Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Emerald Options Exchange Fee Schedule To Regroup Options Exchanges Within the Routing Fee Table

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Release No. 34-104401; File No. SR-EMERALD-2025-20]</DEPDOC> <SUBJECT>Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Emerald Options Exchange Fee Schedule To Regroup Options Exchanges Within the Routing Fee Table</SUBJECT> <DATE>December 15, 2025.</DATE> Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act” or “Exchange Act”), <SU>1</SU> <FTREF/> and Rule 19b-4 thereunder, <SU>2</SU> <FTREF/> notice is hereby given that on December 1, 2025, MIAX Emerald, LLC (“MIAX Emerald” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the 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. <FTNT> <SU>1</SU>  15 U.S.C. 78s(b)(1). </FTNT> <FTNT> <SU>2</SU>  17 CFR 240.19b-4. </FTNT> <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD> The Exchange proposes to amend the MIAX Emerald Options Exchange Fee Schedule (the “Fee Schedule”). The text of the proposed rule change is available on the Exchange's website at <E T="03">https://www.miaxglobal.com/markets/us-options/miax-options/rule-filings,</E> and at the Exchange's principal office. <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> 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. <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> <HD SOURCE="HD3">1. Purpose</HD> The Exchange proposes to amend the exchange grouping of options exchanges within the routing fee table in Section 1)b) of the Fee Schedule, Fees for Customer Orders Routed to Another Options Exchange, to adjust the groupings of options exchanges. <HD SOURCE="HD3">Background</HD> Currently, the Exchange assesses routing fees based upon (i) the origin type of the order; (ii) whether or not it is an order for standard option classes in the Penny Interval Program  <SU>3</SU> <FTREF/> (“Penny classes”) or an order for standard option classes which are not in the Penny Interval Program (“Non-Penny classes”) (or other explicitly identified classes); and (iii) to which away market it is being routed. This assessment practice is identical to the routing fees assessment practice currently utilized by the Exchange's affiliates, Miami International Securities Exchange, LLC (“MIAX”), MIAX PEARL, LLC (“MIAX Pearl”), and MIAX Sapphire, LLC (“MIAX Sapphire”). This is also similar to the methodology utilized by the Cboe BZX Exchange, Inc. (“Cboe BZX Options”), a competing options exchange, in assessing routing fees. Cboe BZX Options has exchange groupings in its fee schedule, similar to those of the Exchange, whereby several exchanges are grouped into the same category dependent upon the order's origin type and whether it is a Penny or Non-Penny class. <SU>4</SU> <FTREF/> <FTNT> <SU>3</SU>   <E T="03">See</E> Exchange Rule 510(b). </FTNT> <FTNT> <SU>4</SU>   <E T="03">See</E> Cboe U.S. Options Fee Schedules, BZX Options, effective November 20, 2025, “Fee Codes and Associated Fees,” at <E T="03">https://www.cboe.com/us/options/membership/fee_schedule/bzx/(lastvisitedNovember23,2025).</E> </FTNT> As a result of conducting a periodic review of the current transaction fees charged by away markets the Exchange has determined to amend the exchange groupings of options exchanges within the routing fee table to better reflect the associated costs and fees of routing customer orders to certain away markets for execution. <HD SOURCE="HD3">Proposal</HD> The Exchange proposes to amend the table in Section 1)b) of the Exchange's Fee Schedule, Fees for Customer Orders Routed to Another Options Exchange, to update the exchange groupings of options exchanges within the routing fee table. Under this proposed change, the Exchange will not amend the fees associated with the exchange groupings. This proposal merely seeks to amend the exchange groupings, which change is reflected in the routing fee table below and described in detail herein. <GPOTABLE COLS="2" OPTS="L2,nj,tp0,i1" CDEF="s200,12"> <TTITLE> </TTITLE> <CHED H="1">Description</CHED> <CHED H="1">Fees</CHED> <ROW> <ENT I="01">Routed, Priority Customer, Penny Program, to: NYSE American, Cboe, Cboe EDGX Options, MIAX, Nasdaq PHLX (except SPY), Nasdaq MRX, MIAX Sapphire</ENT> <ENT>$0.15</ENT> </ROW> <ROW> <ENT I="01">Routed, Priority Customer, Penny Program, to: BOX</ENT> <ENT>0.30</ENT> </ROW> <ROW> <ENT I="01">Routed, Priority Customer, Penny Program, to: NYSE Arca Options, Cboe BZX Options, Cboe C2, Nasdaq GEMX, Nasdaq ISE, NOM, Nasdaq