MXEA and The Exchange believes that the is not necessary or appropriate in MXEF from certain pricing programs is proposed rule change reflects this furtherance of the purposes of the Act. consistent with the exclusion of fees competitive environment because it Instead, as discussed above, the related to other index products traded adopts fees for trading in EAFE options Exchange believes that the proposed on the Exchange.The Exchange also and EM options generally based on Cboe 16changes would encourage the believes that the proposed Index Options’ fees, thereby modifying the submission of additional liquidity to a License Surcharge is reasonable because Exchange’s fees in a manner designed to public exchange, thereby promoting it is intended to help recoup some of the encourage market participants to market depth, price discovery and costs associated with the license maintain or increase trading activity in transparency and enhancing order required to make MXEA and MXEF such options once they transition to list execution opportunities for all market options available for trading on the and trade on the Exchange. To the Exchange. The Exchange further participants. As a result, the Exchange extent that market participants continue believes that the proposed change is believes that the proposed change to trade in MXEA and MXEF on the reasonably designed to encourage furthers the Commission’s goal in Exchange, all Exchange market adopting Regulation NMS of fostering market participants to continue trading participants stand to benefit from integrated competition among orders, in MXEA and MXEF once trading in increased order flow and additional which promotes ‘‘more efficient pricing these options begins on the Exchange trading opportunities on the Exchange. of individual stocks for all types of and believes that maintaining The Exchange notes that it operates in orders, large and small.’’consistency with the current Cboe a highly competitive market in which 17Intramarket Competition. The Options pricing structure would market participants can readily favor proposed change is designed to facilitate facilitate the transition for all market competing venues. In such an trading in EAFE options and EM options participants to trading these options on environment, the Exchange must on the Exchange and to promote the Exchange. To the extent the continually review, and consider continuity for market participants by proposed change is effective in adjusting, its fees and credits to remain maintaining general consistency with encouraging market participants to competitive with other exchanges. For the existing fee structure on Cboe maintain or increase their trading the reasons described above, the Options for trading in MXEA and activity in MXEA and MXEF, the Exchange believes that the proposed MXEF. The proposed fees would apply Exchange believes the proposed change rule change reflects this competitive to all similarly situated market would improve the Exchange’s overall environment. participants that trade EAFE options competitiveness and strengthen its C. Self-Regulatory Organization’s and EM options, and, accordingly, the market quality for all market Statement on Comments on the proposed changes would not impose a participants. Proposed Rule Change Received From disparate burden on competition among The Exchange believes the proposed Members, Participants, or Others market participants on the Exchange. rule change is an equitable allocation of Intermarket Competition. The its fees and credits and is not unfairly No written comments were solicited Exchange operates in a highly discriminatory because the proposed or received with respect to the proposed competitive market in which market fees are based on the amount and type rule change. participants can readily favor one of the of business transacted on the Exchange. other 17 competing options exchanges if III. Date of Effectiveness of the Trading in EAFE options and EM they deem the Exchange’s fee levels to Proposed Rule Change and Timing for options is voluntary, and all similarly be excessive. In such an environment, Commission Action situated market participants would be the Exchange must continually adjust its subject to the same fee structure, on an fees to remain competitive with other The foregoing rule change is effective equal and non-discriminatory basis, as exchanges and to attract order flow to upon filing pursuant to Section proposed. To the extent that the the Exchange. Based on publicly 19(b)(3)(A) of the Act and proposed change attracts increased 20available information, and excluding subparagraph (f)(2) of Rule 19b–4 order flow to the Exchange, it would 21index-based options, no single exchange thereunder, because it establishes a due, continue to make the Exchange a more has more than 16% of the market share fee, or other charge imposed by the competitive venue for, among other of executed volume of multiply-listed Exchange. things, order execution, thereby equity and ETF options trades. improving market quality for all market At any time within 60 days of the 18Therefore, currently no exchange participants on the Exchange. filing of such proposed rule change, the possesses significant pricing power in Finally, the Exchange believes that it Commission summarily may the execution of multiply-listed equity is subject to significant competitive temporarily suspend such rule change if and ETF options order flow. More forces, as described below in the it appears to the Commission that such specifically, in January 2026, the Exchange’s statement regarding the action is necessary or appropriate in the Exchange had 9.03% market share of burden on competition. public interest, for the protection of executed volume of multiply-listed investors, or otherwise in furtherance of B. Self-Regulatory Organization’s equity and ETF options trades. 19 the purposes of the Act. If the Statement on Burden on Competition Commission takes such action, the In accordance with Section 6(b)(8) of See Reg NMS Adopting Release, supra note 12, Commission shall institute proceedings 17the Act, the Exchange does not believe at 37499. under Section 19(b)(2)(B) of the Act to 22The OCC publishes options and futures volume that the proposed rule change would 18 determine whether the proposed rule in a variety of formats, including daily and monthly volume by exchange, available here: https://www.theocc.com/Market-Data/Market-Data- See Fee Schedule, FIRM MONTHLY FEE CAP and ETF options was 6.09% for the month of 16Reports/Volume-and-Open-Interest/Monthly- (excluding Royalty Fees for KBW Bank Index November 2024 and 9.03% for the month of January Weekly-Volume-Statistics. options from fees that count towards the Firm and 2026. Broker Dealer Monthly Fee Cap); STRATEGY Based on a compilation of OCC data for 19 15 U.S.C. 78s(b)(3)(A). EXECUTION FEE CAP (excluding Royalty Fees for monthly volume of equity-based options and 20 17 CFR 240.19b–4(f)(2). KBW Bank Index options from calculation of cap monthly volume of ETF-based options, see id., the 21on transaction fees for strategy executions). Exchange’s market share in multiply-listed equity 15 U.S.C. 78s(b)(2)(B). 22

