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This document from the Securities and Exchange Commission outlines a proposed rule change by MIAX PEARL, LLC regarding its fee schedule for network connectivity. MIAX PEARL plans to raise the monthly network connectivity fees for its 10 gigabit ultra-low latency (ULL) connections from $9,300 to $10,000 for both members and non-members. The Exchange argues that these fees are necessary to cover the costs of maintaining its network infrastructure and that the change is reasonable and fair. The SEC is seeking comments on this proposal to ensure transparency and fairness in the setting of fees.

The Miami International Securities Exchange LLC submitted a proposal to amend its fee schedule, specifically to increase the network connectivity fees for its 10-gigabit ultra-low latency fiber connections from $9,300 to $10,000 per month for both member and non-member users. This increase is intended to cover the exchange's growing costs and ensure the fees are fair and reasonable, reflecting the resources consumed by users of the higher bandwidth connections. The exchange argues that the proposed fees comply with U.S. securities law, are equitably allocated, and do not impose an unfair burden on competition.

MIAX Emerald, LLC has proposed a new rule change to update its fee schedule. This change includes introducing new fees for accessing its system ports and increasing network connectivity fees for certain high-speed connections. The goal is to cover increased costs related to enhanced network transparency, reliability, and capacity, ensuring a high level of service for users who move substantial amounts of data through the exchange. The Securities and Exchange Commission is sharing this notice to invite public comments on the proposed changes.