Notice2026-03447
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 531 To Establish the New Purge Liquidity Taker Event Report
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
February 23, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 35 (Monday, February 23, 2026)</title>
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[Federal Register Volume 91, Number 35 (Monday, February 23, 2026)]
[Notices]
[Pages 8554-8558]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-03447]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104858; File No. SR-EMERALD-2026-06]
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Exchange Rule 531 To Establish the New Purge Liquidity Taker Event
Report
February 18, 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 February 5, 2026, MIAX Emerald, LLC (``MIAX Emerald'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Exchange Rule 531 to establish the
new ``Purge Liquidity Taker Report''.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/miax-options/rule-filings">https://www.miaxglobal.com/markets/us-options/miax-options/rule-filings</a>, and at the Exchange'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 proposes to amend Exchange Rule 531, Reports, Market
Data Products and Services, to establish the new ``Purge Liquidity
Taker Report'' (the ``Report''). The proposed Report will be an
optional product \3\ available to Market Makers.\4\ The Exchange
proposes that the rule text for the Report will be under subparagraph
(d) to Exchange Rule 531 and current subparagraphs (d)-(e) will be
renumbered to subparagraphs (e)-(f).\5\
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\3\ The Exchange intends to submit a separate filing with the
Securities and Exchange Commission (``Commission'') pursuant to
Section 19(b)(1) of the Act to propose fees for the Report.
\4\ See Exchange Rule 100.
\5\ The purpose of this change is to provide consistency within
the Rulebook. Currently, subparagraphs (a)-(c) of Exchange Rule 531
provide the rule text for the three Liquidity Taker Event Reports
offered by the Exchange (Simple Orders, Complex Orders, and Resting
Simple Orders), subparagraph (d) provides the rule text for the
Open-Close Report, and subparagraph (e) provides the rule text for
the High Precision Network Time Signal Service. The proposed Report
is similar in nature and provides similar information as the
Exchange's various Liquidity Taker Event Reports; accordingly, the
Exchange believes it provides better consistency throughout the
Rulebook to include the rule text for the proposed Report
immediately following the rule text for the Liquidity Taker Event
Reports.
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Report Content
The proposed Report will be a daily report that provides a Market
Maker (referred to as the ``Recipient Member'') with the liquidity
response/taker time details for executions against quotes \6\ entered
by the Recipient Member that are resting on the Simple Order Book \7\
that occur before and after the receipt of a purge \8\ message sent by
the Recipient Member, where that Recipient Member attempted to cancel
such resting quote within certain timeframes described in proposed
Exchange Rule 531(d)(2), described below. It is important to note that
the content of the Report will be specific to the Recipient Member and
the Report will not include any information related to any Member \9\
other than the Recipient Member, other than certain information about
the resting quote described below. The Exchange will restrict all other
market participants, including the Recipient Member, from receiving
another market participant's data.
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\6\ See Exchange Rule 100.
\7\ See Exchange Rule 518(a)(15).
\8\ Purge messages are sent over purge ports, which support only
quote mass cancel messages. See MIAX Emerald Options Exchange User
Manual, Version 1.0.0, Section 5.01 (dated December 12, 2023),
available at <a href="https://www.miaxglobal.com/miax_emerald_user_manual.pdf">https://www.miaxglobal.com/miax_emerald_user_manual.pdf</a>.
\9\ See Exchange Rule 100.
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Proposed subparagraph (d)(1) of Exchange Rule 531 would describe
the content of the proposed Report and delineate which information
would be provided regarding the resting quote, the purge message that
was sent by the Recipient Member and the next response that
successfully executed against the resting quote.
Resting Quote and Contra-Side Response Information. Proposed
Exchange Rule 531(d)(1)(i) would provide that the following information
would be included in the Report regarding the resting quote and contra-
side response: (A) the time of execution of a contra-side response
against a resting quote; (B) symbol; (C) origin type (e.g., Priority
Customer,\10\ Market Maker); (D) side (buy or sell); (E) displayed
price and size of the resting quote; \11\ (F) resting liquidity
[[Page 8555]]
identification number (a unique reference number assigned to a new
quote at the time of receipt); and (G) trade reference number (unique
reference number assigned to a trade at the time of execution).
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\10\ See Exchange Rule 100.
\11\ The Exchange notes that the displayed price and size are
also disseminated via the Exchange's proprietary data feeds and the
Options Price Reporting Authority (``OPRA''). The Exchange also
notes that the displayed price of the resting order may be different
than the ultimate execution price. This may occur when a resting
order is displayed and ranked at different prices upon entry to
avoid a locked or crossed market.
