MIAX Refines Billing System for Easier Pays
Published Date: 4/23/2025
Notice
Summary
MIAX is updating its billing rules to let members choose different ways to pay their fees, but only if MIAX approves. This change helps members have more control over how they pay money owed to the Exchange. The new rule is effective immediately, so members can start requesting alternative payment methods right away.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Members May Use Alternative Payment Methods
If you are a MIAX Member, you can ask the Exchange to let you pay fees using alternative payment instructions instead of a designated Clearing Member's account. The Exchange will approve alternative payment methods only upon the Member's request and the Exchange's approval, and this change is operative upon filing (filed April 3, 2025).
Alternative Payments May Carry a Specified Fee
If a Member provides alternative payment instructions, those instructions must be agreed to by the Exchange and will be for a specified fee as set by the Exchange. The alternative instructions also must permit the Exchange to initiate direct debits similar to the current Clearing Corporation debit process.
Exchange Can Revert to Clearing Member Requirement
The Exchange may require a Member to designate a Clearing Member (i.e., revert to using the Clearing Member's Clearing Corporation account) if it encounters repeated failed collection attempts using the Member's alternative payment instructions. That reversion is reserved by the Exchange as a safeguard.
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