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Notice2026-07040

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Amend Non-Transaction Fees

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Published

April 13, 2026

Issuing agencies

Securities and Exchange Commission

Full Text

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<title>Federal Register, Volume 91 Issue 70 (Monday, April 13, 2026)</title>
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[Federal Register Volume 91, Number 70 (Monday, April 13, 2026)]
[Notices]
[Pages 18909-18927]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07040]

[[Page 18909]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-105178; File No. SR-PEARL-2026-14]

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX
Pearl Options Exchange Fee Schedule To Amend Non-Transaction Fees

April 8, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Exchange Act'' or ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on March 25, 2026, MIAX PEARL, LLC (``MIAX Pearl''
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.
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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 the fee schedule (the ``Fee
Schedule'') applicable to the Exchange's options trading platform
(``MIAX Pearl Options'') 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.\3\
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\3\ All references to the ``Exchange'' in this filing refer to
MIAX Pearl Options. Any references to the equities trading facility
of MIAX PEARL, LLC will specifically be referred to as ``MIAX Pearl
Equities.''
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The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/pearl-options/rule-filings">https://www.miaxglobal.com/markets/us-options/pearl-options/rule-filings</a> and at MIAX Pearl'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 February 2017 to attract
order flow and encourage market participants to experience the high
determinism and resiliency of the Exchange's trading Systems.\4\ To do
so, the Exchange took a pragmatic and thoughtful approach to each fee
proposal to encourage and increase participation in its marketplace
while being mindful of fee levels charged by other exchanges for
similar products and services. The Exchange now proposes to amend
various fees for non-transaction related services to be in line with
those of other options exchanges and enable it to continue to
effectively compete with other 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 2018.
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\4\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
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Specifically, the Exchange proposes to amend the Fee Schedule to
amend the following non-transaction fees: (1) monthly Trading Permit
\5\ fees applicable to Electronic Exchange Members (``EEMs'') \6\ and
Market Makers; \7\ (2) connectivity fees to the primary/secondary
facility and disaster recovery facility for Members \8\ and non-
Members; and (3) FIX,\9\ MEO,\10\ MEO Purge,\11\ CTD \12\ and FXD \13\
Port fees.\14\
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\5\ The term ``Trading Permit'' means a permit issued by the
Exchange that confers the ability to transact on the Exchange. See
Exchange Rule 100.
\6\ The term ``Electronic Exchange Member'' or ``EEM'' means the
holder of a Trading Permit who is a Member representing as agent
Public Customer Orders or Non-Customer Orders on the Exchange and
those non-Market Maker Members conducting proprietary trading.
Electronic Exchange Members are deemed ``members'' under the
Exchange Act. See Exchange Rule 100.
\7\ The term ``Market Maker'' or ``MM'' means a Member
registered with the Exchange for the purpose of making markets in
options contracts traded on the Exchange and that is vested with the
rights and responsibilities specified in Chapter VI of the
Exchange's Rules. See Exchange Rule 100.
\8\ The term ``Member'' means an individual or organization that
is registered with the Exchange pursuant to Chapter II of these
Rules for purposes of trading on the Exchange as an ``Electronic
Exchange Member'' or ``Market Maker.'' Members are deemed
``members'' under the Exchange Act. See Exchange Rule 100.
\9\ The term ``FIX Port'' means a FIX port that allows Members
to send orders and other messages using the FIX protocol. See the
Definitions Section of the Fee Schedule. ``FIX Interface'' means the
Financial Information Exchange interface for certain order types as
set forth in Exchange Rule 516. See id. and Exchange Rule 100.
\10\ ``MEO Interface'' or ``MEO'' means a binary order interface
for certain order types as set forth in Rule 516 into the MIAX Pearl
System. See id. and Exchange Rule 100.
\11\ The term ``MEO Purge Ports'' provide Members with the
ability to send quote purge messages to the MIAX Pearl System. MEO
Purge Ports are not capable of sending or receiving any other type
of messages or information. See the Definitions Section of the Fee
Schedule.
\12\ The term ``CTD Port'' or ``Clearing Trade Drop Port''
provides an Exchange Member with real-time clearing trade updates.
The updates include the Member's clearing trade messages on a low
latency, real-time basis. The trade messages are routed to a
Member's connection containing certain information. The information
includes, among other things, the following: (i) trade date and
time; (ii) symbol information; (iii) trade price/size information;
(iv) Member type (for example, and without limitation, Market Maker,
Electronic Exchange Member, Broker-Dealer); and (v) Exchange MPID
for each side of the transaction, including Clearing Member MPID.
See the Definitions Section of the Fee Schedule.
\13\ The term ``FXD'' or ``FIX Drop Copy Port'' means a
messaging interface that provides a copy of real-time trade
execution, trade correction and trade cancellation information to
FIX Drop Copy Port users who subscribe to the service. FXD 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. See the Definitions Section of the Fee Schedule.
\14\ The Exchange initially filed this proposal on December 31,
2025. See Securities Exchange Act Release No. 104591 (January 13,
2026), 91 FR 2227 (January 16, 2026) (SR-PEARL-2025-51). On January
30, 2026, the Exchange withdrew SR-PEARL-2025-51 and refiled this
proposal. See Securities Exchange Act Release No. 104837 (February
12, 2026), 91 FR 7583 (February 18, 2026) (SR-PEARL-2026-06). On
March 25, 2026, the Exchange withdrew SR-PEARL-2026-06 and refiled
this proposal.
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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 and EEM Clearing Firms
The Exchange notes that Trading Permit fees for EEMs and EEM
Clearing Firms \15\ have not been amended since they were first adopted
in May 2018.\16\ The Exchange assesses EEMs a Trading Permit fee based
upon the type of interface that the EEM (except EEM

[[Page 18910]]

