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Federal Register / Vol. 86, No. 39 / Tuesday, March 2, 2021 / Notices
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 Organizations Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Emerald Fee Schedule the Fee Schedule.
The text of the proposed rule change is available on the Exchanges website at http www.miaxoptions.com/rulefilings/emerald, at MIAXs principal office, and at the Commissions Public Reference Room.
II. Self-Regulatory Organizations 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 Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose
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The Exchange proposes to amend the Fee Schedule to: 1 Adopt Port fees; 2
increase the Exchanges network connectivity fees for its 10 gigabit Gb ultra-low latency ULL fiber connection for Members 3 and nonMembers collectively, the Proposed Access Fees; and 3 increase the number of Additional Limited Service MIAX Emerald Express Interface
3 The term Member means an individual or organization approved to exercise the trading rights associated with a Trading Permit. Members are deemed members under the Exchange Act. See Exchange Rule 100.

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MEI 4 Ports available to Market Makers.5
On September 15, 2020, the Exchange issued a Regulatory Circular which announced, among other things, that the Exchange would adopt Port fees, thereby terminating the Waiver Period 6
for such fees, and increase the fees for its 10Gb ULL connection for Members and non-Members, beginning October 1, 2020.7 On January 14, 2021, the Exchange announced that it would offer Market Makers the ability to purchase an additional six Limited Service MEI
Ports,8 without changing the Limited Service MEI Port fee amount.
The Exchange initially filed its proposal to adopt certain Port fees and increase the fees for its 10Gb ULL
connection on October 1, 2020.9 The First Proposed Rule Change was published for comment in the Federal Register on October 20, 2020.10 The Exchange notes that the First Proposed Rule Change did not receive any 4 MIAX Emerald Express Interface is a connection to the MIAX Emerald System that enables Market Makers to submit simple and complex electronic quotes to MIAX Emerald. Full Service MEI Ports means a port which provides Market Makers with the ability to send Market Maker simple and complex quotes, eQuotes, and quote purge messages to the MIAX Emerald System. Full Service MEI
Ports are also capable of receiving administrative information. Market Makers are limited to two Full Service MEI Ports per Matching Engine. Limited Service MEI Ports means a port which provides Market Makers with the ability to send simple and complex eQuotes and quote purge messages only, but not Market Maker Quotes, to the MIAX Emerald System. Limited Service MEI Ports are also capable of receiving administrative information. Market Makers initially receive two Limited Service MEI
Ports per Matching Engine. See the Definitions Section of the Fee Schedule.
5 Market Maker refers to Lead Market Maker LMM, Primary Lead Market Maker PLMM
and Registered Market Maker RMM, collectively. See Exchange Rule 100 and the Definitions Section of the Fee Schedule.
6 Waiver Period means, for each applicable fee, the period of time from the initial effective date of the MIAX Emerald Fee Schedule until such time that the Exchange has an effective fee filing establishing the applicable fee. The Exchange will issue a Regulatory Circular announcing the establishment of an applicable fee that was subject to a Waiver Period at least fifteen 15 days prior to the termination of the Waiver Period and effective date of any such applicable fee. See the Definitions Section of the Fee Schedule.
7 See MIAX Emerald Regulatory Circular 202041
available at https www.miaxoptions.com/sites/
default/files/circular-files/MIAX_Emerald_RC_
2020_41.pdf.
8 See https www.miaxoptions.com/alerts/2021/
01/14/miax-emerald-options-announce-supportadditional-mei-limited-service-ports. In a subsequent alert, the Exchange announced that the six Additional Limited Service MEI Ports would be available beginning February 16, 2021, pending filing with the Commission.
9 See Securities Exchange Act Release No. 90184
October 14, 2020, 85 FR 66636 October 20, 2020
SREMERALD202012 the First Proposed Rule Change.
10 See id.

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comment letters. Nonetheless, the Exchange withdrew the First Proposed Rule Change on November 25, 2020 11
and resubmitted a replacement proposal.12 The Second Proposed Rule Change was published for comment in the Federal Register on December 14, 2020.13 The Exchange notes that the Second Proposed Rule Change did not receive any comment letters.
Nonetheless, the Exchange withdrew the Second Proposed Rule Change on January 22, 2021 14 and resubmitted a replacement proposal.15 The Third Proposed Rule Change was published for comment in the Federal Register on February 5, 2021.16 The Exchange withdrew the Third Proposed Rule Change on February 16, 2021 and resubmitted this proposal, including the proposal to offer six Additional Limited Service MEI Ports available to Market Makers.
Port Fees The Exchange proposes to adopt fees for Ports, which are used by Members and non-Members to access the Exchange. MIAX Emerald provides four Port types: i The Financial Information Exchange FIX Port,17 which allows Members to electronically send orders in all products traded on the Exchange;
ii the MEI Port, which allows Market Makers to submit electronic orders and quotes to the Exchange; iii the Clearing Trade Drop Port CTD Port,18 which 11 See Comment Letter from Joseph Ferraro, SVP, Deputy General Counsel, the Exchange, dated November 20, 2020, notifying the Commission that the Exchange would withdraw the First Proposed Rule Change.
12 See Securities Exchange Act Release No. 90600
December 8, 2020, 85 FR 80831 December 14, 2020 SREMERALD202017 the Second Proposed Rule Change.
13 See id.
14 See Comment Letter from Joseph Ferraro, SVP, Deputy General Counsel, the Exchange, dated January 15, 2021, notifying the Commission that the Exchange would withdraw the Second Proposed Rule Change.
15 See Securities Exchange Act Release No. 91032
February 1, 2021, 86 FR 8428 February 5, 2021
SREMERALD202102 the Third Proposed Rule Change.
16 See id.
17 FIX Port means an interface with MIAX
Emerald systems that enables the Port user to submit simple and complex orders electronically to MIAX Emerald. See the Definitions Section of the Fee Schedule.
18 CTD Port or Clearing Trade Drop Port provides an Exchange Member with a real-time clearing trade updates. The updates include the Members clearing trade messages on a low latency, real-time basis. The trade messages are routed to a Members 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
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