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Fee Change Alert

MIAX Options

June 30, 2016 | 01:35 PM

MIAX Options - Update to the July 1, 2016 Fee Changes

Below is an update to the MIAX Alert published on June 29, 2016 regarding the MIAX Options Fee Schedule, effective July 1, 2016, pending SEC approval.  Additional language has been added to clarify the scenarios in which MIAX Market Maker Orders are assessed the same fees as Market Maker Quotes when trading with a PRIME Agency Order.

Transaction Fees:

The bolded text below highlights the amendments to the following fee descriptions:
  • The Market Maker Sliding Scale Volume thresholds are based on the total national Market Maker volume of any options classes with traded volume on MIAX during the month (excluding QCC Orders, PRIME™ AOC Responses, and unrelated MIAX Market Maker Quotes or unrelated MIAX Market Maker Orders that are received during the Response Time Interval and executed against the PRIME Order (“PRIME Participating Quotes or Orders”)).
  • Both PRIME AOC Responses and PRIME Participating Quotes or Orders will be subject to the Responder to PRIME Auction Fee.  The EEM submitting the PRIME Order will receive the PRIME Break-up Credit from either of these responders.  The PRIME Participating Quotes or Orders will no longer be assessed a Marketing Fee or be subject to the Market Maker Sliding Scale fee.
  • Any Member or its affiliates of at least 75% common ownership between the firms as reflected on each firm’s Form BD, Schedule A, that qualifies for Priority Customer Rebate Program volume tiers 3 or 4 and submits a PRIME AOC Response or a PRIME Participating Quote or Order that is executed against the PRIME Order will be assessed the discounted Responder to PRIME Auction Fee.

Non-Transaction Fees:

  • MIAX has added clarifying language regarding the timing of when certain non-transaction fees will be incurred.  The non-transaction fee amounts remain unchanged.

A summary of the July 1, 2016 transaction fee changes is attached.  For full details, please review the pending July 1, 2016 MIAX Options Fee Schedule posted on the MIAX website at miaxoptions.com/content/fees.

For Sales inquiries, please contact MIAX Sales at Sales@miaxglobal.com.

If you need assistance, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.