Notice2025-10284
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Emerald Options Exchange Fee Schedule To Remove Text Capping the Number of Limited Service MIAX Emerald Express Interface Ports Available to Each Market Maker
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 6, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 108 (Friday, June 6, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 108 (Friday, June 6, 2025)]
[Notices]
[Pages 24177-24180]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-10284]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103163; File No. SR-EMERALD-2025-12]
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the MIAX Emerald Options Exchange Fee Schedule To Remove Text Capping
the Number of Limited Service MIAX Emerald Express Interface Ports
Available to Each Market Maker
June 2, 2025.
Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Exchange Act'' or ``Act'') \1\ and Rule 19b-4
thereunder,\2\ notice is hereby given that on May 23, 2025, MIAX
Emerald, LLC (``MIAX Emerald'' or ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') a proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the MIAX Emerald Options Exchange
Fee Schedule (the ``Fee Schedule'') to remove text capping the number
of Limited Service MIAX Emerald Express Interface (``MEI'') \3\ Ports
available to each Market Maker.\4\ Upon effectiveness of this proposal,
the Exchange will include the same cap on the number of Limited Service
MEI Ports \5\ in its MEI interface specification document, available on
its website, which is the same location where its affiliate options
exchanges include their cap for similar ports (described in more detail
below). The Exchange does not propose to amend the fee for Limited
Service MEI Ports.
---------------------------------------------------------------------------
\3\ The MIAX Emerald Express Interface (``MEI'') is a connection
to the MIAX Emerald System that enables Market Makers to submit
simple and complex electronic quotes to MIAX Emerald. See the
Definitions section of the Fee Schedule.
\4\ The term ``Market Maker'' refers to ``Lead Market Maker''
(``LMM''), ``Primary Lead Market Maker'' (``PLMM'') and ``Registered
Market Maker'' (``RMM''), collectively. See the Definitions section
of the Fee Schedule and Exchange Rule 100.
\5\ The term ``Limited Service MEI Ports'' means a port which
provides Market Makers with the ability to send simple and complex
eQuotes and quote purge messages only, but not Market Maker Quotes,
to the MIAX Emerald System. Limited Service MEI Ports are also
capable of receiving administrative information. Market Makers
initially receive four Limited Service MEI Ports per Matching
Engine. See the Definitions section of the Fee Schedule.
---------------------------------------------------------------------------
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/miax-options/rule-filings">https://www.miaxglobal.com/markets/us-options/miax-options/rule-filings</a>, at the Exchange's principal office, and at the
Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
[[Page 24178]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the third explanatory paragraph in
Section 5)d)ii) of the Fee Schedule to remove text that caps the
maximum number of additional Limited Service MEI Ports available to
each Market Maker. The purpose of this change is to provide consistency
in the Fee Schedule with the fee schedules of the Exchange's affiliated
equity options exchanges, Miami International Securities Exchange, LLC
(``MIAX''), MIAX PEARL, LLC (``MIAX Pearl''), and MIAX Sapphire, LLC
(``MIAX Sapphire''), which do not include language providing for a
similar cap in their respective fee schedules. Upon effectiveness of
this proposal, the Exchange will include the same cap on the number of
Limited Service MEI Ports in its MEI interface specification document,
available on its website, which is the same location where its
affiliated equity options exchanges include their cap for similar
ports. The Exchange does not propose to amend the fee charged for each
additional Limited Service MEI Port that Market Makers may voluntarily
purchase.
Currently, the Exchange allocates two Full Service MEI Ports \6\
and four Limited Service MEI Ports per Matching Engine \7\ to which
each Market Maker connects.\8\ The Full Service MEI Ports and Limited
Service MEI Ports (including any additional Limited Service MEI Port
utilized by Market Makers above the four allocated ports) all include
access to the Exchange's primary and secondary data centers and its
disaster recovery center. Market Makers may request additional Limited
Service MEI Ports for which they are assessed the existing $420 monthly
fee for each additional Limited Service MEI Port they request.
