U.S. Options

Pursuant to MIAX Sapphire Options Exchange Rule 2105. Obligations and Restrictions Applicable to Floor Market Makers, in response to a quote request, Floor Market Makers must provide two-sided quotations for at least 10 contracts. Floor Market Makers participating in a trading crowd may, in response to a Floor Broker request for a market, state a bid or offer that is different than their electronically submitted bid or offer, provided that such stated bid or offer is not inferior to such electronically submitted bid or offer.

For options on equities and index options, Floor Market Makers must bid and/or offer no more than:

• a $0.25 spread where the bid is less than $2
• $0.40 where the bid is $2 or more but less than $5
• $0.50 where the bid is $5 or more but less than $10
• $0.80 where the bid is $10 or more but less than $20
• $1 where the bid is $20 or more. 

For more information please refer to the following Regulatory Circular: MIAX Sapphire RC-2025-77.
 
Regulatory inquiries should be directed to Regulatory@MIAXGlobal.com or (609) 897-7309.