Clearing Firms) uses to access the Exchange--either FIX or MEO--and the
Non-Transaction Fees Volume-Based Tier achieved by the EEM in the
relevant month.\17\ The monthly volume thresholds associated with each
Tier are calculated as the total volume executed by a Member and its
Affiliates \18\ on the Exchange across all origin types, not including
Excluded Contracts,\19\ as compared to the TCV \20\ in all MIAX Pearl-
listed options. In particular, EEMs that connect via the FIX or MEO
Interface are assessed the following Trading Permit fees based upon
total volume executed on the Exchange across all origin types, not
including Excluded Contracts, as compared to the TCV in all MIAX Pearl-
listed options: 0.00% to 0.30% in Tier 1; above 0.30% to 0.60% in Tier
2; and above 0.60% in Tier 3.
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\15\ The term ``EEM Clearing Firm'' means an EEM that solely
clears transactions on the Exchange and does not connect to the
Exchange via either the FIX Interface or MEO Interface. See the
Definitions Section of the Fee Schedule.
\16\ See Securities Exchange Act Release Nos. 82867 (March 13,
2018), 83 FR 12044 (March 19, 2018) (SR-PEARL-2018-07) and 83188
(May 8, 2018), 83 FR 22300 (May 14, 2018) (SR-PEARL-2018-12).
\17\ In general, the term ``Non-Transaction Fees Volume-Based
Tiers'' means the tier structure that is applicable to certain non-
transaction fees, as specifically set forth in the Fee Schedule. See
the Definitions Section of the Fee Schedule.
\18\ The term ``Affiliate'' means (i) an affiliate of a Member
of at least 75% common ownership between the firms as reflected on
each firm's Form BD, Schedule A, or (ii) the Appointed Market Maker
of an Appointed EEM (or, conversely, the Appointed EEM of an
Appointed Market Maker). An ``Appointed Market Maker'' is a MIAX
Pearl Market Maker (who does not otherwise have a corporate
affiliation based upon common ownership with an EEM) that has been
appointed by an EEM and an ``Appointed EEM'' is an EEM (who does not
otherwise have a corporate affiliation based upon common ownership
with a MIAX Pearl Market Maker) that has been appointed by a MIAX
Pearl Market Maker, pursuant to the following process. A MIAX Pearl
Market Maker appoints an EEM and an EEM appoints a MIAX Pearl Market
Maker, for the purposes of the Fee Schedule, by each completing and
sending an executed Volume Aggregation Request Form by email to
<a href="/cdn-cgi/l/email-protection#2b464e46494e595843425b6b46424a534c4744494a4705484446"><span class="__cf_email__" data-cfemail="7c1119111e190e0f14150c3c11151d041b10131e1d10521f1311">[email&#160;protected]</span></a> no later than 2 business days prior to the
first business day of the month in which the designation is to
become effective. Transmittal of a validly completed and executed
form to the Exchange along with the Exchange's acknowledgement of
the effective designation to each of the Market Maker and EEM will
be viewed as acceptance of the appointment. The Exchange will only
recognize one designation per Member. A Member may make a
designation not more than once every 12 months (from the date of its
most recent designation), which designation shall remain in effect
unless or until the Exchange receives written notice submitted 2
business days prior to the first business day of the month from
either Member indicating that the appointment has been terminated.
Designations will become operative on the first business day of the
effective month and may not be terminated prior to the end of the
month. Execution data and reports will be provided to both parties.
See the Definitions Section of the Fee Schedule.
\19\ ``Excluded Contracts'' means any contracts routed to an
away market for execution. See the Definitions Section of the Fee
Schedule.
\20\ ``TCV'' means total consolidated volume calculated as the
total national volume in those classes listed on MIAX Pearl for the
month for which the fees apply, excluding consolidated volume
executed during the period of time in which the Exchange experiences
an Exchange System Disruption (solely in the option classes of the
affected Matching Engine). See the Definitions Section of the Fee
Schedule.
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For EEMs that connect via the FIX Interface, the Exchange currently
assesses the following monthly Trading Permit fees:
<bullet> $250 per Trading Permit for EEMs in Tier 1;
<bullet> $350 per Trading Permit for EEMs in Tier 2; and
<bullet> $450 per Trading Permit for EEMs in Tier 3.
For EEMs that connect via the MEO Interface, the Exchange assesses
the following monthly Trading Permit fees:
<bullet> $300 per Trading Permit for EEMs in Tier 1;
<bullet> $400 per Trading Permit for EEMs in Tier 2; and
<bullet> $500 per Trading Permit for EEMs in Tier 3.\21\
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\21\ The Exchange also provides a $100 credit towards the
monthly Trading Permit fees for EEMs that connect to the Exchange
via both the FIX and MEO Interfaces. See Fee Schedule, Section 3)b),
footnote ``*''. The Exchange does not propose to amend this credit
at this time.
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The Exchange assesses a flat monthly fee of $250 per Trading Permit
to each EEM Clearing Firm.
The Exchange now proposes to increase the Trading Permit fees
assessed to EEMs and EEM Clearing Firms, which again, have not been
increased since they were first adopted in 2018. In particular, for
EEMs that connect via the FIX Interface, the Exchange proposes to
assess the following monthly Trading Permit fees:
<bullet> $300 per Trading Permit for EEMs in Tier 1;
<bullet> $425 per Trading Permit for EEMs in Tier 2; and
<bullet> $550 per Trading Permit for EEMs in Tier 3.
For EEMs that connect via the MEO Interface, the Exchange proposes
to assess the following monthly Trading Permit fees:
<bullet> $375 per Trading Permit for EEMs in Tier 1;
<bullet> $500 per Trading Permit for EEMs in Tier 2; and
<bullet> $625 per Trading Permit for EEMs in Tier 3.
The Exchange also proposes to assess EEM Clearing Firms $300 per
month per Trading Permit.
Market Makers
The Exchange notes that Trading Permit fees for Market Makers have
not been amended since September 2022.\22\ Currently, the Exchange
assesses monthly Trading Permit fees to Market Makers based on the
lesser of either the per class traded or percentage of total national
average daily volume (``ADV'') measurement based on classes traded by
volume. The amount of monthly Market Maker Trading Permit fee is based
upon the number of classes in which the Market Maker was registered to
quote on any given day within the calendar month, or upon the class
volume percentages. A Market Maker is determined to be registered in a
class if that Market Maker has been registered in one or more series in
that class.\23\ Newly listed option classes are excluded from the
calculation of the monthly Market Maker 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 ADV.
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\22\ See Securities Exchange Act Release No. 96338 (November 17,
2022), 87 FR 71704 (November 23, 2022) (SR-PEARL-2022-51).
\23\ Pursuant to Exchange Rule 602(a), a Member that has
qualified as a Market Maker may register to make markets in
individual series of options.
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Currently, the Exchange assess the following Trading Permit fees to
Market Makers:
<bullet> $3,000 for Market Maker registrations in up to 10 option
classes or up to 20% of option classes by national ADV;
<bullet> $5,000 for Market Maker registrations in up to 40 option
classes or up to 35% of option classes by ADV;
<bullet> $7,000 for Market Maker registrations in up to 100 option
classes or up to 50% of option classes by ADV; and
<bullet> $9,000 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 Pearl.
The Exchange also assesses an alternative lower Trading Permit fee
to Market Makers who fall within the 2nd, 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 0.040% of the total
monthly TCV for MIAX Pearl-listed option classes for that month, then
the monthly fee will be $3,500 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 three years ago in September 2022. In particular, the Exchange
proposes to

[[Page 18911]]

assess the following Trading Permit fees to Market Makers:
<bullet> $3,500 for Market Maker registrations in up to 10 option
classes or up to 20% of option classes by national ADV;
<bullet> $5,500 for Market Maker registrations in up to 40 option
classes or up to 35% of option classes by ADV;
<bullet> $8,000 for Market Maker registrations in up to 100 option
classes or up to 50% of option classes by ADV; and
<bullet> $10,000 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 Pearl.
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 from $3,500 to
$5,500 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.\24\ The fee for 10Gb ULL connectivity was last increased in
January 2023.\25\ 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:
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\24\ See Securities Exchange Act Release No. 87876 (December 31,
2019), 85 FR 757 (January 7, 2020) (SR-PEARL-2019-36).
\25\ See Securities Exchange Act Release Nos. 96632 (January 10,
2023), 88 FR 2707 (January 17, 2023) (SR-PEARL-2022-62) and 99823
(March 21, 2024), 89 FR 21312 (March 27, 2024) (SR-PEARL-2024-14)
(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-PEARL-2022-62)).
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<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
MEO Ports (Single), Full Service MEO Ports (Bulk), Limited Service MEO
Ports, MEO Purge Ports, CTD Ports, and FXD Ports. Some of these fees
have not been increased since they were first adopted in March or
August of 2018. 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 they were first adopted in March 2018. A FIX
Port allows Members to send orders and other messages using the FIX
protocol.\26\ The Exchange currently assesses the following monthly FIX
Port fees:
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\26\ See supra note 9.
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<bullet> $275 for the first FIX Port;
<bullet> $175 per port for the second to fifth FIX Ports; and
<bullet> $75 per port for the sixth or more FIX Ports.\27\
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\27\ Each FIX Port provides access to all matching engines. See
Fee Schedule, Section 5)d), note ``[supcaret]''.
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The Exchange proposes to increase monthly FIX Port fees as follows:
<bullet> $350 for the first FIX Port;
<bullet> $225 per port for the second to fifth FIX Ports; and
<bullet> $100 per port for the sixth or more FIX Ports.
Full Service MEO Ports (Single)
The Exchange proposes to amend the fees for Full Service MEO Ports
(Single).\28\ In general, a Full Service MEO Port allows Members to
enter orders via the MEO Interface, which is a binary order interface
for certain order types. A Full Service MEO Port (Single) is a type of
MEO port that supports all MEO input message types and binary order
entry on a single order-by-order basis, but not bulk orders.\29\ The
Exchange proposes to increase the monthly fee of $4,000 per Full
Service MEO Port (Single) to $4,500.\30\
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\28\ These fees were last amended in January 2023. See supra
note 25.
\29\ See supra note 10.
\30\ Each Full Service MEO Port--Single entitles a Member to two
(2) such ports for each matching engine for a single port fee. See
Fee Schedule, Section 5)d), note ``*''.
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Full Service MEO Ports (Bulk)
The Exchange proposes to amend the Full Service MEO Port (Bulk)
fees for EEMs and Market Makers,\31\ which support all MEO input
message types and bulk binary order entry.
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\31\ These fees were last amended in January 2023. See supra
note 25.
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The Exchange assesses the amount of the monthly Full Service MEO
Port (Bulk) fees for Market Makers based on the lesser of either the
per class traded or percentage of total national ADV measurement based
on classes traded by volume. The amount of monthly Market Maker Full
Service MEO Port (Bulk) fees is based upon the number of classes in
which the Market Maker was registered to quote on any given day within
the calendar month, or upon the class volume percentages. Specifically,
the Exchange assesses the following Full Service MEO Port (Bulk) fees
to Market Makers:
<bullet> $5,000 for Market Maker registrations in up to 10 option
classes or up to 20% of option classes by national ADV;
<bullet> $7,500 for Market Maker registrations in up to 40 option
classes or up to 35% of option classes by ADV;
<bullet> $10,000 for Market Maker registrations in up to 100 option
classes or up to 50% of option classes by ADV; and
<bullet> $12,000 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 Pearl.
The Exchange also provides an alternative lower Full Service MEO
Port (Bulk) fee for Market Makers who fall within the 2nd, 3rd and 4th
levels of the Market Maker Full Service MEO Port (Bulk) fee table,
which levels are described directly above, if certain volume thresholds
are met. This alternative lower Full Service MEO Port (Bulk) fee for
Market Makers is set forth in footnote ``**'' in the Market Maker Full
Service MEO Port (Bulk) fee table and provides that if the Market
Maker's total monthly executed volume during