---------------------------------------------------------------------------
\6\ The term ``Full Service MEI Ports'' means a port which
provides Market Makers with the ability to send Market Maker simple
and complex quotes, eQuotes, and quote purge messages to the MIAX
Emerald System. Full Service MEI Ports are also capable of receiving
administrative information. Market Makers are limited to two Full
Service MEI Ports per Matching Engine. See the Definitions section
of the Fee Schedule.
\7\ The term ``Matching Engine'' means a part of the MIAX
Emerald electronic system that processes options orders and trades
on a symbol-by-symbol basis. Some Matching Engines will process
option classes with multiple root symbols, and other Matching
Engines may be dedicated to one single option root symbol (for
example, options on SPY may be processed by one single Matching
Engine that is dedicated only to SPY). A particular root symbol may
only be assigned to a single designated Matching Engine. A
particular root symbol may not be assigned to multiple Matching
Engines. See the Definitions section of the Fee Schedule.
\8\ See Fee Schedule, Section 5)d)ii).
---------------------------------------------------------------------------
The Exchange established Limited Service MEI Ports to enhance the
MEI Port connectivity available to Market Makers, and Limited Service
MEI Ports have been made available to Market Makers since the Exchange
launched operations in 2019.\9\ Limited Service MEI Ports have been
well received by Market Makers. Market Makers are currently limited to
purchasing ten additional Limited Service MEI Ports per Matching Engine
(above the initial four Limited Service MEI Ports that the Exchange
automatically allocates for each Matching Engine), for a total of
fourteen Limited Service MEI Ports per Matching Engine.\10\
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 85393 (March 21,
2019), 84 FR 11599 (March 27, 2019) (SR-EMERALD-2019-15)
(establishing initial Fee Schedule with Limited Service MEI Port
availability).
\10\ See Fee Schedule, Section 5)d)ii).
---------------------------------------------------------------------------
The Exchange now proposes to amend the third explanatory paragraph
in Section 5)d)ii) of the Fee Schedule to remove language that caps the
maximum number of Limited Service MEI Ports that are available to each
Market Maker. In particular, the Exchange proposes to delete the
following sentence from Section 5)d)ii) of the Fee Schedule: ``Market
Makers are limited to ten additional Limited Service MEI Ports per
Matching Engine, for a total of fourteen Limited Service MEI Ports per
Matching Engine.'' This change will bring the Exchange's Fee Schedule
in line with its affiliates' fee schedules (MIAX, MIAX Pearl, and MIAX
Sapphire \11\), all of which do not include text providing for a
similar cap on the maximum number of Limited Service MEI/MEO \12\ Ports
available to each market maker on those exchanges in their respective
fee schedules.\13\ Further, several other equity options exchange do
not provide a limitation on the number of ports available to members in
their fee schedules.\14\ Aside from its affiliated options exchanges,
the Exchange has not been able to locate text regarding limitations on
port access in other exchanges' technical specifications or similar
type documents that are publicly available.
---------------------------------------------------------------------------
\11\ The Exchange's affiliated options exchanges each provide
the cap on the maximum number of Limited Service MEI/MEO Ports
available to each market maker on those exchanges in their
respective interface specification documents, all of which are
available on the MIAX Exchange Group website. See MIAX Pearl Options
Exchange, MEO Interface Specification, Version 2.1a, Section 1.6,
page 9 (dated April 8, 2024), available at <a href="https://www.miaxglobal.com/sites/default/files/job-files/MIAX_Express_Orders_MEO_v2.1a.pdf">https://www.miaxglobal.com/sites/default/files/job-files/MIAX_Express_Orders_MEO_v2.1a.pdf</a>; MIAX Options Exchange, MEI
Interface Specification, Version 2.10a, Section 1.4, page 4 (dated
April 8, 2024), available at <a href="https://www.miaxglobal.com/sites/default/files/job-files/MIAX_Express_Interface_MEI_v2.10a.pdf">https://www.miaxglobal.com/sites/default/files/job-files/MIAX_Express_Interface_MEI_v2.10a.pdf</a>; MIAX
Sapphire Options Exchange, MEO Interface Specification, Version
1.1e, Section 1.6, page 8 (dated August 13, 2024), available at
<a href="https://www.miaxglobal.com/sites/default/files/job-files/Sapphire_MIAX_Express_Orders_MEO_v1.1e_0.pdf">https://www.miaxglobal.com/sites/default/files/job-files/Sapphire_MIAX_Express_Orders_MEO_v1.1e_0.pdf</a>.