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Execution Against the Resting Quote Information. Proposed Exchange
Rule 531(d)(1)(ii) would provide that the following information would
be included in the Report regarding the execution of the resting quote:
(A) EBBO \12\ at the time of the execution; \13\ and (B) the ABBO \14\
at the time of execution.\15\
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\12\ The term ``EBBO'' means the best bid or offer on the Simple
Order Book (as defined in the Rules) on the Exchange. See Exchange
Rule 518(a)(10).
\13\ Exchange Rule 531(d)(1)(ii)(A) would further provide that
if multiple contra-side responses execute against a resting quote,
only the EBBO at the time of the execution against the first
response will be included.
\14\ The term ``ABBO'' or ``Away Best Bid or Offer'' means the
best bid(s) or offer(s) disseminated by other Eligible Exchanges
(defined in Exchange Rule 1400(g)) and calculated by the Exchange
based on market information received by the Exchange from OPRA. See
Exchange Rule 100.
\15\ Exchange Rule 531(d)(1)(ii)(B) would further provide that
if multiple contra-side responses execute against a resting quote,
only the ABBO at the time of the execution against the first
response will be included.
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Purge Message(s) Sent by Recipient Member Information. Proposed
Exchange Rule 531(d)(1)(iii) would provide that the following
information would be included in the Report regarding the purge
message(s) sent by the Recipient Member to cancel the resting quote:
(A) Recipient Member identifier; (B) the time a purge message was
received by the Exchange; (C) the time difference between the time the
first response that executes against the resting quote was received by
the Exchange and the time that the purge message that was sent by the
Recipient Member to cancel that resting quote was received by the
Exchange; (D) the time difference between the time the purge message
that was sent by the Recipient Member to cancel the resting quote was
received by the Exchange and the time of the next response that
executes against a resting quote was received by the Exchange, after
the initial purge message; (E) size and type of each response submitted
by the contra-side that executes against the resting quote before and
after the purge message is sent by the Recipient Member; and (F) purge
message identifier (a unique identifier attached to the purge message
sent by the Recipient Member).
Timeframe for Data Included in Report
Proposed Exchange Rule 531(d)(2) would describe the timeframes
covered by the proposed Report. Proposed Exchange Rule 531(d)(2)(i)
would provide that for the purge message sent by the Recipient Member
to cancel the resting quote after the response that executes against
that resting quote is received by the Exchange pursuant to paragraph
(d)(1)(iii)(C) above, the Report will include the data listed in
proposed paragraph (d)(1) of Exchange Rule 531 within 100 microseconds
from the time the resting quote was executed against to the Exchange's
receipt of the purge message.\16\ Proposed Exchange Rule 531(d)(2)(ii)
would provide that for the purge message sent by the Recipient Member
to cancel the resting quote before the next response that executes
against that resting quote was received by the Exchange pursuant to
paragraph (d)(1)(iii)(D) above, the Report will include the data listed
in proposed paragraph (d)(1) of Exchange Rule 531 within 200
microseconds from the time the Exchange received the purge message to
when the Exchange receives the next execution.\17\
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\16\ For example, Market Maker A provides two-sided quotes in a
particular symbol and Member B, at some point thereafter, submits a
marketable order to execute against Market Maker A's resting quotes.
Within 100 microseconds of submission of Member B's order, Market
Maker A sends a purge message to cancel all or a subset of the
quotes. Because Member B's order is processed at the matching engine
by the Exchange before Market Maker A's purge message, Member B's
order executes against Market Maker A's quotes. The proposed Report
would provide Market Maker A the data points necessary for that firm
to calculate by how much time they missed canceling all or a subset
of their quotes for that particular symbol.
\17\ For example, Market Maker A provides two-sided quotes in a
particular symbol and determines to send a purge message to cancel
all or a subset of quotes in that symbol. Within 200 microseconds of
Market Maker A's purge message, Member B sends a marketable order to
execute against Market Maker A's resting quotes. Because Member B's
order (or part of that order) is processed at the matching engine by
the Exchange before Market Maker A's purge message, Member B's order
executes against some (or all) of Market Maker A's quotes. The
proposed Report would provide Market Maker A the data points
necessary for that firm to calculate by how much time they missed
cancelling all or a subset of their quotes for that particular
symbol.
