Notice2026-00802
Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Options Exchange Fee Schedule To Amend Non-Transaction Fees
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
January 16, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 11 (Friday, January 16, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 11 (Friday, January 16, 2026)]
[Notices]
[Pages 2195-2209]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-00802]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104589; File No. SR-MIAX-2025-50]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the MIAX Options Exchange Fee Schedule To
Amend Non-Transaction Fees
January 13, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 31, 2025, Miami International Securities Exchange, LLC
(``MIAX'' 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 Options Exchange Fee
Schedule (the ``Fee Schedule'') to update various non-transaction fees
that have not been changed in a number of years to be comparable to
fees charged by other like exchanges for similar products.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings</a> and at MIAX's principal office.
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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange first launched operations in December 2012 to attract
order flow and encourage market participants to experience the high
determinism and resiliency of the Exchange's trading Systems.\3\ To do
so, the Exchange chose to waive the fees for some non-transaction
related services or provide them at a very marginal cost, which was not
profitable to the Exchange. This resulted in the Exchange forgoing
revenue it could have generated from assessing higher fees. The
Exchange now proposes to amend various fees for non-transaction related
services to be in line with those of its peer exchanges and enable it
to continue to effectively compete with other options exchanges who
charge higher non-transaction fees and generate greater revenue. This
proposal simply seeks to increase certain fees to reflect current
market rates. The Exchange notes that significant portion of the fees
for non-transaction related services that are the subject of this
filing have not been increased since 2015.
---------------------------------------------------------------------------
\3\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
---------------------------------------------------------------------------
Specifically, the Exchange proposes to amend the Fee Schedule to
amend the following non-transaction fees: (1) monthly Trading Permit
\4\ fees applicable to Electronic Exchange Members (``EEMs'') \5\ and
Market Makers; \6\ (2) connectivity fees to the primary/secondary
facility and disaster recovery facility for Members \7\ and non-
Members; and (3) FIX,\8\ MEI,\9\ Purge,\10\ and FXD \11\ Port fees.
---------------------------------------------------------------------------
\4\ The term ``Trading Permit'' means a permit issued by the
Exchange that confers the ability to transact on the Exchange. See
Exchange Rule 100.
\5\ The term ``Electronic Exchange Member'' or ``EEM'' means the
holder of a Trading Permit who is not a Market Maker. Electronic
Exchange Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
\6\ The term ``Market Makers'' refers to ``Lead Market Makers,''
``Primary Lead Market Makers,'' and ``Registered Market Makers''
collectively. See Exchange Rule 100.
\7\ 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
Exchange Rule 100.
\8\ A FIX Port is an interface with MIAX systems that enables
the Port user (typically an Electronic Exchange Member or a Market
Maker) to submit simple and complex orders electronically to MIAX.
See Fee Schedule, Section 5)d), footnote 24.
\9\ MIAX Express Interface is a connection to MIAX systems that
enables Market Makers to submit simple and complex electronic quotes
to MIAX. See Fee Schedule, Section 5)d), footnote 26. Full Service
MEI Ports provide Market Makers with the ability to send Market
Maker simple and complex quotes, eQuotes, and quote purge messages
to the MIAX 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 Fee Schedule,
Section 5)d), footnote 27. Limited Service MEI Ports provide Market
Makers with the ability to send simple and complex eQuotes and quote
purge messages only, but not Market Maker Quotes, to the MIAX
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 Fee Schedule,
Section 5)d), footnote 28.
\10\ Purge Ports provide Market Makers with the ability to send
quote purge messages to the MIAX System. Purge Ports are not capable
of sending or receiving any other type of messages or information.
See Fee Schedule, Section 5)d), footnote 30.
\11\ The FIX Drop Copy Port (``FXD'') is a messaging interface
that will provide a copy of real-time trade execution, trade
correction and trade cancellation information for simple and complex
orders to FIX Drop Copy Port users who subscribe to the service. FIX
Drop Copy Port users are those users who are designated by an EEM to
receive the information and the information is restricted for use by
the EEM only. FXD Port Fees will be assessed in any month the Member
is credentialed to use the FXD Port in the production environment.
See Fee Schedule, Section 5)d)iv).
---------------------------------------------------------------------------
Monthly Trading Permit Fees
The Exchange proposes to amend the Fee Schedule to amend the amount
of the monthly Trading Permit fees assessed to EEMs and Market Makers.
EEMs
The Exchange notes that Trading Permit fees for EEMs have not been
amended since January 1, 2015.\12\ The Exchange assesses a flat monthly
fee of $1,500 per Trading Permit to each EEM. The Exchange now proposes
to increase the monthly Trading Permit fee assessed to EEMs from $1,500
to $2,000.
---------------------------------------------------------------------------
\12\ See Securities Exchange Act Release No. 73957 (December 30,
2014), 80 FR 593 (January 6, 2015) (SR-MIAX-2014-68).
---------------------------------------------------------------------------
Market Makers
The monthly Trading Permit fees for Market Makers have not been
amended since May 1, 2015.\13\ Currently, the
[[Page 2196]]
Exchange assesses monthly Trading Permit fees to Market Makers based on
the lesser of either the per class basis or percentage of total
national average daily volume (``ADV'') measurements. The amount of the
monthly Trading Permit fee is based upon the number of classes in which
the Market Maker was assigned to quote on any given day within the
calendar month, or upon class volume percentages. The Exchange will
assess MIAX Market Makers the monthly Trading Permit fee based on the
greatest number of classes listed on MIAX that the Market Maker was
assigned to quote in on any given day within a calendar month.\14\ The
class volume percentage is based on the total national ADV in classes
listed on MIAX in the prior calendar quarter. Newly listed option
classes are excluded from the calculation of the monthly Trading Permit
fee until the calendar quarter following their listing, at which time
the newly listed option classes will be included in both the per class
count and the percentage of total national average daily volume.
---------------------------------------------------------------------------
\13\ See Securities Exchange Act Release No. 74856 (May 1,
2015), 80 FR 26304 (May 7, 2015) (SR-MIAX-2015-31). The Exchange
notes that in 2018 the Exchange filed to establish a lower Trading
Permit fee rate for Market Makers that were willing to quote the
entire Exchange market (or a substantial amount of the Exchange
market), as objectively measure by either the number of classes
assigned or national average daily volume, but who did not otherwise
execute a significant amount of volume on the Exchange. See
Securities Exchange Act Release No. 82868 (March 13, 2018), 83 FR
12063 (March 19, 2018) (SR-MIAX-2018-08); see, generally, Fee
Schedule, Section 3)b), footnote ``*''. However, the standard
monthly Trading Permit fee rates have remain unchanged since 2015.
\14\ Pursuant to Exchange Rule 602(a), the Board or a committee
designated by the Board shall appoint Market Makers to one or more
classes of option contracts traded on the Exchange based on several
factors described in the Rule in the best interest of the Exchange
to provide competitive markets.
---------------------------------------------------------------------------
Currently, the Exchange assess the following Trading Permit fees to
Market Makers:
<bullet> $7,000 for Market Maker registrations in up to 10 option
classes or up to 20% of option classes by national ADV;
<bullet> $12,000 for Market Maker registrations in up to 40 option
classes or up to 35% of option classes by ADV;
<bullet> $17,000 for Market Maker registrations in up to 100 option
classes or up to 50% of option classes by ADV; and
<bullet> $22,000 for Market Maker registrations in over 100 option
classes or over 50% of option classes by ADV up to all option classes
listed on MIAX.
The Exchange also assesses an alternative lower Trading Permit fee
to Market Makers who fall within the 3rd and 4th levels of the Market
Maker Trading Permit fee table, which levels are described immediately
above, if certain volume thresholds are met. This alternative lower
Trading Permit fee for Market Makers is set forth in footnote ``*''
that is included in the Market Maker Trading Permit fee table and
provides that if the Market Maker's total monthly executed volume
during the relevant month is less than 0.060% of the total monthly
executed volume reported by OCC in the market maker account type for
MIAX-listed option classes for that month, then the fee will be $15,500
instead of the fee otherwise applicable to such level.
The Exchange now proposes to increase the Trading Permit fees
assessed to Market Makers, which, as described above, were last amended
over ten years ago in May 2015. In particular, the Exchange proposes to
assess the following Trading Permit fees to Market Makers:
<bullet> $9,500 for Market Maker registrations in up to 10 option
classes or up to 20% of option classes by national ADV;
<bullet> $16,000 for Market Maker registrations in up to 40 option
classes or up to 35% of option classes by ADV;
<bullet> $23,000 for Market Maker registrations in up to 100 option
classes or up to 50% of option classes by ADV; and
<bullet> $29,500 for Market Maker registrations in over 100 option
classes or over 50% of option classes by ADV up to all option classes
listed on MIAX.
The Exchange also proposes to increase the alternative lower
Trading Permit fee to Market Makers who fall within the 3rd and 4th
levels of the Market Maker Trading Permit fee table, if certain volume
thresholds are met, from $15,500 to $16,000 per month by amending the
footnote ``*'' following the Market Maker Trading Permit fee table for
these monthly Trading Permit tier levels.
System Connectivity Fees
1Gb and 10Gb Network Connectivity Fees
Next, the Exchange proposes to amend the Fee Schedule to increase
connectivity fees to the primary/secondary and disaster recovery
facilities for Members and non-Members. Currently, the Exchange
assesses the same amount of connectivity fees to Members and non-
Members that connect to the Exchange's primary/secondary facility and
disaster recovery facility. In particular, the Exchange assesses the
following connectivity fees to Members and non-Members:
<bullet> $1,400 per 1 gigabit (``Gb'') connection to the primary/
secondary facility;
<bullet> $550 per 1Gb connection to the disaster recovery facility;
<bullet> $2,750 per 10Gb connection to the disaster recovery
facility; and
<bullet> $13,500 per 10Gb ultra-low latency (``ULL'') connection to
the primary/secondary facility.
The Exchange notes that the above fees for 1Gb connectivity and
10Gb to the disaster recovery facility, and 1Gb connectivity to the
primary/secondary facilities, have not been increased since December
2019.\15\ The fee for 10Gb ULL connectivity was last increased in
January 2023.\16\ The Exchange now propose to amend Sections 5)a)-b) of
the Fee Schedule to increase connectivity fees for Members and non-
Members. In particular, the Exchange proposes to assess the following
connectivity fees to Members and non-Members:
---------------------------------------------------------------------------
\15\ See Securities Exchange Act Release No. 87875 (December 31,
2019), 85 FR 770 (January 7, 2020) (SR-MIAX-2019-51).
\16\ See Securities Exchange Act Release Nos. 96629 (January 10,
2023), 88 FR 2729 (January 17, 2023) (SR-MIAX-2022-50) and 99822
(March 21, 2024), 89 FR 21337 (March 27, 2024) (SR-MIAX-2024-16)
(noting that while the proposed fee changes subject to this filing
were immediately effective, the proposed fee changes had been
effective since January 1, 2023 pursuant to the Exchange's initially
filed proposal on December 30, 2022 (i.e., SR-MIAX-2022-50)).
---------------------------------------------------------------------------
<bullet> $1,500 per 1Gb connection to the primary/secondary
facility;
<bullet> $650 per 1Gb connection to the disaster recovery facility;
<bullet> $3,500 per 10Gb connection to the disaster recovery
facility; and
<bullet> $15,000 per 10Gb ULL connection to the primary/secondary
facility.
