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Federal Register / Vol. 86, No. 39 / Tuesday, March 2, 2021 / Notices
participation on that exchange,25 and, as such, this concept is not novel. The proposed changes to the MEI Port fees for Market Makers who fall within the 4th and 5th levels of the fee table are based upon a business determination of current Market Maker assignments and trading volume.
For the calculation of the monthly MEI Port Fees that apply to Market Makers, the number of classes is defined as the greatest number of classes the Market Maker was assigned to quote in on any given day within the calendar month and the class volume percentage is based on the total national average daily volume in classes listed on MIAX
Emerald in the prior calendar quarter.26
Newly listed option classes are excluded from the calculation of the monthly MEI Port 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 average daily volume. The Exchange proposes to assess Market Makers the monthly MEI Port Fees based on the greatest number of classes listed on MIAX Emerald that the Market Maker was assigned to quote in on any given day within a calendar month and the applicable fee rate that is the lesser of either the per class basis or percentage of total national average daily volume measurement.
The Exchange currently charges $50
per month for each Additional Limited Service MEI Port per matching engine for Market Makers over and above the two 2 Limited Service MEI Ports per matching engine that are allocated with the Full Service MEI Ports. The Full Service MEI Ports, Limited Service MEI
Ports and the Additional Limited Service MEI Ports all include access to
the Exchanges Primary and Secondary data centers and its Disaster Recovery center. Currently, footnote in the MEI Port Fee table provides that the fees for Additional Limited Service MEI
Ports are not subject to the Waiver Period. Accordingly, in connection with this proposal, the Exchange proposes to delete footnote since the Exchange proposes to begin assessing MEI Port fees, which will no longer be subject to the Waiver Period. The Exchange also proposes to increase the monthly fee from $50 to $100 for each Additional Limited Service MEI Port per matching engine for Market Makers over and above the two 2 Limited Service MEI
Ports per matching engine that are allocated with the Full Service MEI
Ports.
Below is the proposed table showing the MEI Port fees:

Market Maker assignments the lesser of the applicable measurements below
Monthly MIAX Emerald MEI fees
$5,000.00
$10,000.00
$14,000.00
$17,500.00 D
$20,500.00 D

Per class
Percent of national average daily volume
Up to 5 Classes
Up to 10 Classes
Up to 40 Classes
Up to 100 Classes
Over 100 Classes

Up to 10% of Classes by volume.
Up to 20% of Classes by volume.
Up to 35% of Classes by volume.
Up to 50% of Classes by volume Over 50% of Classes by volume up to all Classes listed on MIAX Emerald.

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D For these Monthly MIAX Emerald MEI Port tier levels, if the Market Makers total monthly executed volume during the relevant month is less than 0.025% of the total monthly executed volume reported by OCC in the customer account type for MIAX Emerald-listed option classes for that month, then the fee will be $14,500 instead of the fee otherwise applicable to such level.

The Exchange also proposes to offer six 6 Additional Limited Service MEI
Ports to Market Makers. Currently, Market Makers are limited to six Additional Limited Service MEI Ports per Matching Engine, for a total of eight per Matching Engine. The Exchange originally provided Limited Service MEI
Ports to enhance the MEI Port connectivity available to Market Makers.
Limited Service MEI Ports have been well received by Market Makers since the Exchange launched operations in March of 2019. The Exchange now proposes to offer to Market Makers the ability to purchase an additional six 6
Limited Service MEI Ports per Matching Engine over and above the current six 6 Additional Limited Service MEI
Ports per Matching Engine that are available for purchase by Market Makers. The Exchange proposes to make
a corresponding change to Section 5dii of the Fee Schedule to specify that Market Makers will now be limited to purchasing twelve 12 Additional Limited Service MEI Ports per Matching Engine, for a total of fourteen 14 per Matching Engine.
The Exchange proposes to increase the number of Additional Limited Service MEI Ports because the Exchange is expanding its network. This network expansion is necessary due to increased customer demand and increased volatility in the marketplace, both of which have translated into increased message traffic rates across the network.
Consequently, this network expansion, which increases the number of switches supporting customer facing systems, is necessary in order to provide sufficient access to new and existing Members, to maintain a sufficient amount of network
capacity head-room, and to continue to provide the same level of service across the Exchanges low-latency, highthroughput technology environment.
The Exchange notes that its affiliates, Miami International Securities Exchange, LLC MIAX and MIAX
Pearl, LLC MIAX Pearl, recently filed similar proposals to increase the number of Additional Limited Service Ports available for purchase due to similar network expansions and customer demand.27
Currently, the Exchange has 6
network switches that support the entire customer base of MIAX Emerald. The Exchange plans to increase this to 12
switches, which will increase the number of available customer ports by 100%. The proposed increase in the number of available customer ports will enable the Exchange to continue to
25 See, e.g., Cboe BZX Options Exchange BZX
Options assesses the Participant Fee, which is a membership fee, according to a members ADV. See Cboe BZX Options Exchange Fee Schedule under Membership Fees. The Participant Fee is $500 if the member ADV is less than 5000 contracts and $1,000 if the member ADV is equal to or greater than 5000 contracts.

26 The Exchange will use the following formula to calculate the percentage of total national average daily volume that the Market Maker assignment is for purposes of the MEI Port Fee for a given month:
Market Maker assignment percentage of national average daily volume = total volume during the prior calendar quarter in a class in which the Market Maker was assigned/total national volume
in classes listed on MIAX in the prior calendar quarter.
27 See Securities Exchange Act Release Nos.
90811 December 29, 2020, 86 FR 344 January 5, 2021 SRMIAX202041 and 90812 December 29, 2020, 86 FR 338 January 5, 2021 SRPEARL
202035.

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