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1. Self-Regulatory Organization’s change should be approved or Exchange Commission Small Business Statement of the Terms of Substance of disapproved. Capital Formation Advisory Committee the Proposed Rule Change will hold a public meeting on Tuesday, IV. Solicitation of Comments April 28, 2026. The meeting will begin The Exchange proposes to amend Interested persons are invited to at 10:00 a.m. (ET) and will be open to Rule 21.15 to provide for the new submit written data, views and the public. service called the Clock Service. The arguments concerning the foregoing, : The meeting will be conducted text of the proposed rule change is also including whether the proposed rule PLACEavailable on the Commission’s website at the Commission’s headquarters, 100 F change is consistent with the Act. (https://www.sec.gov/rules/sro.shtml), Street NE, Washington, DC 20549, and Comments may be submitted by any of the Exchange’s website (https://by remote means (videoconference). the following methods: Members of the public may attend in- www.cboe.com/us/equities/regulation/ Electronic Comments rule_filings/bzx/ [sic]), and at the person or watch the webcast of the principal office of the Exchange. • Use the Commission’s internet meeting on the Commission’s website at

www.sec.gov. comment form (https://www.sec.gov/ II. Self-Regulatory Organization’s rules/sro.shtml); or Statement of the Purpose of, and : This Sunshine Act notice is STATUS• Send an email to rule-comments@ Statutory Basis for, the Proposed Rule being issued because a majority of the sec.gov. Please include file number SR– Change Commission may attend the meeting. NYSEAMER–2026–23 on the subject In its filing with the Commission, the line. : The agenda MATTERS TO BE CONSIDERED Exchange included statements for the meeting includes matters relating Paper Comments concerning the purpose of and basis for to rules and regulations affecting small • Send paper comments in triplicate the proposed rule change and discussed and emerging businesses and their to Secretary, Securities and Exchange any comments it received on the investors under the federal securities Commission, 100 F Street NE, proposed rule change. The text of these laws. Washington, DC 20549–1090. statements may be examined at the : CONTACT PERSON FOR MORE INFORMATIONAll submissions should refer to file places specified in Item IV below. The For further information, please contact number SR–NYSEAMER–2026–23. This Exchange has prepared summaries, set Vanessa A. Countryman from the Office file number should be included on the forth in sections A, B, and C below, of of the Secretary at (202) 551–5400. subject line if email is used. To help the the most significant aspects of such Commission process and review your statements. (Authority: 5 U.S.C. 552b.) comments more efficiently, please use Dated: March 26, 2026. A. Self-Regulatory Organization’s only one method. The Commission will Statement of the Purpose of, and Vanessa A. Countryman, post all comments on the Commission’s Statutory Basis for, the Proposed Rule Secretary. internet website (https://www.sec.gov/ Change rules/sro.shtml). Copies of the filing will [FR Doc. 2026–06147 Filed 3–27–26; 11:15 am] be available for inspection and copying 1. Purpose BILLING CODE 8011–01–P at the principal office of the Exchange. The Exchange proposes to amend Do not include personal identifiable Rule 21.15 to provide for the new SECURITIES AND EXCHANGE information in submissions; you should service called the Clock Service. The COMMISSION 3submit only information that you wish Clock Service is an optional product 4to make available publicly. We may available to Members and non-Members redact in part or withhold entirely from [Release No. 34–105089; File No. SR– alike. In sum, a subscriber would be publication submitted material that is CboeEDGX–2026–015] able to utilize the proposed Clock obscene or subject to copyright Service to synchronize their time Self-Regulatory Organizations; Cboe protection. All submissions should refer recording systems to those of the EDGX Exchange, Inc.; Notice of Filing to file number SR–NYSEAMER–2026– Exchange for highly correlated latency and Immediate Effectiveness of a 23 and should be submitted on or before measurements between the Exchange’s Proposed Rule Change To Introduce April 21, 2026. and the subscriber’s systems time an Exchange Clock Service For the Commission, by the Division of measurements related to the same Trading and Markets, pursuant to delegated March 26, 2026. message or order. Time synchronization authority. services are well established in the U.S. 23Pursuant to Section 19(b)(1) of the Sherry R. Haywood, and utilized in many areas of the U.S. Securities Exchange Act of 1934 Assistant Secretary. economy and infrastructure. The (‘‘Act’’), and Rule 19b–4 thereunder, 1 2 proposed Clock Service is not novel to notice is hereby given that on March 17, [FR Doc. 2026–06157 Filed 3–30–26; 8:45 am] the securities markets and it is similar 2026, Cboe EDGX Exchange, Inc. (the BILLING CODE 8011–01–P to the network time synchronization ‘‘Exchange’’ or ‘‘EDGX’’) filed with the service currently offered by MIAX Securities and Exchange Commission SECURITIES AND EXCHANGE (‘‘SEC’’ or ‘‘Commission’’) the proposed COMMISSION rule change as described in Items I and The Exchange also proposes to amend the title 3II, below, which Items have been of Rule 21.15 from ‘‘Exchange Data Products’’ to Sunshine Act Meetings ‘‘Exchange Data Products and Services.’’ prepared by the Exchange. The A firm that chooses to subscribe to the proposed Commission is publishing this notice to : Notice is hereby given, 4TIME AND DATE Clock Service may discontinue the Clock Service at solicit comments on the proposed rule pursuant to the provisions of the any time if that firm determines that it is no longer change from interested persons. Government in the Sunshine Act, Public useful or that alternatives better meet their business or system needs. The Exchange intends to submit Law 94–409, that the Securities and a separate filing with the Commission pursuant to 15 U.S.C. 78s(b)(1). Section 19(b)(1) to propose fees for the Clock 117 CFR 200.30–3(a)(12). 17 CFR 240.19b–4. Service. 232

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