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Scope of Data Included in the Report
Proposed Exchange Rule 531(d)(3) would provide that the proposed
Report will only include trading data related to the Recipient Member
and will not include any other Member's trading data other than that
listed in proposed paragraphs (1)(i) and (ii) of proposed Exchange Rule
531(d), as described above.
Historical Data
Proposed Exchange Rule 531(d)(4) would specify that the proposed
Report will contain historical data from the previous trading day and
will be available after the end of the trading day, generally on a T+1
basis.
Like for the existing reports (i.e., the Liquidity Taker Event
Report--Simple Orders, Liquidity Taker Event Report--Complex Orders,
and Liquidity Taker Event Report--Resting Simple Orders),\18\ the
Exchange believes the additional data points from the matching engine
described above for the proposed Report may also help Market Makers
gain a better understanding about their interactions with the Exchange.
The Exchange believes the proposed Report will provide Market Makers
with an opportunity to improve quote cancel success, particularly as
market conditions change throughout the day and Market Makers seek to
update their quotes accordingly. The proposed Report will increase
transparency and democratize information so that all firms that
subscribe to the Report have access to the same information on an equal
basis, even for firms that do not have the appropriate resources to
generate a similar report regarding interactions with the Exchange.
Like the existing reports, none of the components of the proposed
Report include real-time market data.
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\18\ See Exchange Rules 531(a)-(c).
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Like the existing reports,\19\ the proposed Report will be a
Member-specific report and will help Market Makers to better understand
how to best improve success rates with respect to canceling their
quotes, which may help reduce exposure and manage risk. Like the
existing reports,\20\ the Exchange proposes to provide the Report on a
T+1 basis. The proposed Report will be specific and tailored to the
Member that is subscribed to the Report and any data included in the
Report that relates to a Member other than the Member receiving the
Report will be anonymized.
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\19\ See Exchange Rules 531(a)-(c).
\20\ See Exchange Rules 531(a)-(c).
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The data information contained within the proposed Report is
similar to the data provided in reports that currently are offered by
other exchanges.\21\ The Exchange notes that a
[[Page 8556]]
difference between the proposed Report and the Missed Cancels Report
offered by Cboe BZX and Cboe EDGX is that the proposed Report is
specific to Market Makers attempting to cancel quotes while the Missed
Cancels Report provides response details concerning messages for
individual order cancellations, mass cancels, and purge order
messages.\22\ The Exchange tailored the proposed Report specifically to
response details for Market Makers attempting to cancel quotes because
Market Makers have expressed the most interest in learning about their
interactions with the Exchange when attempting to cancel quotes.
Further, order-entering Members have other means to cancel their orders
before execution without the need to submit a purge message. For
example, Members may use Immediate-or-Cancel (``IOC'') orders to ensure
immediate execution in whole or part upon the Exchange's receipt of
that order with the remainder of the order being cancelled.\23\
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\21\ See, e.g., Cboe BZX Exchange, Inc. (``Cboe BZX'') Rulebook,
Rule 21.15(b)(7)(2) (Missed Cancels Report) (providing the ``. . .
liquidity response time details for executions of orders and quotes
that rest on the book where the Member receiving the report
attempted to cancel a resting order or quote within an Exchange-
determined period of time (not to exceed 1 millisecond) after
receipt of the first attempt to execute against that resting order
or quote and within an Exchange-determined period of time (not to
exceed 100 microseconds) before receipt of the first attempt to
execute against that resting order or quote.'') and Cboe EDGX
Exchange, Inc. (``Cboe EDGX'') Rulebook, Rule 21.15(b)(7)(2) (Missed
Cancels Report); see also Securities Exchange Act Release Nos.
102239 (January 17, 2025), 90 FR 8064 (January 23, 2025) (SR-
CboeBZX-2025-004) and 102240 (January 17, 2025), 90 FR 8067 (January
23, 2025) (SR-CboeEDGX-2025-002).
\22\ See Securities Exchange Act Release Nos. 102239 (January
17, 2025), 90 FR 8064 (January 23, 2025) (SR-CboeBZX-2025-004)
(footnote 8 in the rule filing) and 102240 (January 17, 2025), 90 FR
8067 (January 23, 2025) (SR-CboeEDGX-2025-002) (footnote 9 in the
rule filing).
