Trading Alert
MIAX Emerald
October 12, 2021 | 10:05 AM
MIAX Emerald Options - Options Regulatory Fee Update November 1, 2021
As part of its ongoing review of its Options Regulatory Fee (ORF) across its exchanges and in light of historical and projected volume levels in the second half of 2021, MIAX is proposing to make a further change of the ORF rate for MIAX Emerald effective November 1, 2021.
MIAX intends to withdraw the MIAX Emerald rule filing that increased the ORF rate on MIAX Emerald from $0.0006 to $0.0016 on August 1, 2021. As a result of withdrawing this rule filing, the ORF rate collected on MIAX Emerald will revert to $0.0006 effective November 1, 2021. Withdrawing this rule filing will not affect the amount of ORF collected by MIAX Emerald for the months of August through October 2021.
MIAX is not proposing to make any changes to MIAX Options or MIAX Pearl ORF rates at this time. The October 7, 2021 ORF filings made for each of its three exchanges were intended to make certain technical corrections to the description contained in the 19b-4 rule filings and did not propose adjustments to ORF rates.
The following table illustrates the rates in effect for the periods bracketing August 1, 2021, for each exchange:
| Exchange | ORF prior to Aug 1 | ORF as of Aug 1 | ORF as of Nov 1 |
| MIAX Options | $0.00291 | $0.0019 | $0.0019 |
| Pearl Options | $0.0028 | $0.0018 | $0.0018 |
| Emerald Options | $0.0006 | $0.0016 | $0.0006 |
MIAX continues to monitor the amount of ORF being collected across its three exchanges to ensure that the revenue collected from ORF, in combination with other regulatory fees and fines, does not exceed exchange regulatory costs. The MIAX Emerald ORF rate change is pending a regulatory filing with the SEC.
Contact Regulatory at Regulatory@miaxglobal.com or (609) 897-7309 with any questions about the ORF changes.