Port Fees
The Exchange proposes to amend the fees for FIX Ports, Full Service
MEI Ports, Limited Service MEI Ports, Purge Ports, and FXD Ports. Some
of these fees have not been increased since they were first adopted in
2015. Each port provides access to the Exchange's primary and secondary
data centers as well as its disaster recovery center for a single fee.
FIX Ports
The Exchange proposes to amend the fees for FIX Ports, which have
not been increased since January 2017. A FIX Port allows Members to
submit simple and complex orders electronically to MIAX.\17\ The
Exchange currently assesses the following monthly FIX Port fees:
---------------------------------------------------------------------------
\17\ See supra note 8.
---------------------------------------------------------------------------
<bullet> $550 for the first FIX Port;
<bullet> $350 per port for the second to fifth FIX Ports; and
<bullet> $150 per port for the sixth or more FIX Ports.\18\
---------------------------------------------------------------------------
\18\ Each FIX Port provides access to all matching engines. See
Fee Schedule, Section 5)d), note ``[supcaret]''.
---------------------------------------------------------------------------
The Exchange proposes to increase monthly FIX Port fees as follows:
[[Page 2197]]
<bullet> $700 for the first FIX Port;
<bullet> $450 per port for the second to fifth FIX Ports; and
<bullet> $200 per port for the sixth or more FIX Ports.
Full Service MEI Ports
The Exchange proposes to amend the Full Service MEI Port fees for
Market Makers, which have not been increased since June 1, 2015.\19\
Full Service MEI Ports provide Market Makers with the ability to send
Market Maker simple and complex quotes, eQuotes, and quote purge
messages to the MIAX System. Full Service MEI Ports are also capable of
receiving administrative information.\20\
---------------------------------------------------------------------------
\19\ See Securities Exchange Act Release No. 75140 (June 10,
2015), 80 FR 34480 (June 16, 2015) (SR-MIAX-2015-37).
\20\ See supra note 9.
---------------------------------------------------------------------------
The Exchange assesses the amount of the monthly Full Service MEI
Port fees for Market Makers based on the lesser of either the per class
basis or percentage of total national ADV measurements. The amount of
the monthly Full Service MEI Port fee is based upon the number of
classes in which the Market Maker was assigned to quote on any given
day within the calendar month, or upon class volume percentages. The
Exchange assesses Market Makers the monthly Full Service MEI Port fee
based on the greatest number of classes listed on MIAX that the Market
Maker was assigned to quote in on any given day within a calendar
month. The class volume percentage is based on the total national ADV
in classes listed on MIAX in the prior calendar quarter. Newly listed
option classes are excluded from the calculation of the monthly Full
Service MEI Port fee until the calendar quarter following their
listing, at which time the newly listed option classes will be included
in both the per class count and the percentage of total national
average daily volume. Specifically, the Exchange assesses the following
Full Service MEI Port fees to Market Makers:
<bullet> $5,000 for Market Maker assignments in up to 5 option
classes or up to 10% of option classes by national ADV;
<bullet> $10,000 for Market Maker assignments in up to 10 option
classes or up to 20% of option classes by ADV;
<bullet> $14,000 for Market Maker assignments in up to 40 option
classes or up to 35% of option classes by national ADV;
<bullet> $17,500 for Market Maker assignments in up to 100 option
classes or up to 50% of option classes by ADV; and
<bullet> $20,500 for Market Maker assignments in over 100 option
classes or over 50% of option classes by ADV up to all option classes
listed on MIAX.
The Exchange also provides an alternative lower Full Service MEI
Port fee for Market Makers who fall within the 4th and 5th levels of
the Market Maker Full Service MEI Port fee table, which levels are
described directly above, if certain volume thresholds are met. This
alternative lower Full Service MEI Port fee for Market Makers is set
forth in footnote ``*'' in the Market Maker Full Service MEI Port fee
table and provides that if the Market Maker's total monthly executed
volume during the relevant month is less than 0.060% of the total
monthly executed volume reported by OCC in the market maker account
type for MIAX-listed option classes for that month, then the fee will
be $14,500 instead of the fee otherwise applicable to such level.
The Exchange now proposes to increase the Full Service MEI Port
fees assessed to Market Makers as follows:
<bullet> $6,500 for Market Maker assignments in up to 5 option
classes or up to 10% of option classes by national ADV;
<bullet> $13,500 for Market Maker assignments in up to 10 option
classes or up to 20% of option classes by ADV;
<bullet> $19,000 for Market Maker assignments in up to 40 option
classes or up to 35% of option classes by national ADV;
<bullet> $23,500 for Market Maker assignments in up to 100 option
classes or up to 50% of option classes by ADV; and
<bullet> $27,500 for Market Maker assignments in over 100 option
classes or over 50% of option classes by ADV up to all option classes
listed on MIAX.
The Exchange also proposes to decrease the alternative lower Full
Service MEI Port fee for Market Makers who fall within the 3rd, 4th and
5th levels of the proposed Market Maker Full Service MEI Port fee
table, if certain volume thresholds are met, from $14,500 to $13,500
per month by amending footnote ``*'' following the Market Maker Full
Service MEI Port fee table.
Limited Service MEI Ports
The Exchange proposes to amend the fees for Limited Service MEI
Ports, which provide Market Makers with the ability to send simple and
complex eQuotes and quote purge messages only, but not Market Maker
Quotes, to the MIAX System. Limited Service MEI Ports are also capable
of receiving administrative information. Market Makers currently
receive four free Limited Service MEI Ports per matching engine.\21\
Currently, Market Makers may request additional Limited Service MEI
Ports for which MIAX will assess Market Makers $275 per month per
additional Limited Service MEI Port for each matching engine. The
Exchange proposes to increase the fee for each additional Limited
Service MEI Port from $275 to $350 per month per additional Limited
Service MEI Port for each matching engine.
---------------------------------------------------------------------------
\21\ See supra note 9.
---------------------------------------------------------------------------
Purge Ports
The Exchange proposes to amend the fees for Purge Ports, which
provide Market Makers with the ability to send quote purge messages to
the MIAX System. Purge Ports are not capable of sending or receiving
any other type of messages or information.\22\ The Exchange proposes to
increase the monthly Purge Port fee from $300 per matching engine to
$400 per matching engine.\23\
---------------------------------------------------------------------------
\22\ See supra note 10.
\23\ A Market Maker may request and be allocated two (2) Purge
Ports per matching engine to which it connects via a Full Service
MEI Port and will be charged the monthly fee per Matching Engine.
See Fee Schedule, Section 5)d)ii).
---------------------------------------------------------------------------
FXD Ports
The Exchange proposes to amend the fees for FXD Ports, which have
not been increased since they were first adopted in September 2015.\24\
A FXD Port means a messaging interface that will provide a copy of
real-time trade execution, trade correction and trade cancellation
information for simple and complex orders to FIX Drop Copy Port users
who subscribe to the service. FXD Port Fees will be assessed in any
month the Member is credentialed to use the FXD Port in the production
environment.\25\ The Exchange now proposes to increase the monthly fee
per FXD Port from $500 to $675.\26\
---------------------------------------------------------------------------
\24\ See Securities Exchange Act Release No. 75735 (August 19,
2015), 80 FR 51641 (August 25, 2015) (SR-MIAX-2015-52).
\25\ See supra note 11.
\26\ Each FXD Port provides access to all matching engines. See
Fee Schedule, Section 5)d)iv), footnote 31.
---------------------------------------------------------------------------
Implementation
The Exchange issued an alert publicly announcing the proposed fees
on October 14, 2025 and a reminder alert on December 19, 2025.\27\ The
fees
[[Page 2198]]
subject to this proposal are effective beginning January 1, 2026.
---------------------------------------------------------------------------
\27\ See Fee Change Alert, MIAX Options, Pearl Options and
Emerald Options--January 1, 2026 Non-Transaction Fee Changes (dated
October 14, 2025), available at <a href="https://www.miaxglobal.com/alert/2025/10/14/miax-options-pearl-options-and-emerald-options-exchanges-january-1-2026-non-1?nav=all">https://www.miaxglobal.com/alert/2025/10/14/miax-options-pearl-options-and-emerald-options-exchanges-january-1-2026-non-1?nav=all</a> and Fee Change Alert, MIAX Options,
Pearl Options and Emerald Options Exchanges--Reminder: January 1,
2026 Non-Transaction Fee Changes (dated December 19, 2025),
available at <a href="https://www.miaxglobal.com/alert/2025/12/19/miax-options-pearl-options-and-emerald-options-exchanges-reminder-january-1-1?nav=all">https://www.miaxglobal.com/alert/2025/12/19/miax-options-pearl-options-and-emerald-options-exchanges-reminder-january-1-1?nav=all</a>.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) \28\ of the Act in general, and
furthers the objectives of Section 6(b)(4) \29\ of the Act, in
particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees and other charges among its Members
and other persons using its facilities. Additionally, the Exchange
believes that the proposed fees are consistent with the objectives of
Section 6(b)(5) \30\ of the Act in that they are designed to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to a free and open market and
national market system, and, in general, to protect investors and the
public interest, and, particularly, are not designed to permit unfair
discrimination between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\28\ 15 U.S.C. 78f.
\29\ 15 U.S.C. 78f(b)(4).
\30\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Proposed Fees Are Reasonable and Comparable to the Fees Charged by
Other Exchanges for Similar Products and Services
Overall. The proposed fees are comparable to those of other options
exchanges. Based on publicly-available information, no single exchange
had more than approximately 11.21% equity options market share for
2025,\31\ and the Exchange compared the fees proposed herein to the
fees charged by other options exchanges with similar market share. A
more detailed discussion of the comparison follows. The Exchange
assesses the market share \32\ for each of the below referenced options
markets utilizing total equity options contracts traded in 2025, as set
forth in the following tables: \33\
---------------------------------------------------------------------------
\31\ See The OCC, Options Volume by Exchange--2025, available at
<a href="https://www.theocc.com/market-data/market-data-reports/volume-and-open-interest/volume-by-exchange">https://www.theocc.com/market-data/market-data-reports/volume-and-open-interest/volume-by-exchange</a> (last visited December 1, 2025).
\32\ Market share is the percentage of volume on a particular
exchange relative to the total volume across all exchanges, and
indicates the amount of order flow directed to that exchange. High
levels of market share enhance the value of trading, ports and
connectivity. Total contracts include both multi-list options and
proprietary options products. Proprietary options products are
products with intellectual property rights that are not multi-
listed.
\33\ The fee amounts listed in each table provided in the
Statutory Basis section of this filing that pertain to the Exchange
are the proposed new rates for each product or service.
---------------------------------------------------------------------------
EEM Trading Permit Fees
The proposed Trading Permit fee for EEMs is comparable to, or lower
than, the trading permit fees charged by Cboe Exchange, Inc. (``Cboe'')
and BOX Exchange LLC (``BOX''), as summarized in the table below.
----------------------------------------------------------------------------------------------------------------
Market share
Exchange (%) Type of product/service Monthly fee
----------------------------------------------------------------------------------------------------------------
MIAX........................................ 7.89 EEM Trading Permit............ $2,000
Cboe \a\.................................... 10.51 Electronic Access Permit...... 3,000
BOX \b\..................................... 6.96 Participant Fee............... 1,500
----------------------------------------------------------------------------------------------------------------
\a\ See Cboe Fee Schedule, Electronic Trading Permit Fees section, page 6, available at <a href="https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf">https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf</a>.