\23\ See Exchange Rule 516(c). Members may also avail themselves
of several optional order protections offered by the Exchange. See
Risk Protections Guide, Section 2.b., available at <a href="https://www.miaxglobal.com/miax_exchange_group_options_risk_guide.pdf">https://www.miaxglobal.com/miax_exchange_group_options_risk_guide.pdf</a>.
Members can learn additional information about their order
interactions with the Exchange by subscribing to one or more of the
Exchange's Liquidity Taker Event Reports (Simple Orders, Complex
Orders, and/or Resting Simple Orders), which provide liquidity
response time taker details for orders resting on the Exchange's
book for the Member receiving the report. See Exchange Rules 531(a)-
(c).
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Implementation
The Exchange will issue an Alert to market participants regarding
the implementation date of the proposed rule change.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\24\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \25\ requirements that the rules
of an exchange be designed to prevent fraudulent and manipulative acts
and practices, 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 and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
This proposal is in keeping with those principles in that it promotes
increased transparency through the dissemination of the optional Report
to those interested in subscribing to receive the data. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \26\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\24\ 15 U.S.C. 78f(b).
\25\ 15 U.S.C. 78f(b)(5).
\26\ Id.
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The Exchange also believes this proposal is consistent with Section
6(b)(5) of the Act because it protects investors and the public
interest and promotes just and equitable principles of trade by
providing investors with a new option for receiving market data as
requested by potential purchasers. The proposed rule change would
benefit investors by facilitating their prompt access to the value-
added information that is included in the proposed Report. The
establishment of the proposed Report will promote just and equitable
principles of trade because it would provide latency information in a
systematized way and standardized format to any Member that chooses to
subscribe to the proposed Report. As discussed, the proposed Report is
not a real-time market data product, but rather provides only
historical data for the previous trading day, generally on a T+1 basis.
In addition, the data in the proposed Report regarding incoming purge
messages that failed to cancel resting quotes would be specific to the
Recipient Member. As noted above, no specific information about the
resting quotes on the Exchange's Simple Order Book will be provided and
any information relating to another Member would be anonymized.
The proposed Report is designed for Market Makers that are
interested in gaining insight into latency in connection with their
purge messages that failed to cancel resting quotes. The Exchange
believes that providing this optional data to interested market
participants is consistent with facilitating transactions in
securities, removing impediments to and perfecting the mechanism of a
free and open market and a national market system, and, in general,
protecting investors and the public interest because it provides
additional information and insight to subscribing market participants
regarding their quoting activity on the Exchange. More specifically,
the proposed Report will provide greater visibility by showing how much
time a purge message missed canceling a quote, particularly as market
conditions change throughout the day and Market Makers attempt to
cancel and replace quotes in certain symbols.
Like the existing reports,\27\ the Exchange proposes to provide the
Report on a voluntary basis and no Market Maker will be required to
subscribe to the Report. The Exchange notes that there is no rule or
regulation that requires the Exchange to produce, or that a Market
Maker elect to receive, the Report. It is entirely a business decision
of each Market Maker to subscribe to the Report. The Exchange proposes
to offer the Report as a convenience to Market Makers to provide them
with additional information regarding their purge message activity on
the Exchange on a delayed basis after the close of regular trading
hours. A Market Maker that chooses to subscribe to the Report may
discontinue receiving the Report at any time if that Market Maker
determines that the information contained in the Report is no longer
useful.
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\27\ See Exchange Rules 531(a)-(c).
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The Exchange believes the proposed Report being tailored to Market
Makers does not permit unfair discrimination between customers,
issuers, brokers, or dealers because Market Makers have expressed the
most interest in learning about their interactions with the Exchange
when attempting to cancel quotes, while order-entering Members have
not. As described above, order-entering Members have other means to
cancel their orders before execution without the need to submit a purge
message. For example, Members may enter IOC orders to ensure immediate
execution in whole or part upon the Exchange's receipt of that order
with the remainder of the order being cancelled.\28\ If, in the future,
Members
[[Page 8557]]
request that the Exchange provide similar information as contained in
the proposed Report for messages attempting to cancel resting orders,
in addition to quotes, the Exchange will be able to update the proposed
Report to provide that information.
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\28\ See Exchange Rule 516(c). Members can learn additional
information about their order interactions with the Exchange by
subscribing to one or more of the Exchange's Liquidity Taker Event
Reports (Simple Orders, Complex Orders, and/or Resting Simple
Orders), which provide liquidity response time taker details for
orders resting on the Exchange's book for the Member receiving the
report. See Exchange Rules 531(a)-(c).
