All Options Exchanges Rule Filings
As registered national securities exchanges, MIAX Options®, MIAX Pearl® Options, MIAX Emerald® Options and MIAX Sapphire® Options are required to submit to the SEC, pursuant to Section 19 of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 19b-4 thereunder, proposed rule changes. Each MIAX Exchange is required to post its rule filings on its website within two business days after submission. Rule filings are not effective until approved by the SEC, with the exception of certain types of rule filings that may take effect upon filing with the SEC if they meet the conditions specified under Section 19 of the Exchange Act and Rule 19b-4 thereunder. MIAX will post below pending rule filings submitted by each Exchange, followed by rule changes that have been approved by the SEC or became immediately effective pursuant to the Exchange Act.
SR-SAPPHIRE-2025-43
Effective / Approved
Amend the Fee Schedule to provide that Members and non-Members may receive up to two 1Gb connections for no charge when those connections are used solely to route the stock portion of a Stock-Option Order to an away Trading Center for execution on behalf of the Exchange.
November 28, 2025
SR-MIAX-2025-47
Effective / Approved
Amend the Fee Schedule to provide that Members and non-Members may receive up to two 1Gb connections for no charge when those connections are used solely to route the stock portion of a Stock-Option Order to an away Trading Center for execution on behalf of the Exchange.
November 28, 2025
SR-EMERALD-2025-21
Effective / Approved
Amend the Fee Schedule to provide that Members and non-Members may receive up to two 1Gb connections for no charge when those connections are used solely to route the stock portion of a Stock-Option Order to an away Trading Center for execution on behalf of the Exchange.
November 28, 2025
SR-PEARL-2025-47
Effective / Approved
Amend Rule 517A, Aggregate Risk Manager for EEMs ("ARM-E"), and Rule 517B, Aggregate Risk Manager for Market Makers ("ARM-M"), to adopt a new Origin Multiplier to be used when calculating EEM Trade Percentage and MM Trade Percentage.
November 20, 2025
SR-PEARL-2025-46
Effective / Approved
Proposal to amend the MIAX Pearl Equities Fee Schedule to amend the following: (i) standard rebates for added displayed and non-displayed volume in securities priced at or above $1.00; (ii) standard fee for removed volume in securities priced at or above $1.00; (iii) certain NBBO Program tier thresholds; (iv) standard and enhanced rebates in the NBBO Program; and (v) the NBBO Setter Additive Rebate.
September 30, 2025
SR-MIAX-2025-45
Effective / Approved
Amend Rule 1703(g) of the Exchange's compliance rule regarding the National Market System Plan Governing the Consolidated Audit Trail to be consistent with the amendment to the CAT NMS Plan.
September 26, 2025
SR-SAPPHIRE-2025-39
Effective / Approved
Amend the Sapphire Fee Schedule to establish transaction fees for the MIAX Sapphire Trading Floor.
September 25, 2025
SR-PEARL-2025-45
Effective / Approved
Amend the MIAX Pearl Options Fee Schedule to: (i) temporarily decrease the ORF from $0.0018 per contract to $0.0014 per contract between September 1, 2025 and December 31, 2025; and (ii) increase the ORF from $0.0014 per contract to $0.0016 per contract, effective January 1, 2026.
September 23, 2025