85938 Federal Register / Vol. 88, No. 236 / Monday, December 11, 2023 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange originally filed to amend the Fee 

Schedule on October 31, 2023 (SR–NYSEAMER– 

2023–55), then withdrew such filing and amended 

the Fee Schedule on November 15, 2023 (SR– 

NYSEAMER–2023–60), which latter filing the 

Exchange withdrew on November 27, 2023. 

5See Fee Schedule, Section I.I., Firm Monthly 

Fee Cap, available at: https://www.nyse.com/ 

publicdocs/nyse/markets/american-options/NYSE_

American_Options_Fee_Schedule.pdf. 

6The Exchange also proposes two clarifying 

changes to the description of the Firm Monthly Fee 

Cap. First, the Exchange proposes to add text to 

specify that fees for QCC transactions are included 

in the Manual transaction fees eligible to be capped. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice by January 10, 2024 to (i) 

www.reginfo.gov/public/do/PRAMain 

and (ii) David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or by sending an email to: 

PRA_Mailbox@sec.gov. 

Dated: December 6, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27146 Filed 12–8–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–457, OMB Control No. 

3235–0518] 

Submission for OMB Review; 

Comment Request; Extension: Form 

CB, Tender Offer/Rights Offering 

Notification Form 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget this 

request for extension of the previously 

approved collection of information 

discussed below. 

Form CB (17 CFR 239.800) is a 

document filed in connection with a 

tender offer for a foreign private issuer. 

This form is used to report an issuer 

tender offer conducted in compliance 

with Exchange Act Rule 13e–4(h)(8) (17 

CFR 240.13e–4(h)(8)), a third-party 

tender offer conducted in compliance 

with Exchange Act Rule 14d–1(c) (17 

CFR 240.14d–1(c)) and a going private 

transaction conducted in accordance 

with Rule 13e–3(g)(6) (17 CFR 240.13e– 

3(g)(6)). Form CB is also used by a 

subject company pursuant to Exchange 

Act Rule 14e–2(d) (17 CFR 240.14e– 

2(d)). This information is made 

available to the public. Information 

provided on Form CB is mandatory. 

Form CB takes approximately 0.5 hours 

per response to prepare and is filed by 

approximately 58 respondents annually. 

We estimate that 25% of the 0.5 hours 

per response (0.125 hours) is prepared 

by the respondent for an annual 

reporting burden of 7 hours (0.125 hours 

per response × 58 responses). 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice by January 10, 2024 to (i) 

www.reginfo.gov/public/do/PRAMain 

and (ii) David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or by sending an email to: 

PRA_Mailbox@sec.gov. 

Dated: December 6, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27144 Filed 12–8–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99087; File No. SR– 

NYSEAMER–2023–63] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Modify the NYSE 

American Options Fee Schedule 

December 5, 2023. 

Pursuant to section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on 

November 27, 2023, NYSE American 

LLC (‘‘NYSE American’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to modify the 

NYSE American Options Fee Schedule 

(‘‘Fee Schedule’’) regarding the Firm 

Monthly Fee Cap. The Exchange 

proposes to implement the fee change 

effective November 27, 2023.4 The 

proposed rule change is available on the 

Exchange’s website at www.nyse.com, at 

the principal office of the Exchange, and 

at the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this filing is to amend 

the Fee Schedule to modify the Firm 

Monthly Fee Cap. The Exchange 

proposes to implement the rule change 

on November 15, 2023. 

The Firm Monthly Fee Cap is set forth 

in Section I.I. of the Fee Schedule.5

Currently, a Firm’s fees associated with 

Manual transactions are capped at 

$200,000 per month per Firm.6


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Federal Register / Vol. 88, No. 236 / Monday, December 11, 2023 / Notices 85939 

This proposed change is not intended to modify the 

applicability of the Firm Monthly Fee Cap, but 

rather to ensure that the Fee Schedule clearly 

reflects the fees that are eligible for the Firm 

Monthly Fee Cap. Second, the Exchange proposes 

to delete the last sentence of the description of the 

Firm Monthly Fee Cap as extraneous. This 

proposed change similarly does not impact the 

applicability of the Firm Monthly Fee Cap and is 

instead intended to promote clarity in the Fee 

Schedule. 

7The Exchange also proposes a conforming 

change to footnote 4 in Section I.A. (Rates for 

Options transactions) of the Fee Schedule, which 

cross-references the Firm Monthly Fee Cap as set 

forth in Section I.I. The Exchange likewise proposes 

to modify footnote 4 to replace the reference to a 

$200,000 cap with a reference to a $250,000 cap. 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(4) and (5). 

10See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(S7–10–04) (‘‘Reg NMS Adopting Release’’). 