\b\ See BOX Fee Schedule, Section I.B., available at <a href="https://boxexchange.com/assets/BOX-Fee-Schedule-as-of-October-1-2025.pdf">https://boxexchange.com/assets/BOX-Fee-Schedule-as-of-October-1-2025.pdf</a>.
Cboe. Cboe, with a market share of approximately 10.51%, comparable
to the Exchange, charges higher trading permit fees than the Trading
Permit fees proposed by the Exchange for EEMs. Cboe's Electronic Access
Permit is analogous to the Exchange's Trading Permits for EEMs. In
general, a Trading Permit is a permit issued by the Exchange that
confers the ability to transact on the Exchange.\34\ EEMs are assessed
the monthly Trading Permit fee in order to transact on the Exchange on
behalf of their customers or to conduct proprietary trading. Likewise,
Cboe's Electronic Access Permits entitle the holder to access Cboe.\35\
Like Trading Permit Holders on the Exchange, Electronic Access Permit
holders must be broker-dealers registered with Cboe and are allowed
transact on Cboe.\36\
---------------------------------------------------------------------------
\34\ See Exchange Rule 100.
\35\ See Cboe Fee Schedule, Electronic Trading Permit Fees
section, page 6, available at <a href="https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf">https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf</a>. The Exchange notes that Cboe
differentiates between electronic access permits for clearing firms
and electronic exchange member firms and charges a trading permit
fee of $2,000 per month for Clearing TPH Permits, which is the same
rate for a Trading Permit as proposed by the Exchange for EEMs that
act as Clearing Members. See id. The term ``Clearing Member'' means
a Member that has been admitted to membership in the Clearing
Corporation pursuant to the provisions of the rules of the Clearing
Corporation. See Exchange Rule 100. The term ``Clearing
Corporation'' means The Options Clearing Corporation (``OCC''). Id.
\36\ See Cboe Rulebook, Chapter 3, Rules 3.2-3.3.
---------------------------------------------------------------------------
The Exchange recognizes that Cboe has slightly higher market share
than the Exchange; however, Cboe also charges a higher trading permit
fee for Electronic Access Permits than the Trading Permit fee proposed
by the Exchange for EEMs. Cboe charges a flat $3,000 per Electronic
Access Permit per month, while the Exchange proposes to charge a flat
$2,000 per EEM Trading Permit per month, lower than Cboe's flat $3,000
fee.
BOX. BOX, with a market share of approximately 6.96%, lower than
the Exchange's market share, charges comparable monthly Participant
\37\ fees for its Options Participants \38\ as the Trading Permit fee
proposed by the Exchange for EEMs. BOX's Participant fee is analogous
to the Exchange's Trading Permit fee, which is a monthly fee in order
to transact on BOX on behalf of a Participant's customers or to conduct
proprietary trading.
---------------------------------------------------------------------------
\37\ The term ``Participant'' means a firm, or organization that
is registered with BOX pursuant to BOX Rule 2000 Series for purposes
of participating in trading on a facility of BOX and includes an
``Options Participant'' and ``BSTX Participant.'' See BOX Rulebook,
Section 110(a)(42).
\38\ The term ``Options Participant'' means a Participant
registered with BOX for purposes of participating in options trading
on BOX. See BOX Rulebook, Section 110(a)(41).
---------------------------------------------------------------------------
Despite having lower market share than the Exchange, BOX charges
comparable permit-type fees as proposed by the Exchange herein for
EEMs. BOX charges Participants a flat monthly Participant fee of
$1,500, while the Exchange proposes to charge a flat $2,000 per EEM
Trading Permit per month, comparable to BOX's flat $1,500 fee.
Market Maker Trading Permit Fees
The proposed Trading Permit fees for Market Makers are comparable
to the Trading Permit fees charged by NYSE American LLC (``NYSE
American''), as summarized in the table below.
[[Page 2199]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
Exchange Market Type of product/service...................... Monthly fee
share
(%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
MIAX......................... 7.89 Market Maker Trading Permit.................. $9,500 Up to 10 Classes.............. Up to 20% of Classes by
volume (as a % of
national ADV).
16,000 Up to 40 Classes.............. Up to 35% of Classes by
volume (as a % of
national ADV).
23,000 Up to 100 Classes............. Up to 50% of Classes by
volume (as a % of
national ADV).
29,500 Over 100 Classes.............. Over 50% of Classes by
volume up to all
Classes on MIAX
Options (as a % of
national ADV).
--------------------------------------------------------------------------------------------------------------------------------------------------------
NYSE American \a\............ 7.73 Options Market Maker ATPs.................... 8,000 1st ATP: 60 issues plus bottom 45%.
6,000 2nd ATP: 150 issues plus bottom 45%.
5,000 3rd ATP: 500 issues plus bottom 45%.
4,000 4th ATP: 1,100 issues plus bottom 45%.
3,000 5th ATP: all issues traded.
2,000 6th to 9th ATP: all issues traded.
500 10th or more ATPs: all issues traded.
--------------------------------------------------------------------------------------------------------------------------------------------------------
\a\ See NYSE American Options Fee Schedule, Section III.A., 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>.
NYSE American. NYSE American, with a market share of approximately
7.73%, comparable to the Exchange's market share, charges similar
trading permit fees for its market makers as the Trading Permit fees
proposed by the Exchange for its Market Makers. In general, a Trading
Permit is a permit issued by the Exchange that confers the ability to
transact on the Exchange.\39\ Each registered Market Maker is assessed
a monthly Trading Permit fee in order to appoint a qualified person to
act as a Registered Option Trader (``ROT'') \40\ pursuant to the
Exchange's Rules and fulfill the Market Maker's obligations to act as a
specialist on the Exchange.\41\ NYSE American's market maker ATP \42\
fee is analogous to the Exchange's Trading Permit fees for Market
Makers, which is a monthly fee in order to transact on NYSE American
for the purpose of making markets in options contracts.\43\
---------------------------------------------------------------------------
\39\ See Exchange Rule 100.
\40\ An ROT is permitted to enter quotes and orders only for the
account of the Market Maker with which he is associated. See
Exchange Rule 601(a).
\41\ See, generally, Chapter VI of the Exchange's Rules.
\42\ An ``ATP'' or ``ATP Holder'' is a registered Broker-Dealer
who is a permit holder on NYSE American, per NYSE American Rule
900.2NY(4),(5). See NYSE American Options Fee Schedule, Key Terms
and Definitions section, 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>.
\43\ See, generally, NYSE American Rule 923NY.
---------------------------------------------------------------------------
NYSE American, with comparable market share as the Exchange,
charges similar trading permit fees to its ATPs as proposed by the
Exchange herein for the Exchange's Market Makers. NYSE American charges
all Options Market Makers \44\ tiered trading permit fees based on the
number of issues permitted in an Options Market Maker's quoting
assignment.\45\ In order for an NYSE American Options Market Maker to
be permitted to quote the entire market of NYSE American, that Options
Market Maker's total monthly fee would be at least $26,000,\46\ which
amount could be significantly higher if a market maker purchases six or
more ATPs, while the Exchange provides tiered Trading Permit fees
ranging from $9,500 to $29,500 (as proposed), based the lesser of
either the per class basis or percentage of total national ADV
measurements. The Exchange offers even greater savings to Market Makers
as it provides a reduced Trading Permit fee of $16,000 (as proposed)
for Market Makers if their total monthly executed volume during the
relevant month is less than 0.060% of the total monthly executed volume
reported by OCC in the market maker account type for MIAX-listed option
classes for that month, which still allows these Market Makers to quote
the entire market (or close to the entire market). NYSE American does
not offer reduced fees for its Options Market Makers that only quote in
certain classes compared to those that quote the entire market.
---------------------------------------------------------------------------
\44\ A ``Market Maker'' refers to an ATP Holder that acts as a
Market Maker pursuant to NYSE American Rule 920NY and is referred to
as an ``NYSE AMERICAN Options Market Maker'' in the NYSE American
Fee Schedule. See NYSE American Options Fee Schedule, Preface,
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>.
\45\ NYSE American charges ATP fees based on the maximum number
of ATPs held during the month. The ``bottom 45%'' refers to the
least actively traded issues on NYSE American, ranked by industry
volume, as reported by the OCC for each issue during the calendar
quarter. See NYSE American Options Fee Schedule, Section III.A.,
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>.
\46\ This was calculated by adding the monthly fees for the
first five ATPs that a market maker would be required to purchase in
order to quote the entire NYSE American market (i.e., $8,000 +
$6,000 + $5,000 + $4,000 + $3,000).
---------------------------------------------------------------------------
Network Connectivity Fees (Disaster Recovery Facility)
The proposed network connectivity fees to the Exchange's disaster
recovery facility for Members and non-Members are comparable to, or
lower than, the connectivity fees charged by Cboe C2 Exchange, Inc.
(``Cboe C2'') and MEMX LLC (``MEMX''), as summarized in the table
below.
----------------------------------------------------------------------------------------------------------------
Market share Monthly fee (per
Exchange (%) Type of product/service connection)
----------------------------------------------------------------------------------------------------------------
MIAX........................................ 7.89 1Gb Connectivity (disaster $650
recovery). 3,500
10Gb Connectivity (disaster
recovery).
Cboe C2 \a\................................. 2.93 Physical Port 1Gb (disaster 2,000
recovery). 6,000
Physical Port 10Gb (disaster
recovery).
MEMX \b\.................................... 3.74 xNet Physical Connection 3,000
(Secondary).
----------------------------------------------------------------------------------------------------------------
\a\ See Cboe C2 Fee Schedule, Physical Connectivity Fees section, available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/ctwo/">https://www.cboe.com/us/options/membership/fee_schedule/ctwo/</a>.
\b\ See MEMX Connectivity Fee Schedule, Physical Connectivity section, available at <a href="https://info.memxtrading.com/connectivity-fees/">https://info.memxtrading.com/connectivity-fees/</a>.
[[Page 2200]]
Cboe C2. Cboe C2, with a market share of approximately 2.93%, much
lower than the Exchange's market share, charges higher 1Gb and 10Gb
connectivity fees to connect to its disaster recovery facility than the
Exchange proposes to connect to its disaster recovery facility. Cboe
C2's connectivity fees to connect to its disaster recovery facility are
analogous to the Exchange's connectivity fees to its disaster recovery
facility. In general, the disaster recovery facility is a secondary
data center in a separate, geographically diverse location that
Exchange participants are able to connect to in order to have
redundancy for their trading and market data connections in the event
that the Exchange's primary data center operations are disabled. Cboe
C2's 1Gb and 10Gb connections to its disaster recovery center allow its
members to connect to that data center in the event that Cboe C2's
primary data center is no longer operational.\47\
---------------------------------------------------------------------------
\47\ See Cboe BCP/DR Plan Highlights, v1.3, page 2, available at
<a href="https://cdn.cboe.com/resources/membership/Cboe_Corporate_BCP-DR.pdf">https://cdn.cboe.com/resources/membership/Cboe_Corporate_BCP-DR.pdf</a>.