[[Page 18912]]

the relevant month is less than 0.040% of the total monthly TCV for
MIAX Pearl-listed option classes for that month, then the fee will be
$6,000 instead of the fee otherwise applicable to such level.
The Exchange now proposes to increase the Full Service MEO Port
(Bulk) fees assessed to Market Makers as follows:
<bullet> $5,500 for Market Maker registrations in up to 10 option
classes or up to 20% of option classes by national ADV;
<bullet> $8,000 for Market Maker registrations in up to 40 option
classes or up to 35% of option classes by ADV;
<bullet> $11,000 for Market Maker registrations in up to 100 option
classes or up to 50% of option classes by ADV; and
<bullet> $13,000 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 Pearl.
The Exchange also proposes to increase the alternative lower Full
Service MEO Port (Bulk) fee for Market Makers who fall within the 3rd
and 4th levels of the proposed Market Maker Full Service MEO Port
(Bulk) fee table from $6,000 to $8,000 per month by amending footnote
``**'' following the Market Maker Full Service MEO Port (Bulk) fee
table.
The Exchange also proposes to amend the Full Service MEO Port
(Bulk) fee assessed to EEMs, which entitles EEMs to two (2) Full
Service MEO Ports (Bulk) for each matching engine for the single
monthly fee. The Exchange proposes to increase the fee accesses to EEMs
that utilize Full Service MEO Ports (Bulk) from $7,500 to $8,000 per
month.
Limited Service MEO Ports
The Exchange proposes to amend the fees for Limited Service MEO
Ports. Limited Service MEO Ports support all MEO input message types,
but do not support bulk order entry and support the use of Immediate-
or-Cancel Orders (``IOC'') \32\ or Intermarket Sweep Orders (``ISO'')
\33\ only.\34\ The Exchange currently assesses the following monthly
Limited Service MEO Ports fees, which were last amended in April 2021:
\35\
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\32\ See Exchange Rule 516(e) for a description of IOC orders.
\33\ See Exchange Rule 516(f) for a description of ISOs.
\34\ See MIAX Pearl Options User Manual, Version 1.13, Section
5.01 (revision date September 2, 2025), available at <a href="https://www.miaxglobal.com/miax_pearl_user_manual.pdf">https://www.miaxglobal.com/miax_pearl_user_manual.pdf</a> (last visited October
17, 2025).
\35\ See Securities Exchange Act Release No. 91858 (May 12,
2021), 86 FR 26967 (May 18, 2021) (SR-PEARL-2021-23).
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<bullet> $0.00 for the first and second Limited Service MEO Ports;
<bullet> $200 per port for the third and fourth Limited Service MEO
Ports;
<bullet> $300 per port for fifth and sixth Limited Service MEO
Ports; and
<bullet> $400 per port for the seventh or more Limited Service MEO
Ports.\36\
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\36\ Each Limited Service MEO Port fee entitles a Member to one
(1) such port for each matching engine. For example, the purchase of
4 Limited Service MEO Ports will allow the Member to access 4 ports
per matching engine. See Fee Schedule, Section 5)d), note ``**''.
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The Exchange proposes to increase the monthly Limited Service MEO
Port fees as follows:
<bullet> $0.00 for the first and second Limited Service MEO Ports;
<bullet> $225 per port for the third and fourth Limited Service MEO
Ports;
<bullet> $350 per port for fifth and sixth Limited Service MEO
Ports; and
<bullet> $475 per port for the seventh or more Limited Service MEO
Ports
MEO Purge Ports
The Exchange proposes to amend the fees for MEO Purge Ports, which
provide Members with the ability to send quote purge messages to the
MIAX Pearl System. MEO Purge Ports are not capable of sending or
receiving any other type of messages or information.\37\ The Exchange
proposes to increase the monthly MEO Purge Port fee from $600 per
matching engine to $700 per matching engine.\38\
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\37\ See supra note 11.
\38\ Members may request and be allocated two (2) MEO Purge
Ports for each matching engine to which it connects and will be
charged the monthly fee per matching engine. See Fee Schedule,
Section 5)d), note ``***''.
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CTD Ports
The Exchange proposes to amend the fees for CTD Ports, which
provide a Member with real-time clearing trade updates that include the
Member's clearing trade messages on a low latency, real-time basis. The
trade messages include, among other things, the following: (i) trade
date and time; (ii) symbol information; (iii) trade price/size
information; (iv) Member type (for example, and without limitation,
Market Maker, Electronic Exchange Member, Broker-Dealer); and (v)
Exchange MPID \39\ for each side of the transaction, including Clearing
Member \40\ MPID.\41\ Fees for CTD Ports have not been increased since
they were first adopted in March 2018.\42\ The Exchange now proposes to
increase the monthly fee per CTD Port from $450 to $575.\43\
---------------------------------------------------------------------------

\39\ The term ``MPID'' means unique market participant
identifier. See Exchange Rule 100.
\40\ 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.
\41\ See supra note 12.
\42\ See supra note 16.
\43\ Each CTD Port provides access to all matching engines. See
Fee Schedule, Section 5)d), note ``[supcaret]''.
---------------------------------------------------------------------------

FXD Ports
The Exchange proposes to amend the fees for FXD Ports, which means
a messaging interface that provides a copy of real-time trade
execution, trade correction and trade cancellation information to FIX
Drop Copy Port users who subscribe to the service. FXD 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.\44\ Fees for FXD
Ports have not been increased since they were first adopted in March
2018.\45\ The Exchange now proposes to increase the monthly fee per FXD
Port from $250 to $325.\46\
---------------------------------------------------------------------------

\44\ See supra note 13.
\45\ See supra note 16.
\46\ Each FXD Port provides access to all matching engines. See
Fee Schedule, Section 5)d), note ``[supcaret]''.
---------------------------------------------------------------------------

Cleanup Change
The Exchange proposes to make a minor, non-substantive cleanup edit
to footnote ``*'' following the table of port fees in Section 5)d) of
the Fee Schedule. Currently, footnote ``*'' below the table of port
fees in Section 5)d) of the Fee Schedule provides as follows:

The rates set forth above (and below) for Full Service MEO
Ports, both Bulk and/or Single, entitle a Member to two (2) such
Ports for each Matching Engine for a single port fee. If a Member
selects at least one Full Service MEO Port--Bulk as part of their
two (2) Ports, i.e., option (c) described below, the rates
applicable to Full Service MEO Port--Bulk set forth above apply.

The Exchange now proposes to replace the word ``above'' in the last
sentence of footnote ``*'' with the word ``below'' to accurately
describe the reference location to Full Service MEO Ports (Bulk). The
fees for Full Service MEO Ports (Bulk) are described below that
footnote,\47\ not above; accordingly, the Exchange proposes to amend
footnote ``*'' to accurately reflect where

[[Page 18913]]

such fees are located in the Fee Schedule.
---------------------------------------------------------------------------

\47\ See Securities Exchange Act Release No. 99823 (March 21,
2024), 89 FR 21312 (March 27, 2024) (SR-PEARL-2024-14) (amending the
fees for, among other things, Full Service MEO Ports (Bulk) and
moving such fees to a lower location in the Fee Schedule).
---------------------------------------------------------------------------

Implementation
The Exchange issued an alert publicly announcing the proposed fees
on October 14, 2025 and a reminder alert on December 19, 2025.\48\ The
fees subject to this proposal are immediately effective.
---------------------------------------------------------------------------

\48\ 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) \49\ of the Act in general, and
furthers the objectives of Section 6(b)(4) \50\ 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) \51\ 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.
---------------------------------------------------------------------------

\49\ 15 U.S.C. 78f.
\50\ 15 U.S.C. 78f(b)(4).
\51\ 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. The Exchange compared the fees proposed herein to the fees
charged by other options exchanges for similar products or services. A
more detailed discussion of the comparison follows.\52\
---------------------------------------------------------------------------

\52\ 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 and EEM Clearing Firm Trading Permit Fees
The proposed Trading Permit fees for EEMs and EEM Clearing Firms
are comparable to, or lower than, the trading permit fees charged by
Cboe Exchange, Inc. (``Cboe''), as summarized in the table below.

------------------------------------------------------------------------
Type of product/
Exchange service Monthly fee
------------------------------------------------------------------------
MIAX Pearl Options.......... EEM Trading Permit-- Tier 1: $300.
connects via FIX Tier 2: $425.
Interface. Tier 3: $550.
EEM Trading Permit-- Tier 1: $375.
connects via MEO Tier 2: $500.
Interface. Tier 3: $625.
EEM Clearing Firm $300.
Trading Permit.
Cboe \a\.................... Electronic Access $3,000.
Permit.
------------------------------------------------------------------------
\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>.

Cboe. Cboe charges higher trading permit fees than the Trading
Permit fees proposed by the Exchange for EEMs and EEM Clearing Firms.
Cboe's Electronic Access Permit is analogous to the Exchange's Trading
Permits for EEMs and EEM Clearing Firms. In general, a Trading Permit
is a permit issued by the Exchange that confers the ability to transact
on the Exchange.\53\ 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. EEM Clearing Firms are assessed the
monthly Trading Permit fee in order to clear transactions conducted on
the Exchange. Likewise, Cboe's Electronic Access Permits entitle the
holder to access Cboe.\54\ Like Trading Permit holders on the Exchange,
Electronic Access Permit holders must be broker-dealers registered with
Cboe and are allowed transact on Cboe.\55\ Cboe charges a higher
trading permit fee than the Trading Permit fees proposed by the
Exchange. Cboe charges a flat $3,000 per Electronic Access Permit per
month, while the Exchange provides tiered Trading Permit fees based on
(1) the type of interface the EEM uses to connect to the Exchange and
(2) certain monthly volume thresholds. Notably, the highest Trading
Permit fee the Exchange proposes to assess to an EEM is $625 per
Trading Permit per month, lower than Cboe's flat $3,000 monthly fee.
---------------------------------------------------------------------------

\53\ See the Definitions section of the Fee Schedule.
\54\ 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.
\55\ See id.
---------------------------------------------------------------------------

Market Maker Trading Permit Fees
The proposed Trading Permit fees for Market Makers are lower than
the Trading Permit fees charged by NYSE American LLC (``NYSE
American''), as summarized in the table below.