\12\ MIAX and MIAX Emerald use the term ``MEI'' when referring
to these types of ports. MIAX Pearl and MIAX Sapphire use the term
``MEO'' when referring to these types of ports. There is no
functional difference. Each MEI or MEO port allows the user to send
orders/quotes into the exchanges' respective systems.
\13\ See, generally, MIAX Fee Schedule, Section 5)d)ii); MIAX
Pearl Options Fee Schedule, Section 5)d); and MIAX Sapphire Fee
Schedule, Section 5)d)ii).
\14\ See, e.g., BOX Exchange LLC Fee Schedule, Section III.B.2,
available at <a href="https://boxexchange.com/assets/BOX-Fee-Schedule-as-of-February-3-2025.pdf">https://boxexchange.com/assets/BOX-Fee-Schedule-as-of-February-3-2025.pdf</a> (last visited February 21, 2025); MEMX LLC
Options Connectivity Fee Schedule, Application Session Section,
available at <a href="https://info.memxtrading.com/connectivity-fees/">https://info.memxtrading.com/connectivity-fees/</a> (last
visited February 21, 2025); Cboe C2 Exchange, Inc., Options Fee
Schedules, Logical Connectivity Fees Section, available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/ctwo/?_gl=1*ujae9f*_up*MQ..*_ga*NTI1MzM1Nzc4LjE3NDAxNTE2MTU.*_ga_5Q99WB9X71*MTc0MDE1MTYxMy4xLjAuMTc0MDE1MTYxMy4wLjAuMA">https://www.cboe.com/us/options/membership/fee_schedule/ctwo/?_gl=1*ujae9f*_up*MQ..*_ga*NTI1MzM1Nzc4LjE3NDAxNTE2MTU.*_ga_5Q99WB9X71*MTc0MDE1MTYxMy4xLjAuMTc0MDE1MTYxMy4wLjAuMA</a> (last visited February
21, 2025); Cboe EDGX Exchange, Inc., Options Fee Schedules, Options
Logical Port Fees Section, available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/edgx/?_gl=1*ujae9f*_up*MQ..*_ga*NTI1MzM1Nzc4LjE3NDAxNTE2MTU.*_ga_5Q99WB9X71*MTc0MDE1MTYxMy4xLjAuMTc0MDE1MTYxMy4wLjAuMA">https://www.cboe.com/us/options/membership/fee_schedule/edgx/?_gl=1*ujae9f*_up*MQ..*_ga*NTI1MzM1Nzc4LjE3NDAxNTE2MTU.*_ga_5Q99WB9X71*MTc0MDE1MTYxMy4xLjAuMTc0MDE1MTYxMy4wLjAuMA</a> (last visited February
21, 2025); NYSE American LLC, Options Fee Schedule, Section V.A.,
Port Fees, available at <a href="https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf">https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf</a>
(last visited February 21, 2025); NYSE Arca, Inc., Options Fees and
Charges, Port Fees Section, available at <a href="https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf">https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf</a> (last visited February 21, 2025);
The Nasdaq Stock Market LLC, Options 7: Pricing Schedule, Section 3
Nasdaq Options Market--Ports and Other Services, available at
<a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Options%207">https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Options%207</a> (last visited February 21, 2025); Nasdaq ISE,
LLC, Options 7: Pricing Schedule, Section 7.C. Ports and Other
Services, available at <a href="https://listingcenter.nasdaq.com/rulebook/ise/rules/ISE%20Options%207">https://listingcenter.nasdaq.com/rulebook/ise/rules/ISE%20Options%207</a> (last visited February 21, 2025); and
Nasdaq PHLX LLC, Options 7 Pricing Schedule, Section 9.B. Port Fees,
available at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rules/Phlx%20Options%207">https://listingcenter.nasdaq.com/rulebook/phlx/rules/Phlx%20Options%207</a> (last visited February 21, 2025).
