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Fee Change Alert

MIAX Options

February 28, 2023 | 02:47 PM

MIAX Options and MIAX Pearl Options Exchanges - March 1, 2023 Fee Changes

Effective March 1, 2023, pending filing with the SEC, MIAX Options and MIAX Pearl Options will amend the volume criteria for certain volume threshold tiers for transaction fees for Market Makers and amend the volume criteria for certain volume threshold tiers and rebates for Priority Customer orders.

  • MIAX Options
    • Thresholds for Market Maker Sliding Scale Transaction Fees will be amended as follows:
      • Tier 1:  0.00% - 0.40%
      • Tier 2:  Above 0.40% - 0.80%
      • Tier 3:  Above 0.80% - 1.20%
      • Tier 4:  Above 1.20% - 1.60%
      • Tier 5:  Above 1.60%
      • The thresholds will apply to both Market Maker Sliding Scale Tables whose affiliate is ‘In’ and ‘Not in’ the Priority Customer Rebate Program in Tier 3 or higher
      • Other tier criteria for rates and methodology remain the same 
    • Thresholds for Priority Customer Rebate Program will be amended as follows:
      • Tier 1:  0.00% - 0.50%                                    
      • Tier 2:  Above 0.50% - 1.50%
      • Tier 3:  Above 1.50% - 2.00%
      • Tier 5:  Above 2.00%
      • Other tier criteria for rates and methodology remain the same 
 
  • Pearl Options
    • Cross-asset criteria added to an alternative method for Market Maker Tier 2
      • Market Makers currently have an alternative method to receive Market Makers Tier 2 rates by achieving ‘Above 0.55% in SPY/QQQ/IWM’ in PEARL Options
      • This alternative method will be amended to require a Market Maker in the same month to achieve:
        • Above 0.55% in SPY/QQQ/IWM in PEARL Options, and
        • Tier 2 in the Add Volume Tiers in PEARL Equities, and
        • Tier 2 in the Midpoint Peg Order Adding Liquidity at Midpoint Volume Tiers in PEARL Equities

Attached is a highlighted summary of the March 1, 2023 fee changes for each exchange. For full details, please review the March 1, 2023 Fee Schedules when posted 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 or MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.