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Regulatory Alert

MIAX Options

November 24, 2025 | 04:07 PM

Amendment to Rule 1703 Regarding Reporting of Bona Fide Market Making Exception to the Consolidated Audit Trail

MIAX Options has amended Rule 1703, Consolidated Audit Trail Compliance Rule – Industry Member Data Reporting, to require Members with a Consolidated Audit Trail (“CAT”) reporting obligation to record and report the following to the Central Repository: for the original receipt or origination of an order to sell an applicable security, whether the order is for a short sale effected by a market maker in connection with bona fide market making activities in the security for which the exception in Regulation SHO Rule 203(b)(2)(iii) is claimed.

MIAX Options Rule 1703, as amended, is incorporated by reference into the MIAX Pearl, MIAX Emerald Options, and MIAX Sapphire Options Rulebooks, and thus is applicable to Members of MIAX Pearl Equities, MIAX Pearl Options, MIAX Emerald Options, and MIAX Sapphire Options.

For more information, please refer to the following Regulatory Circulars:

Please direct questions to the Regulatory Department at Regulatory@miaxglobal.com or (609) 897-7309.