---------------------------------------------------------------------------
Limited Service MEI Ports are not an unlimited resource and
including the cap on the number of Limited Service MEI Ports in the Fee
Schedule may hamper the Exchange's ability to provide fair and
equitable access \15\ for all Market Makers to access the Exchange's
network. By removing the cap from the Fee Schedule, the Exchange will
be able to more easily adjust access, which may be based upon, among
other factors, requests by
[[Page 24179]]
market participants and planned network upgrades. The proposed change
will ensure that the Exchange meets its obligations under the Act to
offer access to the Exchange on terms that are not unfairly
discriminatory \16\ among its Members,\17\ as well as to ensure
sufficient capacity and headroom in the System.\18\ The Exchange
monitors the System's performance and makes adjustments to its System
based on market conditions and Member demand. Accordingly, the
Exchange's obligations under the Act to provide access on terms that
are not unfairly discriminatory and market conditions are key drivers
of the System's architecture and expansion. Thus the Exchange believes
a cap in the Fee Schedule is inconsistent with other exchanges access
offerings and no longer believes is serves as an appropriate mechanism
to govern access to the Exchange. The Exchange does not plan to change
the cap at the time of this filing and the proposed change is not
intended to be a revenue driver. Instead, it is to ensure consistency
among the Exchange's Fee Schedule and that of its affiliated options
exchanges, as well as to ensure fair and equal access among market
participants.
---------------------------------------------------------------------------
\15\ See 15 U.S.C. 78f(b)(5).
\16\ Id.
\17\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
the Definitions section of the Fee Schedule and Exchange Rule 100.
\18\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\19\ in general, and furthers the
objectives of Section 6(b)(5),\20\ in particular, because it is
designed to prevent fraudulent and manipulative acts and practices,
promote just and equitable principles of trade, foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general,
protect investors and the public interest.
---------------------------------------------------------------------------
\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that its proposal is consistent with the
objectives of Section 6(b)(5) of the Act \21\ because it will promote
uniformity and consistency among the Exchange's Fee Schedule and the
fee schedules of its affiliates, MIAX, MIAX Pearl, and MIAX Sapphire.
Each of the Exchange's affiliates do not include similar text capping
the maximum number of Limited Service MEI/MEO Ports (or similar ports)
available to each market maker on those exchanges in their respective
fee schedules.\22\ This change will also bring added clarity to the
Exchange's Fee Schedule compared to its affiliates' fee schedules. The
Exchange will include the cap on the number of Limited Service MEI
Ports in its MEI interface specification document, which is the same
location where MIAX, MIAX Pearl and MIAX Sapphire include their cap for
similar ports.\23\ The Exchange notes that several other equity options
exchange do not provide for similar limitations on the number of ports
or connections available to members in their fee schedules.\24\
---------------------------------------------------------------------------
\21\ Id.
\22\ See supra note 11.
\23\ See supra note 11.
\24\ See supra note 14.
---------------------------------------------------------------------------
The Exchange also believes that its proposal is consistent with the
objectives of Section 6(b)(5) of the Act \25\ because the proposal to
remove the cap on the number of additional Limited Service MEI Ports
available to Market Makers will apply equally to all Market Makers,
regardless of type or size, and will allow the Exchange to offer access
to its System on terms that are not unfairly discriminatory. Including
the cap on the number of additional Limited Service MEI Ports in the
Fee Schedule may unnecessarily burden the Exchange from being able to
adjust access to the Exchange's System in order to ensure that the
Exchange is able to provide access \26\ to Members on non-
discriminatory terms and ensure sufficient capacity and headroom in the
System. Including the cap on the number of additional Limited Service
MEI Ports in the Fee Schedule unnecessarily burdens the Exchange from
being able to adjust the connectivity and access to the Exchange's
System in order to ensure that the Exchange is able to provide access
\27\ to Members on non-discriminatory terms and ensure sufficient
capacity and headroom in the System. The Exchange constantly monitors
the System's performance based on market conditions and needs to make
adjustments based on customer demand. All exchanges, including MIAX
Emerald, are required to provide access pursuant to the same
requirements under Section 6(b)(5) of the Act regardless of whether
their rules or fee schedules set forth caps on access.\28\ The Exchange
believes that removing the cap on the number of Limited Service MEI
Ports from the Fee Schedule would enable the Exchange to be more
responsive to Market Makers' connectivity needs and allow the Exchange
to better compete with other exchanges that do not currently provide
similar connectivity limitations in their fee schedules.
