MIAX Options Rule Filings

Proposed Rule Change to Amend Fee Schedule for Liquidity Taker Event Reports

MIAX Options Exchange proposes amendments to its Fee Schedule to increase the annual fee for all Liquidity Taker Event Reports, establish fees for the new Purge Liquidity Taker Report, create a multi-report discount program, and sunset monthly subscription options. Comments are due May 8, 2026. The proposed $30,000 annual fee per report compares to the current $4,000 monthly rate.

MIAX Options Fee Schedule Amendment - Non-Transaction Fee Updates

The SEC approved MIAX Options Exchange's proposed rule change to amend its Fee Schedule, updating non-transaction fees including monthly Trading Permit fees for Electronic Exchange Members (EEMs) and Market Makers. The Exchange proposes to increase the EEM monthly Trading Permit fee from $1,500 to $2,000 and adjust Market Maker fees from $7,000 to $12,000. This represents the first increase for EEM fees since January 1, 2015, aiming to align with fees charged by competing exchanges.

Amends Rules 402 and 403 for Crypto Trust Options

MIAX filed a proposed rule change (SR-MIAX-2026-13) to amend Exchange Rule 402 and Rule 403 to establish listing criteria and withdrawal standards for options on Commodity-Based Trusts holding multiple crypto assets. The proposal would allow the Exchange to list and trade options on interests in commodity-based trusts, defining such trusts as securities issued by a trust, limited liability company, partnership, or similar entity operated by a registered commodity pool operator under the Commodity Exchange Act. The SEC is soliciting public comments on the proposal for 60 days from the April 15, 2026 Federal Register publication date.

Amend Listing Criteria for Multiple Crypto Asset Trusts

MIAX proposes to amend Exchange Rules 402 and 403 to establish listing criteria and withdrawal standards for options on Commodity-Based Trusts holding multiple crypto assets. This is a competitive filing substantively identical to Nasdaq ISE's proposal that was recently approved by the SEC. The rule change would allow listing and trading of options on trusts holding crypto assets such as Bitcoin.

MIAX Options Exchange Fee Schedule - Liquidity Taker Report Fee Changes

The SEC published notice of MIAX Options Exchange's filing to amend its Fee Schedule, effective immediately upon filing. The exchange proposes to increase the annual fee for all Liquidity Taker Event Reports, establish annual and monthly fees for the new Purge Liquidity Taker Report, create a discount program for subscribers holding multiple annual subscriptions to two or more Reports, and establish a sunset period discontinuing monthly subscription options for all Reports.

Rule Change for Multi-Crypto Trust Options Listing

MIAX has filed a proposed rule change (SR-MIAX-2026-13) with the SEC to amend Exchange Rules 402 and 403 to establish listing criteria and withdrawal standards for options on Commodity-Based Trusts holding multiple crypto assets. The proposal is substantively identical to Nasdaq ISE's approved framework for similar products. The SEC is publishing this notice to solicit public comments on the proposed rule change.

Proposed Amendment to Exchange Rule 531(d) - Purge Liquidity Taker Report Timeframe

MIAX proposes to amend Exchange Rule 531(d) to update the timeframe used for the Purge Liquidity Taker Report from the current timeframe to 500 microseconds. The timeframe measures the time difference between when the first response executing against a resting quote was received by the Exchange and when the purge message to cancel that resting quote was received. The Report is an optional daily product providing Market Makers with liquidity response and taker time details for executions occurring before and after receipt of a purge message.

Increases Fees for Liquidity Taker Event Reports and Establishes Purge Report Charges

MIAX Options Exchange proposes to amend its Fee Schedule to: (i) increase the annual fee for all Liquidity Taker Event Reports; (ii) establish annual and monthly fees for the Purge Liquidity Taker Report; (iii) establish a discount program for market participants with multiple annual subscriptions to two or more Reports; and (iv) establish a sunset period for monthly subscriptions to the Reports. The Simple Order Report, Complex Order Report, Resting Simple Order Report, and Purge Report are voluntary Member-specific reports providing liquidity response time details for executions against orders resting on the Simple Order Book or Strategy Book.