---------------------------------------------------------------------------
Despite having lower market share than the Exchange, Cboe C2
charges higher 1Gb and 10Gb connectivity fees to its disaster recovery
facility than the fees proposed by the Exchange herein for connectivity
to the Exchange's disaster recovery facility. Cboe C2 charges monthly
fees of $2,000 per 1Gb connection and $6,000 per 10Gb connection to its
disaster recovery facility. Meanwhile, the Exchange proposes to charge
monthly fees of $650 per 1Gb connection and $3,500 per 10Gb connection
to its disaster recovery facility.
MEMX. MEMX, with a market share of approximately 3.74%, which is
lower than the Exchange's market share, charges comparable connectivity
fees to its disaster recovery facility as the Exchange proposes for
connectivity to its disaster recovery facility. MEMX's xNet Physical
Connection to its Secondary Data Center \48\ is analogous to the
Exchange's 1Gb and 10Gb connections to its disaster recovery facility.
---------------------------------------------------------------------------
\48\ See Securities Exchange Act Release No. 100021 (April 24,
2024), 89 FR 34298 (April 30, 2024) (SR-MEMX-2024-13) (describing
that the Secondary Data Center is a geographically diverse data
center, which is operated for backup and disaster recovery
purposes).
---------------------------------------------------------------------------
Despite having lower market share than the Exchange, MEMX charges
similar disaster recovery connectivity fees as the fees proposed by the
Exchange herein for connectivity to its disaster recovery facility.
MEMX charges $3,000 per xNet Physical Connection to its Secondary Data
Center per month. Meanwhile, the Exchange proposes to charge monthly
fees of $650 per 1Gb connection and $3,500 per 10Gb connection to its
disaster recovery facility.
Network Connectivity Fees (Primary/Secondary Facility)
The proposed network connectivity fees to the Exchange's primary
and secondary facility for Members and non-Members are lower than the
connectivity fees charged by Nasdaq BX, Inc. (``Nasdaq BX'') and NYSE
American for connectivity to their primary data centers, as summarized
in the table below.
----------------------------------------------------------------------------------------------------------------
Market share Monthly fee (per
Exchange (%) Type of product/service connection)
----------------------------------------------------------------------------------------------------------------
MIAX........................................ 7.89 1Gb Connectivity.............. $1,500
10Gb Connectivity............. 15,000
Nasdaq BX \a\............................... 1.63 1Gb Connection................ 2,750
10Gb Ultra Connection......... 18,500
NYSE American \b\........................... 7.73 10Gb LX LCN Circuit........... 22,000
----------------------------------------------------------------------------------------------------------------
\a\ See Securities Exchange Act Release No. 104261 (November 25, 2025), 90 FR 55209 (December 1, 2025) (SR-BX-
2025-027).
\b\ See NYSE American Connectivity Fee Schedule, page 12, available at <a href="https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_and_Charges.pdf">https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_and_Charges.pdf</a>.
Nasdaq BX. Nasdaq BX, with a market share of approximately 1.63%,
significantly lower than the Exchange's market share, charges higher
connectivity fees to its primary data center. Nasdaq BX's 1Gb and 10Gb
Ultra fiber connection fees are analogous to the Exchange's 1Gb and
10Gb ULL connectivity fees. In general, the Exchange's 1Gb and 10Gb ULL
connectivity fees provide Members and non-Members with access to the
Exchange's primary and secondary facilities (i.e., the live trading
platforms and market data systems). Nasdaq BX's 1Gb and 10Gb Ultra
fiber connections provide Nasdaq BX participants with the ability to
connect directly to Nasdaq BX's trading platforms and market data
feeds.\49\
---------------------------------------------------------------------------
\49\ See, generally, Nasdaq Market Connectivity Options web
page, available at <a href="https://www.nasdaq.com/solutions/nasdaq-co-location">https://www.nasdaq.com/solutions/nasdaq-co-location</a> (last visited November 25, 2025).
---------------------------------------------------------------------------
Despite having lower market share than the Exchange, Nasdaq BX
charges higher connectivity fees than the connectivity fees to the
primary and secondary facilities proposed by the Exchange herein.
Nasdaq BX charges all participants monthly fees of $2,750 per 1Gb
connection and $18,500 per 10Gb connection to access its primary data
center. Meanwhile, the Exchange proposes to charge Members and non-
Members monthly fees of $1,500 per 1Gb connection and $15,000 per 10Gb
ULL connection to the Exchange's primary and secondary facilities.
Nasdaq BX charges an additional installation fee for each 1Gb or 10Gb
connection of $1,650.\50\
---------------------------------------------------------------------------
\50\ See Nasdaq BX, General 8: Connectivity, Section 1(b),
Connectivity to the Exchange, available at <a href="https://listingcenter.nasdaq.com/rulebook/bx/rules/BX%20General%208">https://listingcenter.nasdaq.com/rulebook/bx/rules/BX%20General%208</a>.
---------------------------------------------------------------------------
NYSE American. NYSE American, with a market share of approximately
7.73%, comparable to the Exchange's market share, charges higher 10Gb
connectivity fees to its primary data center. NYSE American's 10Gb LX
LCN Circuit connection fee is analogous to the Exchange's 10Gb ULL
connectivity fee. In general, the Exchange's 10Gb ULL connectivity fee
provides Members and non-Members with access to the Exchange's primary
and secondary facilities (i.e., the live trading platforms and market
data systems). NYSE American's 10Gb LX LCN Circuit connection provides
NYSE American participants with the ability to connect directly to NYSE
American trading platforms and market data feeds.\51\
---------------------------------------------------------------------------
\51\ See, generally, NYSE American Connectivity Fee Schedule,
available at <a href="https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_and_Charges.pdf">https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_and_Charges.pdf</a>.
---------------------------------------------------------------------------
Despite having comparable market share as the Exchange, NYSE
American charges higher connectivity fees as proposed by the Exchange
herein. NYSE American charges all participants a
[[Page 2201]]
monthly fee of $22,000 per 10Gb LX LCN Circuit connection to access its
primary data center. Meanwhile, the Exchange proposes to charge Members
and non-Members a monthly fee of $15,000 per 10Gb ULL connection to the
Exchange's primary and secondary facilities. NYSE American charges an
additional installation fee for each 10Gb LX LCN Circuit connection of
$15,000.\52\
---------------------------------------------------------------------------
\52\ See id.
---------------------------------------------------------------------------
FIX Port Fees
The proposed FIX Port fees are comparable to, or lower than, the
similar port fees charged by Cboe BZX Exchange, Inc. (``Cboe BZX''),
Cboe C2 and the options trading facility of The Nasdaq Stock Market LLC
(``Nasdaq''), as summarized in the table below.
----------------------------------------------------------------------------------------------------------------
Market share Monthly fee (per
Exchange (%) Type of product/service port)
----------------------------------------------------------------------------------------------------------------
MIAX........................................ 7.89 1st FIX Port.................. $700
2nd to 5th FIX Ports.......... 450
6th or more FIX Ports......... 200
Cboe BZX \a\................................ 4.35 Logical Ports................. 750
Cboe C2 \b\................................. 2.93 FIX Logical Ports............. 650
Nasdaq \c\.................................. 3.62 FIX Ports..................... 650
----------------------------------------------------------------------------------------------------------------
\a\ See Cboe BZX Fee Schedule, Options Logical Port Fees section, available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/bzx/">https://www.cboe.com/us/options/membership/fee_schedule/bzx/</a>.
\b\ See Cboe C2 Fee Schedule, Logical Connectivity Fees section, available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/ctwo/">https://www.cboe.com/us/options/membership/fee_schedule/ctwo/</a> ctwo/.
\c\ See Nasdaq Options 7 Pricing Schedule, Section 3(i)(1), 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>.
Cboe BZX. Cboe BZX, with a market share of approximately 4.35%,
lower than the Exchange's market share, charges higher Logical Port
fees than the FIX Port fees proposed by the Exchange. Cboe BZX's
Logical Ports are analogous to the Exchange's FIX Ports. In general, a
FIX Port allows an Exchange Member to send simple and complex orders,
as well as other messages, to the Exchange using the FIX protocol.\53\
Cboe BZX's Logical Ports allow for order entry and other messages to be
sent to Cboe BZX by participants.\54\
---------------------------------------------------------------------------
\53\ See Fee Schedule, Section 5)d)i), note 24.
\54\ See, generally, Cboe Titanium U.S. Options FIX
Specification, Version 2.7.97 (dated October 20, 2025), available at
<a href="https://cdn.cboe.com/resources/membership/US_Options_FIX_Specification.pdf">https://cdn.cboe.com/resources/membership/US_Options_FIX_Specification.pdf</a>.
---------------------------------------------------------------------------
Despite having lower market share than the Exchange, Cboe BZX
charges higher Logical Port fees than the FIX Port fees proposed by the
Exchange herein. Cboe BZX charges a monthly fee of $750 per Logical
Port, while the Exchange's highest proposed tier is only $700 per FIX
Port per month.
Cboe C2. Cboe C2, with a market share of approximately 2.93%, lower
than the Exchange's market share, charges comparable FIX Logical Port
fees as the FIX Port fees proposed by the Exchange. Cboe C2's FIX
Logical Ports are analogous to the Exchange's FIX Ports. In general, a
FIX Port allows an Exchange Member to send simple and complex orders
and other messages to the Exchange using the FIX protocol.\55\ Cboe
C2's FIX Logical Ports allow for order entry and other messages to be
sent to Cboe C2 by participants.\56\
---------------------------------------------------------------------------
\55\ See Fee Schedule, Section 5)d)i), note 24.
\56\ See, generally, Cboe Titanium U.S. Options FIX
Specification, Version 2.7.97 (dated October 20, 2025), available at
<a href="https://cdn.cboe.com/resources/membership/US_Options_FIX_Specification.pdf">https://cdn.cboe.com/resources/membership/US_Options_FIX_Specification.pdf</a>.
---------------------------------------------------------------------------
Despite having lower market share than the Exchange, Cboe C2
charges comparable FIX Logical Port fees as proposed by the Exchange
herein. Cboe C2 charges a monthly fee of $650 per FIX Logical Port,
while the Exchange's highest proposed tier is $700 per FIX Port per
month. Cboe C2 FIX Logical Port users may incur an additional monthly
fee of $650 per port. Cboe C2 provides that for the standard monthly
fee of $650 per FIX Logical Port, a user may enter up to 70,000 orders
per trading day per port as measured on average in a single month.
However, each incremental usage of up to 70,000 per day per FIX Logical
Port will incur an additional $650 fee per month.\57\
---------------------------------------------------------------------------
\57\ See Cboe C2 Fee Schedule, Logical Connectivity Fees
section, available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/ctwo/">https://www.cboe.com/us/options/membership/fee_schedule/ctwo/</a>. Incremental usage is determined on a monthly
basis based on the average orders per day entered in a single month
across all of a market participant's subscribed FIX Ports. See id.
---------------------------------------------------------------------------
Nasdaq. Nasdaq, with a market share of approximately 3.62%, which
is lower than the Exchange's market share, charges comparable FIX Port
fees as the FIX Port fees proposed by the Exchange. Nasdaq's FIX Ports
are analogous to the Exchange's FIX Ports in that they that allow
Nasdaq participants to connect, send, and receive messages related to
orders to and from Nasdaq, which include the following: (1) execution
messages; (2) order messages; and (3) risk protection triggers and
cancel notifications.\58\
---------------------------------------------------------------------------
\58\ See Nasdaq Options 3 Options Trading Rules, Section
7(e)(1)(A).