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In summary, the proposed Report will help to protect a free and
open market by providing additional data (offered on an optional basis)
to the marketplace and by providing investors with greater choices.\29\
Additionally, the proposal would not permit unfair discrimination
because the proposed Report will be available to all Exchange Market
Makers. As mentioned above, other exchanges offer reports with similar
data information as the information contained within the proposed
Report.\30\
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\29\ See Sec. Indus. Fin. Mkts. Ass'n (SIFMA), Initial Decision
Release No. 1015, 2016 SEC LEXIS 2278 (ALJ June 1, 2016) (finding
the existence of vigorous competition with respect to non-core
market data).
\30\ See supra note 21.
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The Exchange also believes its proposal to renumber current
subparagraphs (d)-(e) to Exchange Rule 531 to now be subparagraphs (e)-
(f) promotes just and equitable principles of trade and removes
impediments to and perfects the mechanism of a free and open market and
a national market system because the proposed changes will provide
greater clarity to Members and the public regarding the Exchange's
Rulebook once the rule text for the proposed Report becomes operative.
The proposed Report is similar in nature and provides similar
information as the Exchange's various Liquidity Taker Event Reports in
Exchange Rules 531(a)-(c); accordingly, the Exchange believes the
proposed change to provide the rule text for the proposed Report under
subparagraph (d) and renumber current subparagraphs (d)-(e) provides
consistency throughout the Rulebook. It is in the public interest for
the Exchange's Rulebook to be consistent to eliminate the potential for
confusion.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. The
Exchange believes that the proposed Report will enhance competition
\31\ by providing a new option for receiving market data to Market
Makers. The proposed Report will also further enhance competition
between exchanges by allowing the Exchange to expand its product
offerings to include a report that is similar to reports currently
offered by other exchanges concerning their members' opportunities to
improve order cancel success on those exchanges.\32\
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\31\ See id.
\32\ See supra note 21.
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Additionally, the Exchange believes the proposed rule change does
not impose any burden on intramarket competition that is not necessary
or appropriate in furtherance of the purposes of the Act. Market
participants are not required to purchase the proposed Report, and the
Exchange is not required to make the Report available to market
participants. Rather, the Exchange is voluntarily making the Report
available, as requested by Market Maker, and Market Makers may choose
to receive (and pay for) this data based on their own business needs.
Potential purchasers may request the data at any time if they believe
it to be valuable or may decline to purchase such data.
The Exchange also believes its proposal to renumber current
subparagraphs (d)-(e) to Exchange Rule 531 to now be subparagraphs (e)-
(f) does not impose any burden on intramarket or intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act because the proposed change is not intended to
address competitive issues but rather is concerned solely with ensuring
the rules of the Exchange are consistent. The purpose of the proposed
changes is to provide accuracy and consistency within the Exchange's
Rulebook and eliminate the potential for confusion.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to Section 19(b)(3)(A)(iii) of the Act \33\ and subparagraph
(f)(6) of Rule 19b-4 thereunder.\34\
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\33\ 15 U.S.C. 78s(b)(3)(A)(iii).
\34\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \35\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\36\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange requests
that the Commission waive the 30-day operative delay so that the
proposed rule change may become operative immediately upon filing. The
Exchange states that it believes that the proposed changes will not
adversely impact investors and will permit the Exchange to immediately
offer the proposed Report to Market Makers. The Exchange also states
that other exchanges offer reports with similar data information as the
information contained within the proposed Report.\37\ For these
reasons, and because the proposal raises no new or novel legal or
regulatory issues, the Commission finds that waiver of the 30-day
operative delay is consistent with the protection of investors and the
public interest. Accordingly, the Commission waives the 30-day
operative delay and designates the proposed rule change to be operative
upon filing.\38\
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\35\ 17 CFR 240.19b-4(f)(6).
\36\ 17 CFR 240.19b-4(f)(6)(iii).
\37\ See supra note 21.
\38\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act.
[[Page 8558]]
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#582a2d343d753b3735353d362c2b182b3d3b763f372e"><span class="__cf_email__" data-cfemail="5123243d347c323e3c3c343f2522112234327f363e27">[email protected]</span></a>. Please include
file number SR-EMERALD-2026-06 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-EMERALD-2026-06. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-EMERALD-2026-06 and should be submitted
on or before March 16, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
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\39\ 17 CFR 200.30-3(a)(12) and (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-03447 Filed 2-20-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on February 23, 2026.
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