U.S. Options

Notwithstanding any prior understanding regarding the splitting of parent orders into child orders across multiple exchanges, MIAX Regulatory would like to clarify that the unbundling of orders, for the purpose of achieving small order preference as described in MIAX Options Rule 514(g)(2) and Emerald Options Rule 514(g)(2) in favor of any PLMM or as described in MIAX Options Rule 514(h) and Emerald Options Rule 514(h) for an LMM, may be considered conduct inconsistent with just and equitable principles of trade and a violation of MIAX Options Rule 301.

Similarly, in accordance with Rule 515A, MIAX Price Improvement Mechanism (“PRIME”) and PRIME Solicitation Mechanism, Interpretations and Policies: .01 it shall be considered conduct inconsistent with just and equitable principles of trade, in accordance with Rule 301, for any Member to enter orders, quotes, Agency Orders, or other responses for the purpose of disrupting or manipulating the Auction.

For more information please refer to the following Regulatory Circulars:

• MIAX Options RC-2025-64
• MIAX Emerald Options RC-2025-63