Emerald Exchange Boosts Rebates for Penny Stock Traders
Published Date: 2/18/2026
Notice
Summary
MIAX Emerald is changing its fee schedule to offer better rebates for certain customer options trades when the other side is a related market maker and specific trading volumes are hit. This update mainly affects Priority Customers trading penny options in Tier 4 and kicks in right away. It’s a smart move to encourage more trading and reward loyal customers with some extra savings.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Smaller Rebate for Penny Tier 4
The exchange reduced an alternative Simple Maker rebate for Penny-class options in Tier 4 from $0.49 to $0.43 per contract for executed Priority Customer orders when the contra-side is an Affiliated Market Maker. The reduced rebate applies only when the Member has achieved above 0.90% of total Market Maker sides volume and above 0.60% of Priority Customer Maker sides volume (both as percentages of Customer Total Consolidated Volume). This change is effective February 1, 2026.
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