----------------------------------------------------------------------------------------------------------------

[[Page 18914]]

8,000 Up to 100 Classes... Up to 50% of Classes
by volume (as a %
of national ADV).
10,000 Over 100 Classes.... Over 50% of Classes
by volume up to all
Classes on MIAX
Pearl Options (as a
% of national ADV).
----------------------------------------------------------------------------------------------------------------
NYSE American \a\................ Options Market Maker $8,000 1st ATP: 60 issues plus bottom 45%.
ATPs. 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 charges higher 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.\56\ Each registered Market Maker is assessed a monthly
Trading Permit fee in order to appoint a qualified person (or persons)
to act as a Market Maker Authorized Trader (``MMAT'') \57\ pursuant to
the Exchange's Rules and fulfill the Market Maker's obligations to act
as a specialist on the Exchange.\58\ The Exchange assesses Trading
Permit fees based on the lesser of either the per class basis or
percentage of total national average daily volume measurement. A
``class'' of options means all option contracts covering the same
underlying security.\59\ NYSE American's market maker ATP \60\ 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.\61\ NYSE American
assesses its ATP fees based on the number of issues \62\ in their
appointment. The Exchange and NYSE American provide for different
numbers of option classes included in each tier of their respective
trading permit fee structures due to their own business and competitive
reasons. The Exchange provides fewer options class assignments for each
Trading Permit tier because it believes this structure best represents
the Market Makers that trade on the Exchange. NYSE American, on the
other hand, provides significantly more ``issues'' or options classes
in each ATP tier in order to ``properly [incentivize] Market Makers to
quote in a broad range of options, including less liquid and active
names . . .'' \63\
---------------------------------------------------------------------------

\56\ See Exchange Rule 100.
\57\ A Market Maker Authorized Trader is permitted to enter
orders only for the account of the Market Maker for which they are
registered. See Exchange Rules 601(a)-(b).
\58\ See, generally, Chapter VI of the Exchange's Rules.
\59\ See Exchange Rule 100.
\60\ 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>.
\61\ See, generally, NYSE American Rule 923NY.
\62\ An ``issue'' means an options class. See Securities
Exchange Act Release No. 67764 (August 31, 2012), 77 FR 55254
(September 7, 2012) (SR-NYSEMKT-2012-44) (changing the calculation
of trading permit fees to be based on the ``number of option classes
in [a NYSE Amex Options Market Maker's] electronic trading
appointment . . .'' and then using the term ``issue'' in the tiers
of ATP fees).
\63\ See id.
---------------------------------------------------------------------------

NYSE American charges higher 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 \64\ tiered trading permit
fees based on the number of issues permitted in an Options Market
Maker's quoting assignment.\65\ NYSE American provides tiered ATP fees
ranging from $8,000 to $26,000 due to the cumulative nature of the
fee,\66\ 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 $3,500 to $10,000 (as proposed), based on 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 $5,500 (as
proposed) for Market Makers if their total monthly executed volume
during the relevant month is less than 0.040% of the total monthly TCV
for MIAX-Pearl 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. NYSE American actually charges higher fees for
Options Market Makers that transacts in certain options classes, which
fees add to the ATP fees described above.\67\
---------------------------------------------------------------------------

\64\ 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>.
\65\ 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>.
\66\ 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).
\67\ See NYSE American Options Fee Schedule, Section III.D.
Premium Product fees (assessing an additional monthly fee of $1,000
per product to NYSE American Options Market Makers that transact in
premium products, such SPY, APPL, etc., capped at $7,000 per month).
---------------------------------------------------------------------------

Network Connectivity Fees (Disaster Recovery Facility)
The proposed network connectivity fees to the Exchange's disaster
recovery facility for Members and non-Members are lower than the
connectivity fees charged by Cboe C2 Exchange, Inc. (``Cboe C2''), as
summarized in the table below.

[[Page 18915]]

------------------------------------------------------------------------
Type of product/ Monthly fee (per
Exchange service connection)
------------------------------------------------------------------------
MIAX Pearl Options.............. 1Gb Connectivity $650
(disaster 3,500
recovery).
10Gb Connectivity
(disaster
recovery).
Cboe C2 \a\..................... Physical Port 1Gb 2,000
(disaster 6,000
recovery).
Physical Port 10Gb
(disaster
recovery).
------------------------------------------------------------------------
\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> ctwo/.

Cboe C2. Cboe C2 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.\68\
---------------------------------------------------------------------------

\68\ 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>.
---------------------------------------------------------------------------

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.
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 its primary data center, as summarized in
the table below.

------------------------------------------------------------------------
Type of product/ Monthly fee (per
Exchange service connection)
------------------------------------------------------------------------
MIAX Pearl Options.............. 1Gb Connectivity.. $1,500
10Gb Connectivity. 15,000
Nasdaq BX \a\................... 1Gb Connection.... 2,750
10Gb Ultra 18,500
Connection.
NYSE American \b\............... 10Gb LX LCN 22,000
Circuit.
------------------------------------------------------------------------
\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>.

The Exchange notes that Nasdaq BX and NYSE American operate on
shared infrastructure with their affiliates. As such, one network
connection to one exchange provides access to the affiliated exchanges
on their shared network. Meanwhile, the Exchange operates on a
dedicated 10Gb ULL network that is not shared with its affiliates and
therefore, each 10Gb ULL connection only provides connectivity to a
single exchange. In the Exchange's experience, however, market
participants that wish to experience certain latency may elect to
purchase multiple connections rather than using one 10Gb connection to
access multiple markets or, in some cases, purchase a more expensive
40Gb line if available. In addition, those that purchase connections to
receive market data need a dedicated connection to each exchange
because they are unable to receive market data from multiple markets
over a single connection. Also, market participants may choose to not
use the single connection to access other markets within an exchange
family to avoid incurring other ancillary costs, such as membership,
transaction, or other network fees.
Nasdaq BX. Nasdaq BX 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.\69\
---------------------------------------------------------------------------

\69\ 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 March 22, 2026).
---------------------------------------------------------------------------

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.\70\
---------------------------------------------------------------------------

\70\ 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 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

[[Page 18916]]

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.\71\
---------------------------------------------------------------------------

\71\ 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>.
---------------------------------------------------------------------------

NYSE American charges higher connectivity fees as proposed by the
Exchange herein. NYSE American charges all participants a 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.\72\
---------------------------------------------------------------------------

\72\ See id.
---------------------------------------------------------------------------

FIX Port Fees
The proposed FIX Port fees are lower than the similar port fees
charged by Cboe BZX Exchange, Inc. (``Cboe BZX'', Cboe C2 and options
trading facility of The Nasdaq Stock Market LLC (``Nasdaq''), as
summarized in the table below.

------------------------------------------------------------------------
Type of product/ Monthly fee (per
Exchange service port)
------------------------------------------------------------------------
MIAX Pearl Options.............. 1st FIX Port...... $350
2nd to 5th FIX 225
Ports.
6th or more FIX 100
Ports.
Cboe BZX \a\.................... Logical Ports..... 750
Cboe C2 \b\..................... FIX Logical Ports. 650
Nasdaq \c\...................... 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> bzx/.
\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 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.\73\ Cboe BZX's
Logical Ports allow for order entry and other messages to be sent to
Cboe BZX by participants.\74\ 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
---------------------------------------------------------------------------

\73\ See the Definitions section of the Fee Schedule.
\74\ 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>.
---------------------------------------------------------------------------

Cboe C2. Cboe C2 charges higher FIX Logical Port fees than 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 orders and other messages to the Exchange using
the FIX protocol.\75\ Cboe C2's FIX Logical Ports allow for order entry
and other messages to be sent to Cboe C2 by participants.\76\
---------------------------------------------------------------------------

\75\ See the Definitions section of the Fee Schedule.
\76\ 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>.
---------------------------------------------------------------------------

Cboe C2 charges higher FIX Logical Port fees than the FIX Port fees
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
only $350 per FIX Port per month, with the Exchange's fees for
subsequent FIX Ports decreasing to $225 per port (FIX Ports 2-5) and
then $100 per port (FIX Ports greater than 5). 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.\77\
---------------------------------------------------------------------------

\77\ 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 charges higher FIX Port fees than 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.\78\ Nasdaq charges participants $650 per FIX Port per
month, while the Exchange's highest proposed tier is only $350 per FIX
Port per month, with the Exchange's fees for subsequent FIX Ports
decreasing to $225 per port (FIX Ports 2-5) and then $100 per port (FIX
Ports greater than 5). Nasdaq charges higher FIX Port fees than the FIX
Port fees proposed by the Exchange herein.
---------------------------------------------------------------------------

\78\ See Nasdaq Options 3 Options Trading Rules, Section
7(e)(1)(A).
---------------------------------------------------------------------------

Limited Service MEO Port Fees
The proposed Limited Service MEO Port (``LSPs'') fees are lower
than the similar port fees charged by Nasdaq and Nasdaq MRX, LLC
(``Nasdaq MRX''), as summarized in the table below.