---------------------------------------------------------------------------
Nasdaq charges participants $650 per FIX Port per month, while the
Exchange's highest proposed tier is $700 per FIX Port per month.
Despite having lower market share than the Exchange, Nasdaq charges
comparable FIX Port fees as proposed by the Exchange herein.
Limited Service MEI Port Fees
The proposed Limited Service MEI Port (``LSPs'') fees are
comparable to, or lower than, the similar port fees charged by Nasdaq
and Nasdaq MRX, LLC (``Nasdaq MRX''), as summarized in the table below.
----------------------------------------------------------------------------------------------------------------
Market share Monthly fee (per
Exchange (%) Type of product/service port)
----------------------------------------------------------------------------------------------------------------
MIAX........................................ 7.89 Limited Service MEI Port...... $350
Nasdaq \a\.................................. 3.62 QUO Ports..................... 750
Nasdaq MRX \b\.............................. 3.36 OTTO Ports.................... 650
----------------------------------------------------------------------------------------------------------------
\a\ See Nasdaq, Options 7: Pricing Schedule, Section 3(i)(4), 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>.
[[Page 2202]]
\b\ See Nasdaq MRX, Options 7: Pricing Schedule, Section 6(i)(4), available at <a href="https://listingcenter.nasdaq.com/rulebook/mrx/rules/MRX%20Options%207">https://listingcenter.nasdaq.com/rulebook/mrx/rules/MRX%20Options%207</a>.
Nasdaq. Nasdaq, with a market share of approximately 3.62%, lower
than the Exchange's market share, charges higher Quote Using Order
(``QUO'') Port fees than the Limited Service MEI Port fees proposed by
the Exchange. The Exchange acknowledges differences between the
functionality of its LSPs and that of Nasdaq's QUO Ports; however, the
Exchange believes that the fee comparison between LSPs and QUO Ports is
relevant as both ports provide a limited subset of functionality as
provided by other ports offered by both the Exchange and Nasdaq. In
general, Limited Service MEI Ports support all MEI Interface \59\ input
message types,\60\ but do not support bulk Quote entry.\61\
Notifications sent over LSPs between market participants and the
Exchange may include the following information: (1) execution
notifications, cancel notifications, stock leg execution notifications,
and order notifications; (2) administrative messages (i.e., series
updates); (3) risk protection settings and notification updates; and
(4) trading status notifications (i.e., halted).\62\ Nasdaq's QUO Ports
allow Nasdaq market makers to connect, send, and receive messages
related to single-sided orders to and from Nasdaq.\63\ Messages sent
over QUO Ports may include the following: (1) options symbol directory
messages (e.g., underlying); (2) system event messages (e.g., start of
trading hours messages and start of opening); (3) trading action
messages (e.g., halts and resumes); (4) execution messages; (5) order
messages; and (6) risk protection triggers and cancel
notifications.\64\
---------------------------------------------------------------------------
\59\ The MIAX Express Interface (``MEI'') is a connection to
MIAX systems that enables Market Makers to submit simple and complex
electronic quotes to MIAX. See Fee Schedule, Section 5)d)ii), note
26.
\60\ See MIAX MEI Interface Specification, Version 2.10a
(revision date 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> (providing full description of
messages supported by the MEI Interface).
\61\ See MIAX Options Exchange User Manual, Version 1.0.0,
Section 5.01 (revision date December 12, 2023), available at <a href="https://www.miaxglobal.com/miax_options_user_manual.pdf">https://www.miaxglobal.com/miax_options_user_manual.pdf</a>.
\62\ See MIAX MEI Interface Specification, Version 2.10a
(revision date 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> (providing full description of
messages supported by the MEI Interface).
\63\ See Nasdaq Options 3: Options Trading Rules, Section
7(e)(1)(D).
\64\ See Nasdaq Options 3: Options Trading Rules, Section
7(e)(1)(D).
---------------------------------------------------------------------------
Nasdaq charges a monthly fee of $750 per QUO Port, per account
number, while the Exchange provides the first four LSPs for free and
proposes to charge $350 per additional LSP for each matching engine per
month thereafter. Despite having lower market share than the Exchange,
Nasdaq charges higher QUO Port fees than the fees proposed by the
Exchange herein for LSPs.
Nasdaq MRX. Nasdaq, with a market share of approximately 3.36%,
lower than the Exchange's market share, charges higher Ouch to Trade
Options (``OTTO'') Port fees than the Limited Service MEI Port fees
proposed by the Exchange. The Exchange acknowledges differences between
the functionality of its LSPs and that of Nasdaq MRX's OTTO Ports;
however, the Exchange believes that the fee comparison between LSPs and
OTTO Ports is relevant as both ports provide a limited subset of
functionality as provided by other ports offered by both the Exchange
and Nasdaq MRX. Nasdaq MRX's OTTO Ports allow Nasdaq MRX members to
connect, send, and receive messages related to orders, auction orders,
and auction responses to Nasdaq MRX.\65\ Messages sent over OTTO Ports
include the following: (1) options symbol directory messages (e.g.,
underlying and complex instruments); (2) system event messages (e.g.,
start of trading hours messages and start of opening); (3) trading
action messages (e.g., halts and resumes); (4) execution messages; (5)
order messages; (6) risk protection triggers and cancel notifications;
(7) auction notifications; (8) auction responses; and (9) post trade
allocation messages.\66\
---------------------------------------------------------------------------
\65\ See Nasdaq MRX, Options 3: Options Trading Rules,
Supplementary Material to Options 3, Section 7, .03(b).
\66\ See Nasdaq MRX, Options 3: Options Trading Rules,
Supplementary Material to Options 3, Section 7, .03(b).
---------------------------------------------------------------------------
Nasdaq MRX charges a monthly fee of $650 per OTTO Port, per account
number (with fees for all OTTO Ports, CTI Ports, FIX Ports, FIX Drop
Ports and disaster recovery ports subject to a monthly cap of $7,500),
while the Exchange provides the first four LSPs for free and proposes
to charge $350 per additional LSP for each matching engine per month
thereafter. Despite having lower market share to the Exchange, Nasdaq
MRX charges higher OTTO Port fees than the fees proposed by the
Exchange herein for LSPs.
Purge Port Fees
The proposed Purge Port fees are comparable to, or lower than, the
similar port fees charged by Nasdaq MRX, Cboe C2 and Nasdaq, as
summarized in the table below.
----------------------------------------------------------------------------------------------------------------
Market share
Exchange (%) Type of product/service Monthly fee
----------------------------------------------------------------------------------------------------------------
MIAX.................................... 7.89 Purge Ports............... $400 per matching engine.
Nasdaq MRX \a\.......................... 3.36 First 5 SQF Purge Ports... $1,620 per port.
Next 15 SQF Purge Ports... $1,080 per port.
All SQF Purge Ports over $540 per port.
20.
Cboe C2 \b\............................. 2.93 Purge Ports............... $850 per port.
Nasdaq \c\.............................. 3.62 First 5 SQF Purge Ports... $1,620 per port.
Next 15 SQF Purge Ports... $1,080 per port.
All SQF Purge Ports over $540 per port.
20.
----------------------------------------------------------------------------------------------------------------
\a\ See Securities Exchange Act Release No. 104005 (September 18, 2025), 90 FR 45855 (September 23, 2025) (SR-
MRX-2025-20) (new fees effective January 1, 2026).
\b\ See Cboe C2 Fee Schedule, Logical Connectivity Fees section, available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/ctwo/">https://www.cboe.com/us/options/membership/fee_schedule/ctwo/</a>.
\c\ See Nasdaq 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>.
Nasdaq MRX. Nasdaq MRX, with a market share of approximately 3.36%,
lower than the Exchange's market share, charges higher Specialized
Quote Feed (``SQF'') Purge Port fees than the Purge Port fees proposed
by the Exchange.
[[Page 2203]]
Nasdaq MRX's SQF Purge Ports are analogous to the Exchange's Purge
Ports. In general, Purge Ports provide Market Makers with the ability
to send quote purge messages to the Exchange, but are not capable of
sending or receiving any other type of messages or information.\67\
Nasdaq MRX's SQF Purge Ports allow Nasdaq MRX market makers to send
purge requests to the Nasdaq MRX trading system.\68\
---------------------------------------------------------------------------
\67\ See Fee Schedule, Section 5)d)ii), note 30.
\68\ See Nasdaq MRX Options 3: Trading Rules, Supplementary
Material to Options 3, Section 7, .03(c).
---------------------------------------------------------------------------
Despite having lower market share than the Exchange, Nasdaq MRX
charges higher SQF Purge Port fees than the Purge Port fees proposed by
the Exchange herein. Nasdaq MRX will charge (beginning January 1, 2026)
SQF Purge Port fees as follows: (a) $1,620 per SQF Purge Port per month
for the first 5 ports; (b) $1,080 per SQF Purge Port per month for the
next 15 ports; and (c) $540 per SQF Purge Port for all ports over 20
ports. The Exchange proposes to charge $400 per Purge Port per matching
engine per month. The Exchange chose to charge Purge ports on a per
matching engine basis instead of a per port basis due to its System
architecture, which provides two (2) Purge Ports per matching engine
for redundancy purposes. Market Makers are able to select the matching
engines that they want to connect to based on the business needs of
each Market Maker and pay the applicable fee based on the number of
matching engines and pair of ports utilized.\69\ This architecture
provides Market Makers with flexibility to control their Purge Port
costs based on the number of matching engines each Marker Maker elects
to connect to based on each Market Maker's business needs. Further, the
Exchange's monthly Purge Port fee provides access to the Exchange's
primary, secondary, and disaster recovery data centers for the single
monthly fee. Nasdaq MRX, on the other hand, assesses an additional fee
$50 per SQF Purge Port per month, per account number, to access its
disaster recovery facility (albeit, Nasdaq MRX currently waives the fee
for one SQF Purge Port to the disaster recovery facility per market
maker per month).
---------------------------------------------------------------------------
\69\ The Exchange notes that each matching engine corresponds to
a specified group of symbols. Certain Market Makers choose to only
quote in certain symbols while other Market Makers choose to quote
the entire market.
---------------------------------------------------------------------------
Cboe C2. Cboe C2, with a market share of approximately 2.93%, lower
than the Exchange's market share, charges higher Purge Port fees than
the Purge Port fees proposed by the Exchange. Cboe C2's Purge Ports are
analogous to the Exchange's Purge Ports. In general, Cboe C2's Purge
Ports allow its members the ability to cancel a subset (or all) of open
orders across the executing firm's ID, underlying symbol(s), or custom
group ID, across multiple logical ports/sessions.\70\ Cboe C2 charges
$850 per Purge Port per month, while the Exchange proposes to charge
$400 per pair of Purge Ports per matching engine per month. Despite
having lower market share than the Exchange, Cboe C2 charges higher
Purge Port fees than the Purge Port fees proposed by the Exchange
herein.
---------------------------------------------------------------------------
\70\ See Cboe Purge Ports, Frequently Asked Questions, U.S.
Options, Version 1.3, available at <a href="https://cdn.cboe.com/resources/features/Cboe_USO_PurgePortsFAQs.pdf">https://cdn.cboe.com/resources/features/Cboe_USO_PurgePortsFAQs.pdf</a> (last visited November 5,
2025).
