MIAX Files Immediate Rule Change to Revise Complex Order Rebate Schedule
The amendment applies to MIAX members and affiliates and takes effect immediately upon filing on August 31, 2026.
On August 31, 2026, Miami International Securities Exchange, LLC (MIAX) filed with the SEC a proposed rule change, identified as Release No. 34-106317, File No. SR-MIAX-2026-37, to amend its fee schedule. The Commission published the filing in the Federal Register (Vol. 91, No. 178, Sep. 16, 2026, FR Doc No. 2026-18928) and announced that the amendment is effective immediately.
The amendment would modify Section 1)a)iii) of the fee schedule by revising the Priority Customer Rebate Program (PCRP) table. The revised table would establish alternative rebates for certain transactions in Complex Orders, calculated on the basis of a member's total monthly non-paired Complex Order volume as a percentage of its overall Priority Customer volume.
A "complex order" is defined in the filing as any order that involves the concurrent purchase and/or sale of two or more different options on the same underlying security for the same account, in either a conforming or non-conforming ratio, and may also include stock-option orders meeting specific ratio and leg limits as described in Rule 518.
The PCRP credits each Member the per-contract amount set forth in the table for Priority Customer orders executed electronically on MIAX, provided the Member meets the volume thresholds described in the program. The proposed change expands the rebate structure to cover the subset of Complex Orders identified in the amendment.
The full text of the proposed rule change is available on MIAX's website at https://www.miaxglobal.com/markets/us-options/miax-options/rule-filings and at the Exchange's principal office. The Commission is soliciting comments from interested persons during the comment period.
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