Regulatory Alert, Trading Alert
MIAX Sapphire
April 09, 2025 | 10:44 AM
Amendment to MIAX Rule 1808(g) to Use Last Reported Sale Price of the Security from Previous Trading Day to Calculate Current Index Value at Expiration of Exchange Listed Index Options When the Primary Market for the Underlying Does Not Open
MIAX received approval from the Securities and Exchange Commission to amend MIAX Options Exchange Rule 1808(g), Pricing When Primary Market Does Not Open. The amendment became effective on March 27, 2025.
The Exchanges will now use the last reported sale price of the security from the previous trading day instead of the opening price of that security on the next day that its primary market is open for trading as was previously stipulated in the Rule, for calculating the settlement price at expiration, when the primary market for a security underlying the current index value of an index option does not open. The Exchanges will continue to provide that this procedure shall not be used if the current index value at expiration is fixed in accordance with the Rules and By-Laws of the Options Clearing Corporation.
For more details on the rule change, please refer to the following Regulatory Circulars:
- MIAX Options RC 2025-25
- MIAX Pearl Options RC 2025-25
- MIAX Emerald Options RC 2025-25
- MIAX Sapphire Options RC 2025-25
Please direct questions to the Regulatory Department at Regulatory@miaxglobal.com or (609) 897-7309.