11The OCC publishes options and futures volume 

in a variety of formats, including daily and monthly 

volume by exchange, available here: https:// 

www.theocc.com/Market-Data/Market-DataReports/Volume-and-Open-Interest/MonthlyWeekly-Volume-Statistics. 

12Based on a compilation of OCC data for 

monthly volume of equity-based options and 

monthly volume of ETF-based options, see id., the 

Exchange’s market share in equity-based options 

decreased from 8.66% for the month of September 

2022 to 7.31% for the month of September 2023. 

13See, e.g., BOX Options Fee Schedule, available 

at: https://boxoptions.com/fee-schedule/ (no cap on 

Firm manual transaction fees). 

The Exchange proposes to raise the 

Firm Monthly Fee Cap to $250,000 per 

month per Firm. To effect this change, 

the Exchange proposes to modify 

Section I.I. to replace references to a 

$200,000 cap with references to a 

$250,000 cap.7 Once a Firm has reached 

the Firm Monthly Fee Cap, an 

incremental service fee of $0.02 per 

contract for Firm Manual transactions 

will apply, including for the execution 

of a QCC order. Royalty Fees and fees 

or volumes associated with Strategy 

Executions will continue to be excluded 

from the calculation of fees towards the 

Firm Monthly Fee Cap. Firm 

Facilitation Manual trades will also 

continue to be executed at the rate of 

$0.00 per contract regardless of whether 

a Firm has reached the Firm Monthly 

Fee Cap. 

The Exchange believes that the 

proposed change, despite increasing the 

amount of the Firm Monthly Fee Cap, 

would continue to incent Firms to direct 

order flow to the Exchange to receive 

the benefits of a fee cap on Manual 

transaction fees (including fees for QCC 

transactions). 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

section 6(b) of the Act,8 in general, and 

furthers the objectives of sections 6(b)(4) 

and (5) of the Act,9 in particular, 

because it provides for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members, 

issuers and other persons using its 

facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

The Proposed Rule Change Is 

Reasonable 

The Exchange operates in a highly 

competitive market. The Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, the 

Commission highlighted the importance 

of market forces in determining prices 

and SRO revenues and, also, recognized 

that current regulation of the market 

system ‘‘has been remarkably successful 

in promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 10

There are currently 17 registered 

options exchanges competing for order 

flow. Based on publicly-available 

information, and excluding index-based 

options, no single exchange has more 

than 16% of the market share of 

executed volume of multiply-listed 

equity and ETF options trades.11

Therefore, no exchange possesses 

significant pricing power in the 

execution of multiply-listed equity and 

ETF options order flow. More 

specifically, in September 2023, the 

Exchange had less than 8% market 

share of executed volume of multiplylisted equity and ETF options trades.12

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow, or discontinue or 

reduce use of certain categories of 

products, in response to fee changes. 

Accordingly, competitive forces 

constrain options exchange transaction 

fees. Stated otherwise, changes to 

exchange transaction fees can have a 

direct effect on the ability of an 

exchange to compete for order flow. 

The proposed increase to the Firm 

Monthly Fee Cap is reasonable because 

the Exchange believes the fee cap, 

although higher, would continue to 

incent Firms to direct order flow to the 

Exchange to receive the benefits of 

capped fees for their Manual 

transactions (including QCC 

transactions). The Exchange also 

believes the proposed change is 

reasonable because the proposed fee cap 

amount would be applicable to all 

Firms. In addition, although the 

proposed change would raise the 

amount of the Firm Monthly Fee Cap, it 

would continue to offer Firms the 

opportunity to qualify for capped fees 

on Manual transactions (including QCC 

transactions), which the Exchange 

believes provides Firms with a benefit 

not offered by at least one other options 

exchange.13 The Exchange also believes 

that the proposed clarifying changes are 

reasonable, as they are intended only to 

improve the clarity of the Fee Schedule 

(and are not intended to effect any 

substantive changes). 

To the extent the proposed change 

continues to attract greater volume and 

liquidity, the Exchange believes the 

proposed change would improve the 

Exchange’s overall competitiveness and 

strengthen its market quality for all 

market participants. In the backdrop of 

the competitive environment in which 

the Exchange operates, the proposed 

rule change is a reasonable attempt by 

the Exchange to increase the depth of its 

market and improve its market share 

relative to its competitors. The 

Exchange’s fees are constrained by 

intermarket competition, as market 

participants can choose to direct their 

order flow to any of the 17 options 

exchanges. The Exchange believes that 

proposed rule change is designed to 

continue to incent market participants 

to direct liquidity and, in particular, 

Manual (including QCC) transactions, to 

the Exchange, and, to the extent they 

continue to be incentivized to aggregate 

their trading activity at the Exchange, 

that increased liquidity could promote 

market depth, price discovery and 

improvement, and enhanced order 

execution opportunities for all market 

participants. 

