U.S. Options

The MIAX Options, MIAX Pearl Options, and MIAX Emerald Options Fee Schedules will be amended on November 1, 2021, pending filing with the SEC.  These changes are in addition to the previously announced change in the October 26, 2021 Alert.
 
MIAX Options

• MIAX will add an additional Priority Customer Complex volume requirement for eligible Priority Customer Members to receive an additional $0.01 rebate on incremental Priority Customer PRIME Agency volume.  To be eligible, the Priority Customer Member must meet the following tier and volume requirements: 1) Priority Customer Rebate Program Tier 3 or higher; 2) Priority Customer PRIME Agency volume over 0.60% of OCC Customer volume; and 3) Priority Customer Complex volume over 0.85% of OCC Customer volume.

• Routing fee changes

MIAX Emerald Options

• Emerald will modify its current tier methodology for rating purposes.  Currently, Emerald assigns four different tiers to each Member’s Origins based on the Member achieving the best of three methodologies: 1) Total Volume; 2) Market Maker Volume; or 3) Priority Customer Maker Volume.  All are calculated as a percent of OCC Customer volume.  Effective November 1, 2021, Emerald will assign a Member’s Priority Customer Origin the tier achieved solely by that Member’s Priority Customer Maker volume as a percent of OCC Customer volume (Method 3).  Member’s tiers for Market Maker and other Professional Origins will continue to be based on the best of three current methodologies.

• Routing fee changes

MIAX Pearl Options

• Routing fee changes

Summaries of the November 1, 2021 fee changes are attached.  For full details, please review the November 1, 2021 Fee Schedules on the MIAX website at MIAX Options Fee Schedule, MIAX Pearl Options Fee Schedule and MIAX Emerald Options Fee Schedule. 

For additional information, please contact MIAX Sales at Sales@miaxglobal.com or (609) 897-8177 or MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.