---------------------------------------------------------------------------
Nasdaq. Nasdaq, with a market share of approximately 3.62%, lower
than the Exchange's market share, charges higher SQF Purge Port fees
than the Purge Port fees proposed by the Exchange. Nasdaq's SQF Purge
Ports are analogous to the Exchange's Purge Ports, which allow Nasdaq
market makers to send purge requests to the Nasdaq trading system.\71\
---------------------------------------------------------------------------
\71\ See Nasdaq Options 3: Trading Rules, Section 7(e)(1)(B).
---------------------------------------------------------------------------
Despite having lower market share than the Exchange, Nasdaq charges
higher Purge Port fees than proposed by the Exchange herein. Nasdaq
charges tiered SQF Purge Port fees as follows: (a) $1,620 per SQF Purge
Port per month for the first 5 ports; (b) $1,080 per SQF Purge Port per
month for the next 15 ports; and (c) $540 per SQF Purge Port for all
ports over 20 ports. The Exchange proposes to charge a flat $400 per
pair of Purge Ports per matching engine per month.
FXD Port Fees
The proposed FXD Port fees are comparable to the similar port fees
charged by Cboe C2 and Nasdaq BX, as summarized in the table below.
----------------------------------------------------------------------------------------------------------------
Market share Monthly fee (per
Exchange (%) Type of product/service port)
----------------------------------------------------------------------------------------------------------------
MIAX........................................ 7.89 FXD Ports..................... $675
Cboe C2 \a\................................. 2.93 Drop Logical Ports............ 650
Nasdaq \b\.................................. 3.62 FIX Drop Ports................ 650
----------------------------------------------------------------------------------------------------------------
\a\ See Cboe C2 Fee Schedule, Logical Connectivity Fees section, available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/ctwo/">https://www.cboe.com/us/options/membership/fee_schedule/ctwo/</a>.
\b\ See Nasdaq 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>.
Cboe C2. Cboe C2, with a market share of approximately 2.93%, lower
than the Exchange's market share, charges comparable logical Drop Port
fees as the FXD Port fees proposed by the Exchange. Cboe C2's Drop
Logical Ports are analogous to the Exchange's FXD Ports. In general,
FXD Ports allow the Exchange's market participants to connect their
systems with a messaging interface that provides a copy of real-time
trade execution, trade correction and trade cancellation
information.\72\ Cboe C2's Drop Logical Ports allow its members to
receive real-time information about order flow, including execution
information (i.e., filled or partially filled) and cancellation
information.\73\ Like the Exchange's FXD Ports, Cboe C2's Drop Logical
Ports do not allow the user to submit orders to the exchange.
---------------------------------------------------------------------------
\72\ See Fee Schedule, Section 5)d)iv).
\73\ See Cboe Titanium U.S. Options FIX Specification, Version
2.7.97, FIX Drop section (dated October 20, 2025), available at
<a href="https://cdn.cboe.com/resources/membership/US_Options_FIX_Specification.pdf">https://cdn.cboe.com/resources/membership/US_Options_FIX_Specification.pdf</a>.
---------------------------------------------------------------------------
Cboe C2 charges $650 per Drop Logical Port per month, while the
Exchange proposes to charge $675 per FXD Port per month. Despite having
lower market share than the Exchange, Cboe C2 charges comparable Drop
Logical Port fees as the FXD Port fees proposed by the Exchange herein.
Nasdaq. Nasdaq, with a market share of approximately 3.62%, lower
than the Exchange's market share, charges comparable FIX Drop Port fees
as the FXD Port fees proposed by the Exchange. Nasdaq's FIX Drop Ports
are analogous to the Exchange's FXD Ports in that they provide a real-
time order and execution update message that is sent to a Nasdaq
participant after an order has been received or modified or an
execution has occurred and contains
[[Page 2204]]
trade details specific to that participant.\74\ The information
provided through the Nasdaq FIX Drop Port includes, among other things,
the following: (i) executions; (ii) cancellations; (iii) modifications
to an existing order and (iv) busts or post-trade corrections.\75\
---------------------------------------------------------------------------
\74\ See Nasdaq Options 3: Trading Rules, Section 23(b)(3).
\75\ Id.
---------------------------------------------------------------------------
Nasdaq charges $650 per FIX Drop Port per month, while the Exchange
proposes to charge $675 per FXD Port per month. Despite having lower
market share than the Exchange, Nasdaq charges comparable FIX Drop Port
fees as the FXD Port fees proposed by the Exchange herein.
Full Service MEI Port Fees
The proposed Full Service MEI Port fees are comparable to the
similar port fees charged by Cboe C2, as summarized in the table below.
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Exchange Market Type of product/ Monthly fee
share service.
(%)
----------------------------------------------------------------------------------------------------------------
MIAX............... 7.89 Market Maker Full $6,500 Up to 5 Classes............ Up to 10% of Classes
Service MEI Port. by volume (as a %
of national ADV).
13,500 Up to 10 Classes........... Up to 20% of Classes
by volume (as a %
of national ADV).
19,000 Up to 40 Classes........... Up to 35% of Classes
by volume (as a %
of national ADV).
23,500 Up to 100 Classes.......... Up to 50% of Classes
by volume (as a %
of national ADV).
27,500 Over 100 Classes........... Over 50% of Classes
by volume up to all
Classes on MIAX (as
a % of national
ADV).
----------------------------------------------------------------------------------------------------------------
Cboe C2 \a\........ 2.93 Bulk BOE Ports....... $1,500 per port for ports 1 though 5.
$2,500 per port for ports 6 or more.
----------------------------------------------------------------------------------------------------------------
\a\ See Cboe C2 Fee Schedule, Logical Connectivity Fees section, available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/ctwo/">https://www.cboe.com/us/options/membership/fee_schedule/ctwo/</a>.
Cboe C2. Cboe C2, with a market share of approximately 2.93%, lower
than the Exchange's market share, charges similar, or higher, bulk
order port fees than the Full Service MEI Port fees proposed by the
Exchange. Cboe C2's Bulk BOE Ports are analogous to the Exchange's Full
Service MEI Ports. In general, Full Service MEI Ports provide Market
Makers with the ability to send simple and complex quotes, eQuotes, and
quote purge messages to the MIAX System.\76\ Full Service MEI Ports are
also capable of receiving administrative information.\77\ Full Service
MEI Ports entitle a Market Maker to two such ports for each matching
engine for a single monthly port fee.\78\ The Exchange has twenty-four
total matching engines; therefore, for one monthly fee, each Market
Maker is provided forty-eight total Full Service MEI Ports (i.e., two
per matching engine multiplied by twenty-four matching engines). Cboe
C2's Bulk BOE Ports provide users with the ability to submit single and
bulk order messages to enter, modify, or cancel orders and are intended
for use by market makers quoting large numbers of simple options
series.\79\ Each Bulk BOE Port has access to all of Cboe C2's matching
units, which, according to Cboe, typically ranges from 31-35 matching
units per Cboe-affiliated exchange.\80\
---------------------------------------------------------------------------
\76\ See Fee Schedule, Section 5)d)ii), note 27.
\77\ See Fee Schedule, Section 5)d)ii), note 27. See also MIAX
Options Exchange User Manual, Version 1.0.0, Section 5.01 (revision
date December 12, 2023), available at <a href="https://www.miaxglobal.com/miax_options_user_manual.pdf">https://www.miaxglobal.com/miax_options_user_manual.pdf</a>.
\78\ See Fee Schedule, Section 5)d)ii), note 27.
\79\ See Securities Exchange Act Release No. 83201 (May 9,
2018), 83 FR 22546 (May 15, 2018) (SR-C2-2018-006) and Cboe Titanium
U.S. Options Binary Order Entry Version 3 Specification, Version
1.10, page 45 (October 31, 2025), available at <a href="https://cdn.cboe.com/resources/membership/US_Options_BOE3_Specification.pdf">https://cdn.cboe.com/resources/membership/US_Options_BOE3_Specification.pdf</a>.
\80\ See Cboe Titanium U.S. Options Binary Order Entry Version 3
Specification, Version 1.10, page 224 (October 31, 2025), available
at <a href="https://cdn.cboe.com/resources/membership/US_Options_BOE3_Specification.pdf">https://cdn.cboe.com/resources/membership/US_Options_BOE3_Specification.pdf</a>.
---------------------------------------------------------------------------
Despite Cboe C2 having lower market share, the Exchange believes
that Cboe C2 charges higher bulk port fees than proposed by the
Exchange herein. Cboe C2 charges $1,500 per port for the first five
Bulk BOE Ports, and $2,500 per port for each Bulk BOE Port utilized in
excess of five ports. The Exchange proposes to charge between $6,500
and $27,500 per month for Full Service MEI Ports for Market Makers,
depending on the number of classes assigned or percentage of national
ADV. The Exchange's proposed Full Service MEI Port fees for Market
Makers provide two such ports for each of the Exchange's twenty-four
matching engines, for a total of forty-eight total ports for the
monthly fee (between $6,500 and $27,500). For a Cboe C2 member to
utilize a Bulk BOE Port on each matching unit, that member would have
to purchase between 31 and 35 such ports. As such, the approximated
fees for doing so would be between $72,500 (($1,500 per port multiplied
by the first five Bulk BOE Ports) + ($2,500 per port multiplied by the
next twenty-six Bulk BOE Ports)) and $82,500 (($1,500 per port
multiplied by the first five Bulk BOE Ports) + ($2,500 per port
multiplied by the next thirty Bulk BOE Ports)).
* * * * *
Each of the above examples of other exchanges' non-transaction fees
support the proposition that the Exchange's proposed fees are
comparable to those of other exchanges with lower or comparable market
share and are, therefore, reasonable.
The Proposed Fees Are Equitably Allocated and Not Unfairly
Discriminatory
Overall. The Exchange believes that its proposed fees are
reasonable, equitable, and not unfairly discriminatory because, in sum,
they are designed to align fees with services provided by amending them
to levels that are comparable to similar fees for services assessed by
other equity options exchanges with similar market share. The Exchange
believes that the proposed fees are allocated fairly and equitably
among Members and non-Members because they apply to all Members and
non-Members equally, and any differences among categories of fees are
not unfairly discriminatory and are justified and appropriate.
The Exchange believes that the proposed fees are equitably
allocated because they will apply uniformly to all Members and non-
Members that choose to purchase a particular service based on their
business need. Any Member or non-Member that chooses to purchase a
particular product or service is subject to the same Fee Schedule,
regardless of what type of business they operate, and the decision to
purchase a particular product or service is based on objective
differences in usage of the particular product or service among
different Members and non-Member, which are still ultimately in the
control of any particular Member or non-Member. The Exchange believes
the proposed pricing
[[Page 2205]]
is equitably allocated because of the service's or product's utility
and value to market participants as compared to other like exchanges'
products and services.
The Exchange further believes that the proposed fees are
reasonable, fair and equitable, and non-discriminatory because they
will apply to all Members in the same manner and are not targeted at a
specific type or category of market participant engaged in any
particular trading strategy.
EEM Trading Permit Fees. The Exchange believes the proposed Trading
Permit fee for EEMs is equitably allocated and not unfairly
discriminatory because the proposed fee would apply to each EEM in a
uniform manner without regard to membership status or the extent of any
other business with the Exchange or affiliated entities (i.e., order
flow provider, clearing services, etc.).