PHLX (SPY only), MIAX Pearl, Nasdaq BX Options, MEMX</ENT> <ENT>0.65</ENT> </ROW> <ROW> <ENT I="01">Routed, Priority Customer, Non-Penny Program, to: NYSE American, BOX, Cboe, Cboe EDGX Options, MIAX, Nasdaq PHLX, Nasdaq MRX, MIAX Sapphire</ENT> <ENT>0.15</ENT> </ROW> <ROW> <ENT I="01">Routed, Priority Customer, Non-Penny Program, to: NYSE Arca Options, Cboe BZX Options, Cboe C2, MIAX Pearl, Nasdaq GEMX, NOM, Nasdaq BX Options, Nasdaq ISE, MEMX</ENT> <ENT>1.00</ENT> </ROW> <ROW> <ENT I="01">Routed, Public Customer that is not a Priority Customer, Penny Program, to: NYSE American, NYSE Arca Options, Cboe BZX Options, BOX, Cboe, Cboe C2, Cboe EDGX Options, Nasdaq GEMX, Nasdaq ISE, Nasdaq MRX, MIAX, MIAX Pearl, NOM, Nasdaq PHLX, Nasdaq BX Options, MEMX, MIAX Sapphire</ENT> <ENT>0.65</ENT> </ROW> <ROW> <ENT I="01">Routed, Public Customer that is not a Priority Customer, Non-Penny Program, to: MIAX, NYSE American, Cboe, Nasdaq PHLX, Cboe EDGX Options, NOM</ENT> <ENT>1.00</ENT> </ROW> <ROW> <ENT I="01">Routed, Public Customer that is not a Priority Customer, Non-Penny Program, to: Cboe C2, BOX, MIAX Sapphire</ENT> <ENT>1.15</ENT> </ROW> <ROW> <ENT I="01">Routed, Public Customer that is not a Priority Customer, Non-Penny Program, to: NYSE Arca Options, Nasdaq GEMX, Nasdaq MRX, MIAX Pearl</ENT> <ENT>1.25</ENT> </ROW> <ROW> <ENT I="01">Routed, Public Customer that is not a Priority Customer, Non-Penny Program, to: Cboe BZX Options, Nasdaq ISE, Nasdaq BX Options, MEMX</ENT> <ENT>1.40</ENT> </ROW> </GPOTABLE> The Exchange proposes to remove “MEMX” from the “Routed, Public Customer that is not a Priority Customer, Non-Penny Program” $1.25 fee tier and amend the “Routed, Public Customer that is not a Priority Customer, Non-Penny Program” $1.40 fee tier to add “MEMX”. This change is being made as MEMX LLC (“MEMX”) recently amended its fee schedule and now assesses a transaction fee of $1.21 per contract for orders in Non-Penny classes in Professional capacities which remove liquidity from the MEMX Options Book. <SU>5</SU> <FTREF/> <FTNT> <SU>5</SU>   <E T="03">See</E> MEMX Options Fee Schedule (effective August 1, 2025), Transaction Fees, <E T="03">available at https://info.memxtrading.com/us-options-trading-resources/us-options-fee-schedule/</E> (last visited November 23, 2025); <E T="03">see also</E> Securities Exchange Act Release No. 100804 (August 22, 2024), 89 FR 68956 (August 28, 2024) (SR-MEMX-2024-32). The Exchange notes that the origin type of the order “Public Customer that is not a Priority Customer” in the MIAX Options Fee Schedule is substantively similar to the origin type of the order “Professional” in the MEMX Options Fee Schedule. The term “Public Customer” means a person that is not a broker or dealer in securities. The term “Priority Customer” means a person or entity that (i) is not a broker or dealer in securities, and (ii) does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). <E T="03">See</E> Exchange Rule 100. The term “Professional” means any person or entity that (A) is not a broker or dealer in securities; and (B) places more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). <E T="03">See</E> Rules of MEMX, Rule 16.1, <E T="03">available at https://info.memxtrading.com/wp-content/uploads/2025/09/MEMX-Rulebook-9.16.25-Clean.pdf</E> (last visited November 23, 2025). </FTNT> The purpose of the proposal is to adjust the routing fee groups for orders routed to other exchanges to better reflect the associated costs for that routed execution in Penny and Non-Penny classes as determined by the fees and rebates at the executing exchange. In determining to amend its groupings, the Exchange took into account transaction fees assessed by the away market to which the Exchange routes orders, as well as the Exchange's clearing costs, administrative, regulatory, and technical costs associated with routing orders to an away market. The Exchange uses unaffiliated routing brokers to route orders to the away markets; the costs associated with the use of these services are included in the routing fees specified in the Fee Schedule. This routing fee structure is not only similar to the Exchange's affiliates, MIAX, MIAX Pearl, and MIAX Sapphire, but is also comparable to the structure in place on at least one other competing options exchange, Cboe BZX Options. <SU>6</SU> <FTREF/> The Exch ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 20k characters. Full document text is stored and available for version comparison. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━