---------------------------------------------------------------------------
\25\ 15 U.S.C. 78f(b)(5).
\26\ Id.
\27\ Id.
\28\ Id.
---------------------------------------------------------------------------
This proposal is not meant to increase port revenue because the cap
will remain unchanged. It will simply be located in the MEI interface
specifications document, rather than the Fee Schedule. Accordingly, the
Exchange's obligations under Section 6(b)(5) of the Act \29\ and market
conditions are key drivers of the System's architecture and expansion
and thus the Exchange believes a cap in the Fee Schedule may hamper
equal access to the Exchange.
---------------------------------------------------------------------------
\29\ See 15 U.S.C. 78f(b).
---------------------------------------------------------------------------
Further, the Exchange anticipates that it will continue to expand
its System and provide Market Makers and other market participants with
additional access, including Limited Service MEI Ports, based on
customer demand and in response to changing market conditions. The
Exchange represents that any expansion or reduction in the number of
additional Limited Service MEI Ports will be conducted in a similar
manner that ensures fair access to its System.\30\ The Exchange will
also continuously assess its port options and availability to ensure
that they meet the needs of all market participants seeking to access
the Exchange.
---------------------------------------------------------------------------
\30\ Id.
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed change will impose
any burden on competition not necessary or appropriate in furtherance
of the purposes of the Act.
Inter-Market Competition
The Exchange believes that the proposed rule change will not impose
a burden on inter-market competition because it is not intended to
address a competitive issue. Rather, the proposal is intended to
promote consistency across the fee schedules of the Exchange's
affiliates with the Exchange's Fee Schedule.\31\ Further, several other
equity options exchange do not provide a limitation on the
[[Page 24180]]
number of ports available to members in their fee schedules.\32\ Thus
the Exchange believes that providing the cap in the Fee Schedule may
hamper the Exchange's ability to provide access to the Exchange on
terms that are not unfairly discriminatory; rather, the Exchange will
include the cap in its MEI interface specification document, just as
its affiliates.
---------------------------------------------------------------------------
\31\ See supra note 11.
\32\ See supra note 14.
---------------------------------------------------------------------------
The Exchange believes the proposal to no longer include the cap on
the number of Limited Service MEI Ports in the Fee Schedule will not
impose any burden on competition because it will provide greater
flexibility for the Exchange's ability to adjust access to the
Exchange's network in order to ensure that the Exchange meets its
obligations under the Act such that access to the Exchange is offered
on terms that are not unfairly discriminatory among its Members, as
well as ensure sufficient capacity and headroom in the System, as
needed.
Intra-Market Competition
The Exchange does not believe that the proposed rule change will
impose a burden on intra-market competition because additional Limited
Service MEI Ports are available to all Market Makers on an equal basis
for an equal fee. It is a business decision of each Market Maker
whether to pay for additional Limited Service MEI Ports.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \33\ and Rule 19b-4(f)(6) \34\
thereunder.
---------------------------------------------------------------------------
\33\ 15 U.S.C. 78s(b)(3)(A).
\34\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#1765627b723a74787a7a727963645764727439707861"><span class="__cf_email__" data-cfemail="542621383179373b3939313a2027142731377a333b22">[email protected]</span></a>. Please include
file number SR-EMERALD-2025-12 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-EMERALD-2025-12. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-EMERALD-2025-12 and should
be submitted on or before June 27, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
---------------------------------------------------------------------------
\35\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Stephanie Fouse,
Assistant Secretary.
[FR Doc. 2025-10284 Filed 6-5-25; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on June 6, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.