Market Maker Trading Permit Fees. The Exchange believes the
proposed Trading Permit fees for Market Makers are equitable as the
fees apply equally to all Market Makers based upon the number of class
registrations or percentage of executed national ADV each month. The
Exchange believes that assessing lower fees to Market Makers that quote
in fewer classes is equitable because it will allow the Exchange to
retain and attract smaller-scale Market Makers, which are an integral
component of the options industry marketplace. Since these smaller
Market Makers typically utilize less bandwidth and capacity on the
Exchange network due to the lower number of quoted classes, the
Exchange believes it is equitable to offer Market Makers Trading Permit
fee tiers with lower rates based on a lower number of classes assigned
or a lower percentage of executed national ADV. In addition, smaller
Market Makers who want to quote greater number of classes or a higher
percentage of executed national ADV, but have lower volume thresholds,
the Exchange believes it is equitable to offer such Market Makers a
lower fee, designated in footnote ``*'' following the Market Maker
Trading Permit fee table.
The Exchange believes it is equitable and not unfairly
discriminatory to charge higher Trading Permit fees to Market Makers
that quote a higher number of classes or execute higher percentages of
volume on the Exchange because the System requires increased
performance and capacity in order to provide the opportunity for Market
Makers to quote in a higher number of options classes on the Exchange.
Specifically, more classes that are actively quoted on the Exchange by
a Market Maker will require increased memory for record retention,
increased bandwidth for optimized performance, increased
functionalities on each application layer, and increased optimization
with regard to surveillance and monitoring of such classes quoted. As
such, basing the higher Market Maker Trading Permit fees on the greater
number of classes quoted in on any given day in a calendar month is
equitable and not unfairly discriminatory when considering how the
increased number of quoted classes directly impacts the resources
required for the Exchange to operate for all market participants.
Network Connectivity Fees. The Exchange believes that the proposed
fees for network connectivity to the primary/secondary facility and
disaster recovery facility for Members and non-Members are equitably
allocated because they would apply equally to all market participants
that choose to purchase such connectivity products and services from
the Exchange. Any participant that chooses to purchase the Exchange's
connectivity products and services would be subject to the same fees,
regardless of what type of business they operate or the use they plan
to make of the products and services. Additionally, the fee increases
would be applied uniformly to market participants without regard to
Exchange membership status or the extent of any other business with the
Exchange or affiliated entities.
The Exchange believes that the proposed fees are equitably
allocated among anticipated users of the network connectivity as the
Exchange expects that users of 10Gb ULL connections will consume
substantially more bandwidth and network resources than users of 1Gb
connections. It is the experience of the Exchange and its affiliated
exchanges that this is the case as 10Gb ULL connection users have
historically accounted for more than 99% of message traffic over the
network, which drives increased capacity utilization, while the users
of the 1Gb connections account for less than 1% of message traffic over
the network. In the experience of the Exchange and its affiliates,
users of the 1Gb connections do not have the same business needs for
the high-performance network as 10Gb ULL users.
The Exchange's high-performance network and supporting
infrastructure (including employee support), provides unparalleled
system throughput. To achieve a consistent, premium network
performance, the Exchange built out and must now maintain a network
that has the capacity to handle the message rate requirements of its
most heavy network consumers. These billions of messages per day
consume the Exchange's resources and significantly contribute to the
overall increase in storage and network transport capabilities. The
Exchange must analyze its storage capacity on an ongoing basis to
ensure it has sufficient capacity to store these messages to satisfy
its record keeping requirements under the Exchange Act.\81\ Given this
difference in network utilization rate, the Exchange believes that it
is equitable and not unfairly discriminatory that the 10Gb ULL users
continue to pay higher network connectivity fees.
---------------------------------------------------------------------------
\81\ 17 CFR 240.17a-1 (recordkeeping rule for national
securities exchanges, national securities associations, registered
clearing agencies and the Municipal Securities Rulemaking Board).
---------------------------------------------------------------------------
FIX and FXD Port Fees. The Exchange believes that the proposed FIX
and FXD Port fees are equitable and non-discriminatory because they
will apply to all Members in the same manner and are not targeted at a
specific type or category of market participant engaged in any
particular trading strategy. The proposed fees for each type of port
(FIX or FXD) does not depend on any distinctions between Members,
customers, broker-dealers, or any other entity. The proposed fee will
be assessed solely based on the number of FIX or FXD Ports an entity
selects and not on any other distinction applied by the Exchange. The
Exchange believes offering a tiered fee structure where the fee for FIX
Ports decreases with the number utilized is equitable and not unfairly
discriminatory because FIX Ports are used for order entry compared to
FXD Ports, which are used to provide messages concerning real-time
trade execution, trade correction and trade cancellation information
and, in the Exchange's experience, Members tend to utilize fewer such
ports overall. Further, the Exchange believes the proposed fees for FIX
and FXD Ports are reasonable because for one monthly fee for each port,
Members are able to access all matching engines.
Purge Port Fees. The Exchange believes that the proposed Purge Port
fees are equitable because Purge Ports are completely voluntary as they
relate solely to optional risk management functionality. Purge Ports
enhance Market Makers' ability to manage quotes, which, in turn,
improves their risk controls to the benefit of all market participants.
The Exchange also believes that the proposed Purge Port fees are not
unfairly discriminatory because they will apply uniformly to all Market
[[Page 2206]]
Makers that choose to use the optional Purge Ports. Purge Ports are
completely voluntary and, as they relate solely to optional risk
management functionality, no Market Maker is required or under any
regulatory obligation to utilize them. All Market Makers that
voluntarily select this service option will be charged the same amount
for the same services based upon the number of matching engines. The
Exchange also believes that offering Purge Ports at the matching engine
level promotes risk management across the industry, and thereby
facilitates investor protection. Some market participants, in
particular the larger firms, could and do build similar risk
functionality in their trading systems that permit the flexible
cancellation of quotes entered on the Exchange at a high rate. Offering
matching engine level protections ensures that such functionality is
widely available to all firms, including smaller firms that may
otherwise not be willing to incur the costs and development work
necessary to support their own customized mass cancel functionality. As
such, the Exchange believes the proposed fees are equitable and not
unfairly discriminatory.
Limited Service MEI Port Fees. The Exchange believes the proposed
fee for Limited Service MEI Ports is not unfairly discriminatory
because it would apply to all Market Makers equally. All Market Makers
remain eligible to receive four free Limited Service MEI Ports per
matching engine and those that elect to purchase more would be subject
to the same monthly rate depending upon the number they choose to
utilize. In the Exchange's experience, certain market participants
choose to purchase additional Limited Service MEI Ports based on their
own particular trading/quoting strategies and feel they need a certain
number of ports to execute on those strategies. Other market
participants may continue to choose to only utilize the free Limited
Service MEI Ports to accommodate their own trading or quoting
strategies, or other business models. All market participants elect to
receive or purchase the amount of Limited Service MEI Ports they
require based on their own business decisions and all market
participants would be subject to the same fee structure. Every market
participant may receive up to four free Limited Service MEI Ports and
those that choose to purchase additional Limited Service MEI Ports may
elect to do so based on their own business decisions and would continue
to be subject to the same monthly fees.
The Exchange believes that the proposed fee for Limited Service MEI
Ports is reasonable, equitable, and not unfairly discriminatory because
it is designed to align fees with services provided, will apply equally
to all Members that are assigned Limited Service MEI Ports, and
minimizes barriers to entry by providing all Members with four free
Limited Service MEI Ports. As a result, there are several Members that
are not subject to any additional LSP fees. In contrast, other
exchanges generally charge in excess of $350 per port (the fee the
Exchange proposes to charge for Limited Service MEI Ports) without
providing any initial ports for free.\82\
---------------------------------------------------------------------------
\82\ See Nasdaq, Options 7: Pricing Schedule, Section 3(i)(4),
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> (providing zero free ports and charging $750
per QUO Port, which is analogous to the Exchange's Limited Service
MEI Ports) and Nasdaq MRX, Options 7: Pricing Schedule, Section
6(i)(4), available at <a href="https://listingcenter.nasdaq.com/rulebook/mrx/rules/MRX%20Options%207">https://listingcenter.nasdaq.com/rulebook/mrx/rules/MRX%20Options%207</a> (providing zero free ports and charging $650
per OTTO Port, which is analogous to the Exchange's Limited Service
MEI Ports).
---------------------------------------------------------------------------
The Exchange believes that the proposed Limited Service MEI Port
fee structure is equitable and not unfairly discriminatory because it
will continue to enable Members to access the Exchange with four free
ports before the proposed fees for additional Limited Service MEI Ports
apply, thereby continuing to encourage order flow and liquidity from a
diverse set of market participants, facilitating price discovery and
the interaction of orders. The Exchange notes that a substantial
majority of Members only utilize the four Limited Service MEI Ports
provided for no fee. The proposed fees are designed to encourage
Members to be efficient with their Limited Service MEI Port usage.
There is no requirement that any Member maintain a specific number of
Limited Service MEI Ports and a Member may choose to maintain as many
or as few of such ports as each Member deems appropriate.
Full Service MEI Port Fees. The proposed fees for Full Service MEI
Ports are not unfairly discriminatory because they would apply to all
Market Makers equally. The Exchange's pricing structure for Full
Service MEI Ports is similar to the pricing structure used by the
Exchange's affiliates, MIAX Pearl, MIAX Emerald, and MIAX Sapphire, for
their Full Service MEI/MEO Port fees.\83\ In the Exchange's experience,
Members that are frequently in the highest tier for Full Service MEI
Ports consume the most bandwidth and resources of the network.
---------------------------------------------------------------------------
\83\ See MIAX Pearl Fee Schedule, Section 5)d); MIAX Emerald Fee
Schedule, Section 5)d)ii); and MIAX Sapphire Fee Schedule, Section
5)d)ii).
---------------------------------------------------------------------------
To achieve a consistent, premium network performance, the Exchange
must build out and maintain a network that has the capacity to handle
the message rate requirements of its most heavy network consumers
during anticipated peak market conditions. The need to support billions
of messages per day consumes the Exchange's resources and significantly
contributes to the overall need to increase network storage and
transport capabilities. Thus, as the number of ports a Market Maker has
increases, the related pull on Exchange resources may continue to
increase.
The Exchange further believes that the proposed fees are
reasonable, equitably allocated and not unfairly discriminatory
because, for the flat fee in each tier, the Exchange provides each
Member two Full Service MEI Ports for each matching engine to which
that Member is connected. Unlike other options exchanges that provide
similar port functionality and charge fees on a per port basis,\84\ the
Exchange offers Full Service MEI Ports as a package and provides Market
Makers with the option to receive up to two Full Service MEI Ports per
matching engine to which it connects. The Exchange currently has
twenty-four matching engines, which means Market Makers may receive up
to forty-eight Full Service MEI Ports for a single monthly fee, which
can vary based on certain volume percentages or classes the Market
Maker is registered in. Assuming a Market Maker connects to all twenty-
four matching engines during the month, and achieves the highest tier
for that month, with two Full Service MEI Ports per matching engine,
this would result in a cost of approximately $573 per Full Service MEI
Port ($27,500 divided by 48, and rounded up to the nearest dollar).