[[Page 18917]]

7 or more LSPs..... 475
Nasdaq \a\...................... QUO Ports.......... 750
Nasdaq MRX \b\.................. 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>.
\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 charges higher Quote Using Order (``QUO'') Port fees
than the Limited Service MEO 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
MEO Ports support all MEO Interface \79\ input message types \80\ and
the entry of orders marked IOC \81\ and ISO,\82\ but do not support
bulk order entry.\83\ Notifications sent over LSPs between market
participants and the Exchange may include the following information:
(1) execution notifications, cancel notifications, order notifications,
and Done for Day notifications; (2) administrative messages (i.e.,
series updates); (3) risk protection settings and notification updates;
and (4) trading status notifications (i.e., halted).\84\ Nasdaq's QUO
Ports allow Nasdaq market makers to connect, send, and receive messages
related to single-sided orders to and from Nasdaq.\85\ 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.\86\
---------------------------------------------------------------------------

\79\ ``MEO Interface'' or ``MEO'' means a binary order interface
for certain order types as set forth in Rule 516 into the MIAX Pearl
System. See the Definitions section of the Fee Schedule.
\80\ See MIAX Pearl Options MEO Interface Specification, Version
2.2a (revision date July 25, 2025), available at <a href="https://www.miaxglobal.com/miax_express_orders_meo_v2.2a.pdf">https://www.miaxglobal.com/miax_express_orders_meo_v2.2a.pdf</a> (providing full
description of messages supported by the MEO Interface).
\81\ See Exchange Rule 516(e) for a description of IOC orders.
\82\ See Exchange Rule 516(f) for a description of ISOs.
\83\ See MIAX Pearl Options Exchange User Manual, Version 1.13,
Section 5.01 (revision date September 2, 2025), available at <a href="https://www.miaxglobal.com/miax_pearl_user_manual.pdf">https://www.miaxglobal.com/miax_pearl_user_manual.pdf</a>.
\84\ See MIAX Pearl Options MEO Interface Specification, Version
2.2a (revision date July 25, 2025), available at <a href="https://www.miaxglobal.com/miax_express_orders_meo_v2.2a.pdf">https://www.miaxglobal.com/miax_express_orders_meo_v2.2a.pdf</a> (providing full
description of messages supported by the MEO Interface).
\85\ See Nasdaq Options 3: Options Trading Rules, Section
7(e)(1)(D).
\86\ 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 two LSPs for free and the
Exchange's highest proposed tier is $475 per LSP per month. Nasdaq
charges higher QUO Port fees than the LSP fees proposed by the Exchange
herein.
Nasdaq MRX. Nasdaq charges higher Ouch to Trade Options (``OTTO'')
Port fees than the Limited Service MEO 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.\87\ 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.\88\
---------------------------------------------------------------------------

\87\ See Nasdaq MRX, Options 3: Options Trading Rules,
Supplementary Material to Options 3, Section 7, .03(b).
\88\ 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 two LSPs for free and the
Exchange's highest proposed tier is $475 per LSP per month. Nasdaq MRX
charges higher OTTO Port fees than the LSP fees proposed by the
Exchange herein.
MEO Purge Port Fees
The proposed MEO 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.

------------------------------------------------------------------------
Type of product/
Exchange service Monthly fee
------------------------------------------------------------------------
MIAX Pearl Options.............. MEO Purge Ports... $700 per matching
engine.
Nasdaq MRX \a\.................. First 5 SQF Purge $1,620 per port.
Ports.
Next 15 SQF Purge $1,080 per port.
Ports.
All SQF Purge $540 per port.
Ports over 20.
Cboe C2 \b\..................... Purge Ports....... $850 per port.
Nasdaq \c\...................... First 5 SQF Purge $1,620 per port.
Ports.
Next 15 SQF Purge $1,080 per port.
Ports.
All SQF Purge $540 per port.
Ports over 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).

[[Page 18918]]

\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 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>.

\89\ See the Definitions section of the Fee Schedule.
\90\ See Nasdaq MRX Options 3: Trading Rules, Supplementary
Material to Options 3, Section 7, .03(c).
---------------------------------------------------------------------------

Nasdaq MRX charges higher SQF Purge Port fees than the MEO 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 $700
per MEO 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) MEO Purge
Ports per matching engine for redundancy purposes. Members 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.\91\ This
architecture provides Members with flexibility to control their MEO
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 MEO 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).
---------------------------------------------------------------------------

\91\ 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 charges higher Purge Port fees than the MEO Purge
Port fees proposed by the Exchange. Cboe C2's Purge Ports are analogous
to the Exchange's MEO 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.\92\ Cboe C2 charges
$850 per Purge Port per month, while the Exchange proposes to charge
$700 per pair of MEO Purge Ports per matching engine per month. Cboe C2
charges higher Purge Port fees than the MEO Purge Port fees proposed by
the Exchange herein.
---------------------------------------------------------------------------

\92\ 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 charges higher SQF Purge Port fees than the MEO
Purge Port fees proposed by the Exchange. Nasdaq's SQF Purge Ports are
analogous to the Exchange's MEO Purge Ports, which allow Nasdaq market
makers to send purge requests to the Nasdaq trading system.\93\ Nasdaq
charges higher Purge Port fees than the MEO Purge Port fees 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 $700 per set of MEO Purge Ports per matching
engine per month.
---------------------------------------------------------------------------

\93\ See Nasdaq Options 3: Trading Rules, Section 7(e)(1)(B).
---------------------------------------------------------------------------

CTD Port Fees
The proposed CTD Port fees are lower than the similar port fees
charged by Nasdaq, as summarized in the table below.

------------------------------------------------------------------------
Type of product/ Monthly fee
Exchange service (per port)
------------------------------------------------------------------------
MIAX Pearl Options................ CTD Ports........... $575
Nasdaq \a\........................ CTI Ports........... 650
------------------------------------------------------------------------
\a\ 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. Nasdaq charges higher Clearing Trade Interface (``CTI'')
Port fees than the CTD Port fees proposed by the Exchange. Nasdaq's CTI
Ports are analogous to the Exchange's CTD Ports. In general, CTD Ports
provide an Exchange Member with real-time clearing trade updates,
including, among other things, the following: (i) trade date and time;
(ii) symbol information; (iii) trade price/size information; (iv)
Member type (for example, and without limitation, Market Maker,
Electronic Exchange Member, Broker-Dealer); and (v) Exchange MPID

[[Page 18919]]

for each side of the transaction, including Clearing Member MPID.\94\
Nasdaq's CTI Ports provide real-time clearing trade updates regarding
trade details specific to the Nasdaq participant, which include, among
other things, the following: (i) The Clearing Member Trade Agreement or
``CMTA'' or The Options Clearing Corporation or ``OCC'' number; (ii)
Nasdaq badge or house number; (iii) Nasdaq internal firm identifier;
(iv) an indicator which will distinguish electronic and non-
electronically delivered orders; (v) liquidity indicators and
transaction type for billing purposes; and (vi) capacity.\95\
---------------------------------------------------------------------------

\94\ See the Definitions section of the Fee Schedule.
\95\ See Nasdaq Options 3: Trading Rules, Section 23(b)(1).
---------------------------------------------------------------------------

Nasdaq charges $650 per CTI Port per month, while the Exchange
proposes to charge $575 per CTD Port per month. Nasdaq charges higher
CTI Port fees than the CTD Port fees proposed by the Exchange herein.
FXD Port Fees
The proposed FXD Port fees are lower than the similar port fees
charged by Cboe C2 and Nasdaq BX, as summarized in the table below.

------------------------------------------------------------------------
Type of product/ Monthly fee
Exchange service (per port)
------------------------------------------------------------------------
MIAX Pearl Options................ FXD Ports........... $325
Cboe C2 \a\....................... Drop Logical Ports.. 650
Nasdaq \b\........................ 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> ctwo/.
\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 charges higher logical Drop Port fees than 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.\96\ 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.\97\ Like the Exchange's FXD
Ports, Cboe C2's Drop Logical Ports do not allow the user to submit
orders to the exchange. Cboe C2 charges $650 per Drop Logical Port per
month, while the Exchange proposes to charge $325 per FXD Port per
month. Cboe C2 charges higher Drop Logical Port fees as the FXD Port
fees proposed by the Exchange herein.
---------------------------------------------------------------------------

\96\ See the Definitions section of the Fee Schedule.
\97\ 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>.
---------------------------------------------------------------------------

Nasdaq. Nasdaq charges higher FIX Drop Port fees than 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 trade details specific to that participant.\98\ 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.\99\ Nasdaq charges $650 per FIX Drop Port per month, while
the Exchange proposes to charge $325 per FXD Port per month. Nasdaq
charges higher FIX Drop Port fees than the FXD Port fees proposed by
the Exchange herein.
---------------------------------------------------------------------------

\98\ See Nasdaq Options 3: Trading Rules, Section 23(b)(3).
\99\ Id.
---------------------------------------------------------------------------

Full Service MEO Port (Single) Fees
On a per port basis, the proposed fee for Full Service MEO Ports
(Single) is similar to the per port fee charged by Nasdaq and Cboe BZX
Exchange, Inc. (``Cboe BZX'') for their similar port types, as
summarized in the table below.

