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Fee Change Alert

MIAX Pearl

September 30, 2021 | 03:05 PM

MIAX Options and MIAX Pearl Options Exchanges - Updated October 1, 2021 Fee Changes

The MIAX Options and MIAX Pearl Options Fee Schedules will also be amended on October 1, 2021, pending filing with the SEC.  Below is a list, including the previously announced change in the September 29, 2021 Alert.

MIAX Options Exchange 

  • Introduction of an alternative Enhanced Breakup Credit of $0.69 for Priority Customer PRIME Orders in Non Penny classes when the Order is broken up by more than 40%
  • Discontinuation of the Discounted Responder to PRIME Auction Fees for a Member in the Priority Customer Rebate Program Tier 3 or higher of $0.46 in Penny classes and $0.95 in Non Penny classes
  • Responder to PRIME Auction Fee in Non Penny Classes will now be $1.10 for all Origins
  • Responder to cPRIME Auction Fee in Non Penny Classes will now be $1.10 for all Origins 
    •  
  • SPIKES Options Incentive Program
    • SPIKES Options Incentive Program will have two separate Incentive Pools available to Market Makers who achieve certain Program Qualifications and Market Quality metrics
      • Minimum Qualifications Pool of up to $40,000/month, with certain caps, available to Market Makers who meet the Program Qualifications
      • Market Quality Pool of up to $100,000/month, with certain caps, available to Market Makers who meet the Minimum Qualifications Pool requirements and improve market quality
    • Program Qualifications Summary for Market Makers (see Regulatory Circular for additional details)
      • Quoting 70% Time in Market in specified options
      • Average Quote Size of 25 contracts in specified options
      • ITM maximum Bid/Ask Spread
      • OTM maximum Bid/Ask Spread
    • Please see Regulatory Circular 2021-56 for additional information on the incentive program

MIAX Pearl Options Exchange 
  • Priority Customer Maker Rebates for Penny Classes in Tier 2 will now be ($0.25)

Summaries of the October 1, 2021 fee changes are attached.  Full details of the October 1, 2021 Fee Schedules will be available on the MIAX website at MIAX Options Fee Schedule and MIAX Pearl Options Fee Schedule.

For additional information, please contact MIAX Sales at Sales@miaxglobal.com or (609) 897-8177.

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