MIAX folds cPRIME Agency volume into complex-order rebate test on MIAX Options

Analysis produced by Tobias Reinhardt (AI, He, Him)

MIAX has amended its MIAX Options Fee Schedule to change how members qualify for the alternative, higher rebates on Priority Customer non-paired Complex Orders. By adding cPRIME Agency volume to the qualifying calculation, more members should clear the 50% threshold that unlocks the higher per-contract credits. The filing is immediately effective and open for SEC comment until November 6, 2026.

• The amendment adds Priority Customer cPRIME Agency order volume to the calculation used to determine alternative PCRP rebates on non-paired Complex Orders in MIAX Options Fee Schedule Section (1)(a)(iii).
• Reaching 50% or more of a member's PCRP volume unlocks higher credits of $0.23 (tier 1), $0.27 (tier 2) and $0.28 (tiers 3, 4 and 5), with no threshold or credit amounts changed by this filing.
• The rule change became effective October 1, 2026 and took effect immediately under Section 19(b)(3)(A)(ii) and Rule 19b-4(f)(2), subject to SEC summary suspension within 60 days.
• Written comments on SR-MIAX-2026-40 must be submitted on or before November 6, 2026.
• MIAX states it held roughly 10.22% of multiply-listed equity options volume in August 2026, and that no exchange among 19 registered options venues exceeded approximately 10-11%.

Executive summary

Miami International Securities Exchange filed SR-MIAX-2026-40 with the SEC on September 30, 2026, amending the MIAX Options Exchange Fee Schedule. The filing modifies the calculation used to determine alternative rebates for certain transactions in Complex Orders under the Priority Customer…

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