----------------------------------------------------------------------------------------------------------------
Effective fee
Exchange Type of product/service Monthly fee per port
----------------------------------------------------------------------------------------------------------------
MIAX Pearl Options............................ Full Service MEO Port (Single).. $4,500 $187.50
Nasdaq \a\.................................... QUO Port........................ 750 750
Cboe BZX \a\.................................. BOE Unitized Logical Port....... 350 350
----------------------------------------------------------------------------------------------------------------
\a\ 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>.
\b\ 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>.

[[Page 18920]]

described above, it may appear that the Exchange's proposed fee for
Full Service MEO Ports (Single) is higher than other exchanges when in
fact, that may not be the case. The Exchange provides each Member or
non-Member access to two ports on all twelve matching engines for a
single monthly fee and a vast majority of participants choose to
connect to all twelve matching engines and utilize both ports for a
total of 24 ports. Other exchanges charge on a per port basis and
require firms to connect to multiple matching engines, thereby
multiplying the cost to access their full market.\100\ On the Exchange,
this is not the case. The Exchange provides each Member or non-Member
access, but does not require they connect to, all twelve matching
engines for the single monthly fee for Full Service MEO Ports (Single).
---------------------------------------------------------------------------

\100\ See, e.g., Cboe Titanium U.S. Options Binary Order Entry
Version 3 Specification, Version 1.1.9, page 8 (February 27, 2026)
(``Connectivity is now managed as a port specific to a matching
unit. Consequently, separate ports will be required for access to
each matching unit.''), 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>. Cboe does provide a
``convenience'' port that provides the ability to interact with all
matching units; however, the convenience port incurs additional
latency cost and may not be as useful for market participants that
are latency sensitive and require a port that is specific to each
matching engine. See id.
---------------------------------------------------------------------------

Nasdaq. Nasdaq offers several different types of ports and fee
structures. In particular, Nasdaq offers a QUO Port. The Exchange
believes that the QUO provides similar functionality as the Exchange's
Full Service MEO Ports (Single). As described above, a Full Service MEO
Port (Single) supports all MEO input message types and binary order
entry on a single order-by-order basis, but not bulk orders.\101\ For
bulk binary order entry, the Exchange offers Full Service MEO Ports
(Bulk).\102\ Full Service MEO Ports (Single) entitle a Member to two
such ports for each matching engine for a single monthly port fee.\103\
Similarly, Nasdaq's QUO Ports allow Nasdaq market makers to connect,
send, and receive messages related to single-sided orders to and from
Nasdaq,\104\ but does not offer bulk quoting capabilities, which Nasdaq
provides using SQF Ports. Further, just like the Exchange's Full
Service MEO Ports (Single), orders submitted by Nasdaq market makers
over the QUO Port interface are treated as quotes.\105\
---------------------------------------------------------------------------

\101\ See the Definitions section of the Fee Schedule.
\102\ See MIAX Pearl Options Exchange User Manual, Version 1.13,
Section 5.01 (revision date September 2, 2025), available at <a href="https://www.miaxglobal.com/miax_pearl_user_manual.pdf">https://www.miaxglobal.com/miax_pearl_user_manual.pdf</a>.
\103\ See Fee Schedule, Section 5)d), note ``*''.
\104\ See Nasdaq Options 3: Options Trading Rules, Section
7(e)(1)(D).
\105\ See Securities Exchange Act Release No. 103576 (July 29,
2025), 90 FR 36207 (August 1, 2025) (SR-NASDAQ-2025-055) (describing
the differences between SQF Ports and QUO Ports in footnotes 3 and
7).
---------------------------------------------------------------------------

For purposes of this comparison, Nasdaq charges a fee of $750 per
QUO Port per month. Although Nasdaq's technical specifications for QUO
Ports describes that the infrastructure may consist of multiple
matching engines and that each firm may need to connect to each
matching engine, the Exchange is unable to determine the range or
amount of QUO Ports a market maker would need to purchase in order to
quote the entire Nasdaq market.\106\ Based on publicly available
information, the Exchange believes that a Nasdaq market maker would
likely need to purchase multiple QUO Ports to access the full Nasdaq
options market.
---------------------------------------------------------------------------

\106\ See Nasdaq Quote Using Orders Specification, Version 1.4e,
Section 1.1 (``The [Nasdaq] infrastructures may consist of multiple
matching engines . . . Each engine trades all of the options for a
range of underlyings. . . . The QUO infrastructure is such that the
firms connect to one or more servers residing directly on the
matching engine infrastructure. Since there may be multiple matching
engines, firms will need to connect to each engine's infrastructure
in order to establish the ability to submit orders in the symbols
handled by that engine.'') (emphasis added).
---------------------------------------------------------------------------

The Exchange proposes to charge a flat fee of $4,500 per Full
Service MEO Port (Single) set, which provides Members with access to
all matching engines. Breaking this down at the individual port level
and cost per port, the Exchange assesses an effective per port fee of
$187.50. This is calculated by dividing the flat monthly fee for the
set of Full Service MEO Ports (Single) (i.e., $4,500) by the total
number of ports that a Member receives for that monthly fee, which is
24 (twelve matching engines multiplied by two Full Service MEO Ports
(Single) per matching engine). When compared to the Nasdaq per port fee
for the similar type of port--QUO Port--the Exchange's effective per
port fee is lower than the monthly per port fee assessed by Nasdaq of
$750. Further, a Nasdaq market maker would only receive six QUO Ports
for the same fee ($4,500) proposed by the Exchange for its Full Service
MEO Ports (Single), which allows an Exchange Market Maker to receive
twenty-four such ports. This is calculated by dividing the Exchange's
proposed monthly fee for its set of Full Service MEO Ports (Single),
which is $4,500, by the Nasdaq per port cost for a QUO Port of $750.
Accordingly, the Exchange believes its proposed Full Service MEO Port
(Single) fees are reasonable when compared to the fee charged by Nasdaq
for its QUO Port on a per port basis.
Cboe BZX. Cboe BZX offers several different types of ports and fee
structures. In particular, Cboe BZX offers a BOE Unitized Logical Port.
The Exchange believes that the BOE Unitized Logical Port is analogous
or similar to the Exchange's Full Service MEO Ports (Single). In
general, a Full Service MEO Port (Single) supports all MEO input
message types and binary order entry on a single order-by-order basis,
but not bulk orders.\107\ For bulk binary order entry, the Exchange
offers Full Service MEO Ports (Bulk).\108\ Full Service MEO Ports
(Single) entitle a Member to two such ports for each matching engine
for a single monthly port fee.\109\ Similarly, BOE Unitized Logical
Ports allow Cboe BZX members to submit orders and quotes, while the
Bulk Unitized Logical Ports allow Cboe BZX members to submit and update
multiple quote bids and offers in one message through logical ports
enabled for bulk-quoting.\110\ Cboe BZX members may purchase BOE
Unitized Logical Ports individually (i.e., capable of accessing a
specified matching engine, but not the entire Cboe BZX options market)
.
---------------------------------------------------------------------------

\107\ See the Definitions section of the Fee Schedule.
\108\ See MIAX Pearl Options Exchange User Manual, Version 1.13,
Section 5.01 (revision date September 2, 2025), available at <a href="https://www.miaxglobal.com/miax_pearl_user_manual.pdf">https://www.miaxglobal.com/miax_pearl_user_manual.pdf</a>.
\109\ See Fee Schedule, Section 5)d), note ``*''.
\110\ See Securities Exchange Act Release No. 104129 (September
29, 2025), 90 FR 47390 (October 1, 2025) (SR-CboeBZX-2025-134); see
also CBOE BZX Rule 21.1(l)(3).
---------------------------------------------------------------------------

The Exchange analyzed its proposed fee on an effective per port
basis when compared to Cboe BZX. For purposes of this comparison, Cboe
BZX charges a fee of $350 per BOE Unitized Logical Port per month,
which provides access to a single matching engine. The Exchange
proposes to charge a flat fee of $4,500 per Full Service MEO Port
(Single) set, which provides Members with access to all matching
engines. Breaking this down at the individual port level and cost per
port, the Exchange assesses an effective per port fee of $187.50. This
is calculated by dividing the flat monthly fee for the set of Full
Service MEO Ports (Single) (i.e., $4,500) by the total number of ports
that a Member receives for that monthly fee, which is 24 (twelve
matching engines multiplied by two Full Service MEO Ports (Single) per
matching engine). When compared to the Cboe BZX per port fee for the
similar type of port--BOE Unitized Logical Port--the Exchange's
effective per port fee is lower than the monthly per port

[[Page 18921]]

fee assessed by Cboe BZX of $350. Accordingly, the Exchange believes
its proposed Full Service MEO Port (Single) fees are reasonable when
compared to the fee charged by Cboe BZX for its BOE Unitized Logical
Port on a per port basis.
Full Service MEO Port (Bulk) Fees
The proposed Full Service MEO Port (Bulk) fees are comparable to,
or lower than, the similar port fees charged by Cboe C2, as summarized
in the table below.

