U.S. Options

As previously announced in the February 28th Alert, 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. The MIAX Pearl Options Exchange March 1, 2023 fee changes have been updated below.

• MIAX Options  (Unchanged)
  • 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 (Updated)
  • Cross-asset criteria added as another alternative method for Market Maker Tier 2
    • Market Makers currently can receive Tier 2 rates by achieving above 0.55% in SPY/QQQ/IWM in PEARL Options, or
  • A new separate alternative method to receive Market Maker Tier 2 rates by achieving 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 MIAX Options Exchange (unchanged) and the updated MIAX Pearl Options Exchange highlighted summary. 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.