MIAX Pearl Adds Flexible Billing for Traders
Published Date: 4/23/2025
Notice
Summary
MIAX Pearl is updating its rules to let members choose different ways to pay their fees through direct debit, but only if the Exchange approves it. This change affects both options and equities members and starts right away, making fee payments more flexible and easier to manage. No extra costs are mentioned, just smoother billing options for members.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Options Members: Alternative Payment Choice
If you are a MIAX Pearl Member (options), you may request that the Exchange permit alternative direct-debit payment instructions instead of using a designated Clearing Member's account at The Options Clearing Corporation. The Exchange must approve the arrangement, may require a specified fee for the alternative payment instructions, and may require reverting to the Clearing Member account if it encounters repeated failed collection attempts.
Equity Members: Alternative Payment Choice
If you are a MIAX Pearl Equity Member, you may request that MIAX Pearl Equities permit alternative direct-debit payment instructions instead of providing a clearing account number for an account at the National Securities Clearing Corporation (NSCC). MIAX Pearl Equities must approve the alternative instructions, may impose a specified fee, and may require the NSCC clearing account if repeated failed collection attempts occur.
Rule Change Effective Immediately
The Commission waived the 30-day operative delay and designated the proposal operative upon filing (filed April 3, 2025), so Members may request the new alternative payment arrangements immediately. The Commission's waiver is noted in the filing (waiver referenced April 17, 2025).
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