The MIAX Options, MIAX Pearl Options and MIAX Emerald Options Exchanges Fee Schedules will be amended on September 1, 2022, pending filing with the SEC.
MIAX Options
- Priority Customer PRIME (for single leg price improvement auctions) Agency Credits Adjustments
- Priority Customer Rebate Program PRIME Agency Credits will be adjusted depending on order Breakup Percentage for Penny and Non Penny classes.
- The Priority Customer PRIME Agency Credits will be reduced by
- $0.02 per contract if the order is broken up by up to 20%
- $0.01 per contract if the order is broken up by >20% to 40%
- The Priority Customer PRIME Agency Credits will be increased by
- ($0.01) per contract if the order is broken up by >60% to 80%
- ($0.02) per contract if the order is broken up by more than 80%
- Current PRIME breakup credits and other incentives remain unchanged
- The Priority Customer PRIME Agency Credits will be reduced by
- Priority Customer Rebate Program PRIME Agency Credits will be adjusted depending on order Breakup Percentage for Penny and Non Penny classes.
- “Professional Customer” Stock-Tied Complex Orders
- The option component(s) transaction fee will be $0.10 per contract in Penny and Non Penny classes Stock-tied Complex Orders with an origin of Professional Customer if Member’s affiliate is in Priority Customer Tier 4. Please note Professional Customer is defined as “Public Customer that is not a Priority Customer” on the fee schedule
Pearl Options
- Trading Permits
- Electronic Exchange Members (EEMs) who connect via the FIX interface will be charged $1,000 per month for Trading Permits
- EEMs who connect via the MEO Interface will be charged $3,000 per month for Trading Permits. EEMs who connect via the MEO interface are also entitled to connect to the FIX interface at no additional permit cost
- Market Maker Trading Permit fees will be tiered based on the market maker’s registration of classes, either the lesser of the number of classes registered or the classes percentage of national average daily volume
- Market Maker Trading Permit fees per month will be tiered at $3,000, $5,000, $7,000, or $9,000 depending on Market Maker’s registration of classes.
- Market Makers whose total monthly executed volume represents <0.040% of TCV in MIAX Pearl-listed classes will pay the lesser of i) the fees defined above, or ii) a discounted monthly Trading Permit fee of $3,500
- Transaction Fees
- Market Maker and Professional Maker rebate, when trading contra to Priority Customers in Penny classes, will be reduced by $0.01 per contract in all tiers
- Professionals include Non-Priority Customer, Firm, Broker Dealer, and Non-MIAX Market Makers
- Introduction of a Market Maker and Professional separate Step-up rebate for Maker Volume in Non Penny classes
- Market makers who increase their Maker Volume in Non Penny classes by >=100% from their baseline in July 2022, will receive a separate Step-up rebate of ($0.40) in Tiers 1 and 2, ($0.10) in Tier 3, and ($0.05) in Tier 4, per contract depending on base Market Maker tier achieved
- EEMs who increase their Professional Maker Volume in Non Penny classes by >=100% from their baseline in July 2022, will receive a separate Step-up rebate, of ($0.40) in Tiers 1 and 2, ($0.10) in Tier 3, and ($0.05) in Tier 4, per contract depending on base EEM Professional origin tier achieved
- Professionals include Non-Priority Customer, Firm, Broker Dealer, and Non-MIAX Market Makers
- Market Maker and Professional Maker rebate, when trading contra to Priority Customers in Penny classes, will be reduced by $0.01 per contract in all tiers
Emerald Options
- Market Makers Simple Maker rebate when trading contra to Priority Customers in Penny classes will be reduced by $0.02 per contract in all tiers
For full details, please review the September 1, 2022 Fee Schedules and Summaries when posted on the MIAX website at MIAX Options Fee Schedule, MIAX Pearl Options Fee Schedule and MIAX Emerald Options Fee Schedule.