The Proposed Rule Change Is an 

Equitable Allocation of Credits and Fees 

The Exchange believes the proposed 

rule change is an equitable allocation of 

its fees and credits. The proposed 

change is equitable because the proposal 

is based on the amount and type of 

business transacted on the Exchange. 

The Exchange also believes that the 

proposed modification of the Firm 

Monthly Fee Cap is equitable because it 

would be available to all Firms equally 

and would continue to provide the same 

fee cap amount for all Firms. The 

Exchange also believes that the 

proposed rule change is equitable with 

respect to non-Firm market participants 

because the Firm Monthly Fee Cap 

would not be as meaningful for 

Customers and because Market Makers 

are offered other incentives to reduce 


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85940 Federal Register / Vol. 88, No. 236 / Monday, December 11, 2023 / Notices 

14For example, Customers are not subject to a fee 

for Manual transactions, and the Exchange offers 

various incentives to Market Makers, including the 

Market Maker Sliding Scale and Prepayment 

Program. See Fee Schedule at Sections I.A., I.C., 

and I.D. 

15See id. 

16See Reg NMS Adopting Release, supra note 9, 

at 37499. 

17See note 10, supra. 

18See note 11, supra. 

19See note 12, supra. 

20 15 U.S.C. 78s(b)(3)(A). 

transaction fees.14 The Exchange 

believes that the proposed change, 

although it increases the fee cap 

amount, would not discourage Firms 

from directing order flow to the 

Exchange. To the extent that the 

proposed change achieves its purpose in 

continuing to incent Firms to aggregate 

their executions at the Exchange as a 

primary execution venue and does not 

discourage Firms from continuing to 

direct order flow to the Exchange to 

achieve the benefits of capped fees, this 

increased order flow would continue to 

make the Exchange a more competitive 

venue for, among other things, order 

execution, and all market participants 

would benefit from enhanced 

opportunities for price improvement 

and order execution. Thus, the 

Exchange believes the proposed rule 

change would improve market quality 

for all market participants on the 

Exchange and, as a consequence, attract 

more order flow to the Exchange, 

thereby improving market-wide quality 

and price discovery. 

The Proposed Rule Change Is Not 

Unfairly Discriminatory 

The Exchange believes that the 

modification of the Firm Monthly Fee 

Cap is not unfairly discriminatory 

because the fee cap amount, as 

proposed, would continue to be 

applicable to all similarly situated 

Firms, any of which could continue to 

be incentivized to direct order flow to 

the Exchange to qualify for the fee cap. 

Moreover, the proposed change to the 

Firm Monthly Fee Cap is not unfairly 

discriminatory because it would 

continue to apply the same fee cap 

amount to all Firms. The Exchange 

notes that offering the Firm Monthly Fee 

Cap, as proposed, to Firms but not to 

other market participants is not unfairly 

discriminatory because the Firm 

Monthly Fee Cap would not be as 

meaningful for Customers and because 

Market Makers are offered other 

incentives to reduce transaction fees.15

To the extent the proposed change 

continues to attract Manual (including 

QCC) transactions to the Exchange, this 

increased order flow would continue to 

make the Exchange a more competitive 

venue for order execution. Thus, the 

Exchange believes the proposed rule 

change would improve market quality 

for all market participants on the 

Exchange and, as a consequence, attract 

more order flow to the Exchange, 

thereby improving market-wide quality 

and price discovery. The resulting 

increased volume and liquidity would 

provide more trading opportunities and 

tighter spreads to all market participants 

and thus would promote just and 

equitable principles of trade, remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system and, in 

general, protect investors and the public 

interest. 

Finally, the Exchange believes that it 

is subject to significant competitive 

forces, as described below in the 

Exchange’s statement regarding the 

burden on competition. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with section 6(b)(8) of 

the Act, 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. 