---------------------------------------------------------------------------
\84\ See NASDAQ Pricing Schedule, Options 7, Section 3, Ports
and Other Services and NASDAQ Rules, General 8: Connectivity,
Section 1. Co-Location Services (similar to the MIAX Pearl Options'
MEO Ports, SQF ports are primarily utilized by Market Makers); ISE
Pricing Schedule, Options 7, Section 7, Connectivity Fees and ISE
Rules, General 8: Connectivity; NYSE American Options Fee Schedule,
Section V.A. Port Fees and Section V.B. Co-Location Fees; GEMX
Pricing Schedule, Options 7, Section 6, Connectivity Fees and GEMX
Rules, General 8: Connectivity.
---------------------------------------------------------------------------
The Exchange believes the proposed reduced Full Service MEI Port
fee for Market Makers that fall within the 3rd, 4th, and 5th levels of
the Full Service MEI Port fee table and certain volume thresholds are
met is not unfairly discriminatory because this lower monthly fee is
designed to provide a lower fixed cost to those Market Makers who are
willing to quote the entire
[[Page 2207]]
Exchange market (or substantial amount of the Exchange market), as
objectively measured by either number of classes assigned or national
ADV, but who do not otherwise execute a significant amount of volume on
the Exchange. The Exchange believes that, by continuing to offer a
lower fixed cost to Market Makers that execute less volume, the
Exchange will continue to retain and attract smaller-scale Market
Makers, which are an integral component of the option industry
marketplace, but have been decreasing in number in recent years, due to
industry consolidation and lower market maker profitability. The
Exchange believes it is beneficial to incentivize these additional
Market Makers to register to make markets on the Exchange to increase
liquidity as the Exchange begins operations. Increased liquidity from a
diverse set of market participants helps facilitate price discovery and
the interaction of orders, which benefits all market participants of
the Exchange. Since these smaller-scale Market Makers may utilize less
Exchange capacity due to lower overall volume executed, the Exchange
believes it is reasonable, equitably allocated and not unfairly
discriminatory to offer such Market Makers a lower fixed cost. The
Exchange notes that its affiliated markets, MIAX Pearl, MIAX Emerald,
and MIAX Sapphire, offer a similar reduced fee for their Full Service
MEO/MEI Ports for smaller-scale Market Makers.\85\
---------------------------------------------------------------------------
\85\ See MIAX Pearl Fee Schedule, Section 5)d), note ``**'';
MIAX Emerald Fee Schedule, Section 5)d)ii), note ``[squf]''; and
MIAX Sapphire Fee Schedule, Section 5)d), note ``b''.
---------------------------------------------------------------------------
* * * * *
For all of the foregoing reasons, the Exchange believes that the
proposed fees are equitably allocated and not unfairly discriminatory.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\86\ the Exchange
does not believe that the proposed rule change would impose any burden
on competition that is not necessary or appropriate in furtherance of
the purposes of the Act.
---------------------------------------------------------------------------
\86\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
Intra-Market Competition
EEM Trading Permit Fees
The Exchange believes the proposed Trading Permit fee for EEMs does
not impose any burden on intra-market competition that is not necessary
or appropriate in furtherance of the purposes of the Act because the
proposed fee does not favor certain categories of market participants
in a manner that would impose a burden on competition. The proposed fee
is the same for all EEMs of different sizes and business models without
regard to membership status or the extent of any other business with
the Exchange or affiliated entities.
Market Maker Trading Permit Fees
The Exchange believes that the proposed Trading Permit fees for
Market Makers do not place certain market participants at a relative
disadvantage to other market participants because the proposed fees do
not favor certain categories of market participants in a manner that
would impose a burden on competition; rather, the fee rates are
designed in order to provide objective criteria for Market Makers of
different sizes and business models that best matches their order and
quoting activity on the Exchange. Further, the Exchange believes that
the proposed Market Maker Trading Permit fees will not impose a burden
on intra-market competition because, when these fees are viewed in the
context of the overall activity on the Exchange, Market Makers: (1)
consume the most bandwidth and resources of the network; (2) transact
the vast majority of the volume on the Exchange; and (3) require the
high touch network support services provided by the Exchange and its
staff, including more costly network monitoring, reporting and support
services, resulting in a much higher cost to the Exchange. The Exchange
notes that the majority of customer demand comes from Market Makers,
whose transactions make up a majority of the volume on the Exchange.
Further, other member types, i.e., EEMs, take up significantly less
Exchange resources and costs. As such, the Exchange does not believe
charging Market Makers higher Trading Permit fees than other member
types will impose a burden on intra-market competition.
The Exchange believes that the increasing fees under the tiered
Market Maker Trading Permit fee structure do not impose a burden on
intra-market competition because the tiered structure continues to take
into account the number of classes quoted by each individual Market
Maker or percentage of total national ADV. The Exchange's system
requires increased performance and capacity in order to provide the
opportunity for each Market Maker to quote in a higher number of
options classes on the Exchange. Specifically, the more classes that
are actively quoted on the Exchange by a Market Maker requires
increased memory for record retention, increased bandwidth for
optimized performance, increased functionalities on each application
layer, and increased optimization with regard to surveillance and
monitoring of such classes quoted. As such, basing the Market Maker
Trading Permit fee on the greatest number of classes quoted in on any
given day in a calendar month, or percentage of total national ADV,
does not impose any burden on intra-market competition that is not
necessary or appropriate in furtherance of the purposes of the Act when
taking into account how the increased number of quoted classes directly
impact the costs and resources for the Exchange.
Network Connectivity Fees
The Exchange believes that the proposed network connectivity fees
for Members and non-Members do not place certain market participants at
a relative disadvantage to other market participants or affect the
ability of such market participants to compete. The proposed fees will
apply uniformly to all market participants regardless of the number of
1Gb or 10Gb ULL connections they choose to purchase to the primary/
secondary facility or the disaster recovery facility. The proposed fees
do not favor certain categories of market participants in a manner that
would impose an undue burden on competition.
The Exchange does not believe that the proposed fees for
connectivity services place certain market participants at a relative
disadvantage to other market participants because the proposed
connectivity pricing is associated with relative usage of the Exchange
by each market participant and does not impose a barrier to entry to
smaller participants. The Exchange believes its proposed pricing is
reasonable and, when coupled with the availability of third-party
providers that also offer connectivity solutions, participation on the
Exchange is competitive for all market participants, including smaller
trading firms. The connectivity services purchased by market
participants typically increase based on their additional message
traffic and/or the complexity of their operations. The market
participants that utilize more connectivity services typically utilize
the most bandwidth, and those are the participants that consume the
most resources from the network. Accordingly, the proposed fees for
connectivity services do not favor certain categories of market
participants in a manner that would impose a burden on competition;
rather, the allocation of the proposed connectivity fees reflects the
network resources consumed by the various size of market participants
and the costs to the
[[Page 2208]]
Exchange of providing such connectivity services.
FIX and FXD Port Fees
The Exchange believes that the proposed FIX and FXD Port fees do
not place certain market participants at a relative disadvantage to
other market participants because they will apply to all Members in the
same manner and are not targeted at a specific type or category of
market participant engaged in any particular trading strategy. The
proposed fees for each type of port (FIX or FXD) do not depend on any
distinctions between Members, customers, broker-dealers, or any other
entity. The proposed fee will be assessed solely based on the number of
FIX or FXD Ports an entity selects and not on any other distinction
applied by the Exchange.
Purge Port Fees
The Exchange believes that the proposed Purge Port fees do not
place certain market participants at a relative disadvantage to other
market participants because Purge Ports are completely voluntary as
they relate solely to optional risk management functionality. Purge
Ports enhance Members' ability to manage orders, which, in turn,
improves their risk controls to the benefit of all market participants.
Further, the proposed fees apply uniformly to all Members that choose
to use the optional Purge Ports and no Market Maker is required or
under any regulatory obligation to utilize them. All Members that
voluntarily choose to utilize Purge Ports will be charged the same
amount based upon the number of matching engines for each set of Purge
Ports in use.
Limited Service MEI Port Fees
The Exchange does not believe its proposed fee for Limited Service
MEI Ports will place certain market participants at a relative
disadvantage to other market participants. All Market Makers would be
eligible to receive four free Limited Service MEI Ports and those that
elect to purchase more would be subject to the same monthly fee. All
Market Makers purchase the amount of Limited Service MEI Ports they
require based on their own business decisions and similarly situated
firms are subject to the same fee.
Full Service MEI Port Fees
The Exchange does not believe proposed fees for Full Service MEI
Ports will place certain market participants at a relative disadvantage
to other market participants because they would apply to all Market
Makers equally depending on the number of classes the Market Maker is
registered to quote in or the percentage of national ADV. The Exchange
believes the proposed fees will not result in any burden on intra-
market competition that is not necessary or appropriate in furtherance
of the purposes of the Act because, in the Exchange's experience,
Market Makers that are frequently in the highest tier for Full Service
MEI Ports consume the most bandwidth and resources of the network.
The Exchange further believes that the proposed fees do not place
certain market participants at the Exchange at a relative disadvantage
compared to other market participants or affect the ability of such
market participants to compete because, for the flat fee in each tier,
the Exchange provides each Market Maker two Full Service MEI Ports for
each matching engine to which that Market Maker is connected. Further,
the Exchange offers a reduced Full Service MEI Port fee for Market
Makers that fall within the 3rd, 4th and 5th levels of the Full Service
MEI Port fee table, which lower monthly fee is designed to provide a
lower fixed cost to those Market Makers who are willing to quote the
entire Exchange market (or substantial amount of the Exchange market),
as objectively measured by either number of classes assigned or
national ADV, but who do not otherwise execute a significant amount of
volume on the Exchange.
The Exchange believes that, by continuing to offer a lower fixed
cost to Market Makers that execute less volume, the Exchange will
continue to retain and attract smaller-scale Market Makers, which are
an integral component of the option industry marketplace, but have been
decreasing in number in recent years, due to industry consolidation and
lower market maker profitability. Accordingly, the Exchange believes
the reduced fee will promote competition by incentivizing these
additional Market Makers to register to make markets on the Exchange to
increase liquidity.
Inter-Market Competition
The Exchange does not believe that the proposed changes will result
in any burden on inter-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act. In contrast, the
Exchange believes that, without the fee changes proposed herein, the
Exchange is potentially at a competitive disadvantage to certain other
exchanges that have in place comparable or higher fees for similar
services with similar market share, as described above. The Exchange
believes that non-transaction fees can be used to foster more
competitive transaction pricing and additional infrastructure
investment and there are other options markets of which market
participants may connect to trade options that charge higher or
comparable rates as the Exchange for similar services and products.
Accordingly, the Exchange does not believe its proposed fee changes
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\87\ and Rule 19b-4(f)(2) \88\ thereunder.
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.
---------------------------------------------------------------------------
\87\ 15 U.S.C. 78s(b)(3)(A)(ii).
\88\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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#1b696e777e36787476767e756f685b687e78357c746d"><span class="__cf_email__" data-cfemail="b7c5c2dbd29ad4d8dadad2d9c3c4f7c4d2d499d0d8c1">[email protected]</span></a>. Please include
file number SR-MIAX-2025-50 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-MIAX-2025-50. This file
[[Page 2209]]
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 filing 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-MIAX-2025-50 and should be submitted on
or before February 6, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\89\
---------------------------------------------------------------------------
\89\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-00802 Filed 1-15-26; 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 January 16, 2026.
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.