----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
Exchange Type of product/ Monthly fee
service.
----------------------------------------------------------------------------------------------------------------
MIAX Pearl Options.......... Market Maker Full $5,500 Up to 10 Classes........... Up to 20% of Classes
Service MEO Port by volume (as a %
(Bulk). of national ADV).
8,000 Up to 40 Classes........... Up to 35% of Classes
by volume (as a %
of national ADV).
11,000 Up to 100 Classes.......... Up to 50% of Classes
by volume (as a %
of national ADV).
13,000 Over 100 Classes........... Over 50% of Classes
by volume up to all
Classes on MIAX
Pearl Options (as a
% of national ADV).
-----------------------------------------------------------------------------------
EEM Full Service MEO $8,000
Port (Bulk).
----------------------------------------------------------------------------------------------------------------
Cboe C2 \a\................. 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> ctwo/.

The Exchange's comparison to fees charged by other exchanges for
similar ports is limited because a thorough comparison would require
the Exchange to obtain competitively sensitive information about other
exchanges' architecture and how their members connect.
However, in a practical sense, the Exchange can surmise that a
market participant would require multiple ports to access an exchange's
entire market as a single port might not connect to all matching
engines or provide the latency benefits that the market participant's
quoting behavior requires. The Exchange does not know the actual number
of purge ports needed because it does not have insight into the
technical architecture of other exchanges so it is difficult to
ascertain the number of ports a firm would need to connect to another
exchange's entire market and quote that entire market. Therefore, the
Exchange is limited to comparing its proposed fee to other exchanges'
port fees as listed in their fee schedules.
Cboe C2. Cboe C2 charges similar, or higher, bulk order port fees
than the Full Service MEO Port (Bulk) fees proposed by the Exchange.
Cboe C2's Bulk BOE Ports are analogous to the Exchange's Full Service
MEO Ports (Bulk). In general, Full Service MEO Ports (Bulk) means an
MEO port that supports all MEO input message types and binary bulk
order entry.\111\ The Exchange's Full Service MEO Ports (Bulk) entitle
a Member to two such ports for each matching engine for a single
monthly port fee.\112\ The Exchange has twelve total matching engines;
therefore, for one monthly fee, each Member is provided twenty-four
total Full Service MEO Ports (Bulk) (i.e., two per matching engine
multiplied by twelve 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.\113\ 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.\114\ The Cboe C2 Bulk BOE Port does not provide a
Cboe C2 market maker with a port for each matching unit and the
Exchange believes that, based on the experience of its own Market
Makers, it would not be feasible to quote an entire market with only a
single (or handful) of ports; rather, a market maker would likely need
to have a port on each matching unit to be able to quote the entire
market.
---------------------------------------------------------------------------

\111\ See the Definitions section of the Fee Schedule. See also
MIAX Pearl Options Exchange User Manual, Version 1.13, Section 5.01
(revision date September 2, 2025), available at <a href="https://www.miaxglobal.com/miax_pearl_user_manual.pdf">https://www.miaxglobal.com/miax_pearl_user_manual.pdf</a>.
\112\ See Fee Schedule, Section 5)d), note ``*''.
\113\ 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>.
\114\ 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>.
---------------------------------------------------------------------------

The Exchange believes that Cboe C2 charges similar or higher bulk
port fees as the Full Service MEO (Bulk) fees proposed by the Exchange
herein for Market Makers and EEMs. 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 $5,500 and $13,000 per month for Full Service MEO Ports (Bulk)
for Market Makers, depending on the number of classes assigned or
percentage of national ADV, and $8,000 per month for Full Service MEO
Ports (Bulk) for EEMs. The Exchange's proposed rates for Market Makers
and EEMs provide two such ports for each of the Exchange's twelve
matching engines, for a total of twenty-four total ports for the
monthly fee (between $5,500 and $13,000). For a Cboe C2 member to
utilize a Bulk BOE Port on each matching unit, that member may need to
purchase between 31 and 35 such ports. When drawing a comparison to the
Exchange's proposed highest tier for Full Service MEO Ports (Bulk) for
Market Makers ($13,000), which provides an Exchange Member with 24
total ports, the Cboe C2 member would only receive seven Bulk BOE Ports
for slightly less than the same price (i.e., ($1,500 per Bulk BOE Port
multiplied by the first five Bulk BOE Ports) + ($2,500 per Bulk BOE
Port multiplied by the next two Bulk BOE Ports)). When drawing a
comparison to the Exchange's proposed fee for Full Service MEO Ports
(Bulk) for EEMs ($8,000), which provides an Exchange Member with 24
total ports, the Cboe C2 member would only receive five Bulk BOE Ports
for slightly less than the same price (i.e., ($1,500 per Bulk BOE Port
multiplied by the first five Bulk BOE Ports)). Accordingly, the
Exchange believes Cboe C2 charges similar or higher bulk port fees as
the Full Service MEO Port

[[Page 18922]]

(Bulk) fees proposed by the Exchange herein for Market Makers and EEMs.
* * * * *
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 for similar products or services
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. 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 is equitably allocated because of the service's or
product's utility and value to market participants 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 and EEM Clearing Firm Trading Permit Fees. The Exchange
believes the proposed Trading Permit fees for EEMs are equitably
allocated because the proposed fees would apply to each EEM in a
uniform manner, depending on the type of interface that the EEM uses to
access the Exchange--either FIX or MEO--and the Non-Transaction Fees
Volume-Based Tier achieved by the EEM in the relevant month.\115\ The
Exchange believes the proposal to charge higher Trading Permit fees for
EEMs that connect via the MEO Interface is equitable because the MEO
Interface provides higher throughput and enhanced functionality
compared to the FIX Interface. The MEO Interface is the Exchange's
proprietary, binary interface that offers Members lower latency and
higher throughput. Accordingly, the Exchange believes it is equitable
to charge slightly higher Trading Permit fees for EEMs that connect via
the MEO Interface compared to EEMs that connect solely through the
industry-standard FIX Interface.
---------------------------------------------------------------------------

\115\ See the Definitions Section of the Fee Schedule.
---------------------------------------------------------------------------

The Exchange believes its proposal to assess higher Trading Permit
fees to EEMs that reach Tiers 2 and 3 of the Non-Transaction Fees
Volume-Based Tier structure in the relevant month is not unfairly
discriminatory because the volume calculations and thresholds are
applied equally to all MIAX Pearl Members. All similarly situated
Members are subject to the same volume thresholds, and access to the
Exchange is offered on terms that are not unfairly discriminatory. The
specific volume thresholds of the Trading Permit fees were set based
upon business determinations. The Exchange believes that by basing
certain fees upon volume, this will permit Member firms to have the
same access to the Exchange but pay fees which are proportionate to
their usage of the Exchange. The same fees based upon the same volume
will also be assessed to Members on an equal basis since they are
assessed based upon the same volume of order flow provided. This
structure has also been in place at the current volume threshold levels
since the Exchange established Trading Permit fees in 2018.\116\
---------------------------------------------------------------------------

\116\ See Securities Exchange Act Release No. 82867 (March 13,
2018), 83 FR 12044 (March 19, 2018) (SR-PEARL-2018-07).
---------------------------------------------------------------------------

The Exchange believes the proposed increased Trading Permit fee for
EEM Clearing Firms is equitably allocated and not unfairly
discriminatory because the proposed fee would apply to each EEM
Clearing Firm in a uniform manner 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 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

[[Page 18923]]

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.\117\ 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.
---------------------------------------------------------------------------

\117\ 17 CFR 240.17a-1 (recordkeeping rule for national
securities exchanges, national securities associations, registered
clearing agencies and the Municipal Securities Rulemaking Board).
---------------------------------------------------------------------------