Instead, as discussed above, the 

Exchange believes that the proposed 

change would encourage the submission 

of additional liquidity to a public 

exchange, thereby promoting market 

depth, price discovery and transparency 

and enhancing order execution 

opportunities for all market 

participants. As a result, the Exchange 

believes that the proposed change 

furthers the Commission’s goal in 

adopting Regulation NMS of fostering 

integrated competition among orders, 

which promotes ‘‘more efficient pricing 

of individual stocks for all types of 

orders, large and small.’’ 16

Intramarket Competition. The 

proposed change is designed to 

continue to attract order flow to the 

Exchange, which could increase the 

volumes of contracts traded on the 

Exchange. Greater liquidity benefits all 

market participants on the Exchange, 

and the Exchange believes that the 

proposed modification of the Firm 

Monthly Fee Cap (even though it would 

raise the amount of the fee cap) would 

not impose any burden on competition 

that is not necessary or appropriate 

because it is intended to continue to 

incentivize Firms to direct order flow to 

the Exchange to be eligible for the 

benefits of capped fees on Manual 

transactions (including QCC 

transactions), thereby promoting 

liquidity on the Exchange to the benefit 

of all market participants. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

participants can readily favor one of the 

17 competing option exchanges if they 

deem fee levels at a particular venue to 

be excessive. In such an environment, 

the Exchange must continually adjust its 

fees to remain competitive with other 

exchanges and to attract order flow to 

the Exchange. Based on publiclyavailable information, and excluding 

index-based options, no single exchange 

has more than 16% of the market share 

of executed volume of multiply-listed 

equity and ETF options trades.17

Therefore, no exchange possesses 

significant pricing power in the 

execution of multiply-listed equity and 

ETF options order flow. More 

specifically, in September 2023, the 

Exchange had less than 8% market 

share of executed volume of multiplylisted equity and ETF options trades.18

The Exchange believes that the 

proposed rule change reflects this 

competitive environment because it 

modifies the Exchange’s fees in a 

manner designed to continue to incent 

market participants to direct trading 

interest to the Exchange, to provide 

liquidity and to attract order flow. To 

the extent that Firms are incentivized to 

utilize the Exchange as a primary 

trading venue for all transactions, all of 

the Exchange’s market participants 

should benefit from the improved 

market quality and increased 

opportunities for price improvement. 

The Exchange further believes that the 

proposed change could promote 

competition between the Exchange and 

other execution venues, including those 

that do not offer a cap on Firm fees,19

by encouraging additional orders to be 

sent to the Exchange for execution. In 

such an environment, the Exchange 

must continually review, and consider 

adjusting, its fees and credits to remain 

competitive with other exchanges. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to section 

19(b)(3)(A) 20 of the Act and 


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Federal Register / Vol. 88, No. 236 / Monday, December 11, 2023 / Notices 85941 

21 17 CFR 240.19b–4(f)(2). 

22 15 U.S.C. 78s(b)(2)(B). 

23 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3The proposed fee change is based on a recent 

proposal by Nasdaq Phlx LLC (‘‘Phlx’’) to adopt fees 

for purge ports. See Securities Exchange Act 

Release No. 97825 (June 30, 2023), 88 FR 43405 

(July 7, 2023) (SR–Phlx–2023–28). 

4The term ‘‘Market Makers’’ refers to Lead Market 

Makers (‘‘LMMs’’), Primary Lead Market Makers 

(‘‘PLMMs’’), and Registered Market Makers 

(‘‘RMMs’’) collectively. See Exchange Rule 100. 

5The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

6See Securities Exchange Act Release No. 98734 

(October 12, 2023), 88 FR 71894 (October 18, 2023) 

(SR–EMERALD–2023–26). 

7See Cboe BXZ Exchange, Inc. (‘‘BZX’’) Options 

Fee Schedule, Options Logical Port Fees, Purge 

Ports ($750 per purge port per month); Cboe EDGX 

Exchange, Inc. (‘‘EDGX’’) Options Fee Schedule, 

Continued 

subparagraph (f)(2) of Rule 19b–4 21

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under section 19(b)(2)(B) 22 of the Act to 

determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSEAMER–2023–63 on the subject 

line. 

Paper Comments 

• 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–NYSEAMER–2023–63. 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 (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NYSEAMER–2023–63 and should 

be submitted on or before January 2, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27065 Filed 12–8–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99089; File No. SR– 

EMERALD–2023–29] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Fee 

Schedule for Purge Ports 

December 5, 2023. 

Pursuant to section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on November 

22, 2023, 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

MIAX Emerald Options Exchange Fee 

Schedule (the ‘‘Fee Schedule’’) to 

amend fees for Purge Ports.3

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 

us-options/emerald-options/rule-filings, 

at MIAX’s principal office, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange is proposing to amend 

the fees for Purge Ports, which is a 

function enabling Market Makers 4 to 

cancel all open quotes or a subset of 

open quotes through a single cancel 

message. The Exchange currently 

provides Market Makers the option to 

purchase Purge Ports to assist in their 

quoting activity. Purge Ports provide 

Market Makers with the ability to send 

purge messages to the Exchange 

System.5 Purge Ports are not capable of 

sending or receiving any other type of 

messages or information. The use of 

Purge Ports is completely optional and 

no rule or regulation requires that a 

Market Maker utilize them. 

The Exchange initially filed the 

proposal on September 29, 2023 

(EMERALD–2023–26) (the ‘‘Initial 

Proposal’’).6 On November 22, 2023, the 

Exchange withdrew the Initial Proposal 

and replaced it with this filing. 

Unlike other options exchanges that 

charge fees for Purge Ports on a per port 

basis,7 the Exchange assesses a flat fee 


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