MIAX Options Exchange Revises Priority Customer Rebate Volume Thresholds
MIAX Options Exchange members and affiliates are subject to the new thresholds effective immediately after the July 31 2026 filing.
On July 31, 2026, Miami International Securities Exchange, LLC filed a proposed rule change with the Securities and Exchange Commission that the Commission published on August 12, 2026. The filing amends the MIAX Options Exchange Fee Schedule to modify certain volume thresholds in the Priority Customer Rebate Program (PCRP) and is effective immediately.
The current PCRP table sets tier 1 thresholds at 0.00% to 0.50% of national customer volume, tier 2 above 0.50% to 1.50%, tier 3 above 1.50% to 2.00%, tier 4 above 2.00% to 3.50%, and tier 5 above 3.50%. The proposed amendment revises the thresholds for tiers 3 and 4, though the notice does not disclose the precise new percentages.
Rebate credits for cPRIME Agency Orders are tiered by break-up percentage: 0-10% earns $0.05 per contract; greater than 10% to 20% earns $0.06; greater than 20% to 30% earns $0.07; greater than 30% to 40% earns $0.08; and greater than 40% earns $0.10, unless the member qualifies for the Tier 4 alternative credit of $0.12 per contract. Qualification requires that a member or its affiliate executing standard, non-paired complex volume at least three times its cPRIME Agency Order volume in a month meets Tier 4 thresholds.
The notice, identified as Release No. 34-106091; File No. SR-MIAX-2026-32; FR Doc No: 2026-16692, appears in Federal Register Volume 91, Number 157 (Monday, August 17, 2026) on pages 53319-53322. The full text is available on the exchange's website and at its principal office, and the Commission is soliciting comments from interested parties.