FIX, CTD, and FXD Port Fees. The Exchange believes that the
proposed FIX, CTD 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, CTD 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, CTD 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 CTD and FXD Ports, which
are used to provide messages concerning trade execution, cancellation,
and post-trade clearing information and, in the Exchange's experience,
Members tend to utilize fewer such ports overall. Further, the Exchange
believes the proposed fees for FIX, CTD and FXD Ports are reasonable
because for one monthly fee for each port, Members are able to access
all matching engines.
MEO 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. While the
Exchange believes that Purge Ports provide a valuable service, Market
Makers can choose to purchase, or not purchase, these ports based on
their own determination of the value and their business needs. No
Market Maker is required or under any regulatory obligation to utilize
Purge Ports. In fact, 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. Accordingly, the Exchange believes that
Purge Ports offer appropriate risk management functionality to firms
that trade on the Exchange for Market Makers that chose to purchase
them.
Purge Ports enhance Members' ability to manage orders, 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 Members 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 Members 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. 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 MEO Port Fees. The Exchange believes the proposed
fees for Limited Service MEO Ports are not unfairly discriminatory
because they would apply to all Market Makers equally. All Market
Makers remain eligible to receive two free Limited Service MEO 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 Makers choose
to purchase additional Limited Service MEO 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 Makers may
continue to choose to only utilize the free Limited Service MEO Ports
to accommodate their own trading or quoting strategies, or other
business models. All Market Makers elect to receive or purchase the
amount of Limited Service MEO Ports they require based on their own
business decisions and all market participants would be subject to the
same fee structure. Every Market Maker may receive up to two free
Limited Service MEO Ports and those that choose to purchase additional
Limited Service MEO 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 fees for Limited Service
MEO Ports is reasonable, equitable, and not unfairly discriminatory
because it is designed to align fees with services provided, will apply
equally to all Market Makers that are assigned Limited Service MEO
Ports, and minimizes barriers to entry by providing all Market Makers
with two free Limited Service MEO Ports. As a result, there are several
Market Makers that are not subject to any additional LSP fees. In
contrast, other exchanges generally charge in excess of $475 per port
(the highest fee

[[Page 18924]]

the Exchange proposes to charge for Limited Service MEO Ports) without
providing any initial ports for free.\118\
---------------------------------------------------------------------------

\118\ 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
MEO Port) 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
MEO Port).
---------------------------------------------------------------------------

The Exchange believes that the proposed Limited Service MEO Port
fee structure is equitable and not unfairly discriminatory because it
will continue to enable Market Makers to access the Exchange with two
free ports before the proposed fees for additional Limited Service MEO
Ports apply, thereby continuing to encourage order flow and liquidity
from a diverse set of Market Makers, facilitating price discovery and
the interaction of orders. The Exchange notes that a substantial
majority of Market Makers only utilize the two Limited Service MEO
Ports provided for no fee. The proposed fees are designed to encourage
Market Makers to be efficient with their Limited Service MEO Port
usage. There is no requirement that any Market Maker maintain a
specific number of Limited Service MEO Ports and a Market Maker may
choose to maintain as many or as few of such ports as each Member deems
appropriate.
Full Service MEO Port (Single) Fees. The proposed fees for Full
Service MEO Ports (Single) are not unfairly discriminatory because they
would apply to all Market Makers equally. The Exchange believes that
the proposed fee is reasonable, equitably allocated and not unfairly
discriminatory because, for the flat fee each month, the Exchange
provides each Member two Full Service MEO Ports (Single) 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,\119\ the Exchange offers Full Service MEO Ports as a
package and provides Market Makers with the option to receive up to two
Full Service MEO Ports per matching engine to which it connects. The
Exchange currently has twelve matching engines, which means Market
Makers may receive up to twenty-four Full Service MEO Ports (Single)
for a single monthly fee. Assuming a Market Maker connects to all
twelve matching engines during the month with two Full Service MEO
Ports (Single) per matching engine, this would result in a cost of
approximately $187.50 per Full Service MEO Port (Single) ($4,500
divided by 24). As described above, Full Service MEO Ports (Single)
support all MEO input message types and binary order entry on a single
order-by-order basis, but not bulk orders.\120\ These ports may be used
by market participants with less quoting or order volume that the
Market Makers that utilize the Full Service MEO Ports (Bulk).
Accordingly, the Exchange believes it is equitable and not unfairly
discriminatory to assess a lower fee for the Full Service MEO Port
(Single) as compared to the Full Service MEO Port (Bulk) for these
types of market participants.
---------------------------------------------------------------------------

\119\ 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.
\120\ See the Definitions section of the Fee Schedule.
---------------------------------------------------------------------------

Full Service MEO Port (Bulk) Fees. The proposed fees for Full
Service MEO Ports are not unfairly discriminatory because they would
apply to all Market Makers equally. The Exchange's pricing structure
for Full Service MEO Ports is similar to the pricing structure used by
the Exchange's affiliates, MIAX, MIAX Emerald, and MIAX Sapphire, for
their Full Service MEI/MEO Port fees.\121\ In the Exchange's
experience, Members that are frequently in the highest tier for Full
Service MEO Ports consume the most bandwidth and resources of the
network.
---------------------------------------------------------------------------

\121\ See MIAX Fee Schedule, Section 5)d)ii); 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 MEO 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,\122\
the Exchange offers Full Service MEO Ports as a package and provides
Market Makers with the option to receive up to two Full Service MEO
Ports per matching engine to which it connects. The Exchange currently
has twelve matching engines, which means Market Makers may receive up
to twenty-four Full Service MEO 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 twelve
matching engines during the month, and achieves the highest tier for
that month, with two Full Service MEO Ports per matching engine, this
would result in a cost of approximately $542 per Full Service MEO Port
($13,000 divided by 24, and rounded up to the nearest dollar).
---------------------------------------------------------------------------

\122\ 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 MEO Port
fee for Market Makers that fall within the 3rd and 4th levels of the
Full Service MEO 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 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. Increased liquidity from a diverse set
of market participants helps facilitate price discovery and the
interaction of orders,

[[Page 18925]]

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, MIAX Emerald, and MIAX Sapphire, offer a
similar reduced fee for their Full Service MEO/MEI Ports for smaller-
scale Market Makers.\123\
---------------------------------------------------------------------------

\123\ See MIAX Fee Schedule, Section 5)d)ii), note ``*''; MIAX
Emerald Fee Schedule, Section 5)d)ii), note ``[mshbox]'' 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,\124\ 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.
---------------------------------------------------------------------------

\124\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

Intra-Market Competition
EEM Trading Permit Fees
The Exchange believes the proposed Trading Permit fees for EEMs do
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 fees do not favor certain categories of market participants in
a manner that would impose a burden on competition. The Exchange
believes the proposed fees, which are based on the type of interface
that the EEM uses to access the Exchange--either FIX or MEO--and the
Non-Transaction Fees Volume-Based Tier achieved by the EEM in the
relevant month,\125\ are designed to provide objective criteria for
EEMs of different sizes and business models that best matches their
order activity on the Exchange. Further, the Exchange believes the
proposed higher fees for EEMs that connect via the MEO Interface (as
opposed to the FIX Interface) do not place certain market participants
at a relative disadvantage to other market participants because the MEO
Interface provides higher throughput and enhanced functionality
compared to the FIX Interface. The MEO Interface is the Exchange's
proprietary, binary interface that offers Members lower latency and
higher throughput. Accordingly, the Exchange believes the higher
proposed Trading Permit fees for EEMs that connect via the MEO
Interface do not impose any burden on intra-market competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

\125\ See the Definitions Section of the Fee Schedule.
---------------------------------------------------------------------------

EEM Clearing Firm Trading Permit Fee
The Exchange believes the proposed increased Trading Permit fee for
EEM Clearing Firms 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; rather, the fee rate is the same for each EEM
Clearing Firm without regard to membership status or the extent of any
other business with the Exchange or affiliated entities in order for
each EEM Clearing Firm to clear transactions on the Exchange.
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, is
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,

[[Page 18926]]

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 Exchange of
providing such connectivity services.
FIX, CTD, and FXD Port Fees
The Exchange believes that the proposed FIX, CTD 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, CTD 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, CTD or FXD Ports an entity selects and not on any other
distinction applied by the Exchange.
MEO 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 MEO Port Fees
The Exchange does not believe its proposed fees for Limited Service
MEO Ports will place certain market participants at a relative
disadvantage to other market participants. All market participants
would be eligible to receive two free Limited Service MEO Ports and
those that elect to purchase more would be subject to the same tiered
rates. All market participants purchase the amount of Limited Service
MEO Ports they require based on their own business decisions and
similarly situated firms are subject to the same fees.
Full Service MEO Port Fees
The Exchange does not believe proposed fees for Full Service MEO
Ports will place certain market participants at a relative disadvantage
to other market participants because they would apply to all EEMs and
Market Makers equally, depending on whether the Member chooses to
utilize a single or bulk port. Further the Exchange does not believe
proposed fees for Full Service MEO Ports (Bulk) 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 MEO Ports (Bulk)
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 Member two Full Service MEO Ports for each
matching engine to which that Member is connected. Further, the
Exchange offers a reduced Full Service MEO Port (Bulk) fee for Market
Makers that fall within the 3rd and 4th levels of the Full Service MEO
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, 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,\126\ and Rule 19b-4(f)(2) \127\ 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

[[Page 18927]]

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.
---------------------------------------------------------------------------

\126\ 15 U.S.C. 78s(b)(3)(A)(ii).
\127\ 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#fc8e899099d19f9391919992888fbc8f999fd29b938a"><span class="__cf_email__" data-cfemail="097b7c656c246a6664646c677d7a497a6c6a276e667f">[email&#160;protected]</span></a>. Please include
file number SR-PEARL-2026-14 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-PEARL-2026-14. 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 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-PEARL-2026-14 and should be submitted on or
before May 4, 2026.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\128\
---------------------------------------------------------------------------

\128\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07040 Filed 4-10-26; 8:45 am]
BILLING CODE 8011-01-P

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