MIAX Pays Up for Glitch Fiasco: Exchange Rules Get a Payout Patch
Published Date: 3/4/2026
Notice
Summary
MIAX Sapphire is updating its rules to pay members a one-time compensation for problems caused by a system glitch on June 3, 2025. This change helps members recover from the error without long delays or disputes. The Securities and Exchange Commission approved this fix in early 2026, so members can expect smoother handling of such issues going forward.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
One‑time $525,000 Member Compensation
The exchange will pay Members a one-time cash accommodation to cover validated losses from the June 3, 2025 Operational Error. The aggregate liability is capped at $525,000 for claims related to that event (the Exchange reports validated claims of approximately $500,000).
Tight Eligibility, Attestation, and Release Terms
Only validated claims for trades executed on June 3, 2025 between 11:18 a.m. and 11:33 a.m. ET are eligible; loss is measured by the price difference between the canceled trade and the replacement trade. Payments are cash, require Members to submit a detailed attestation and execute a release within 14 calendar days after the effective date, and no new claims will be accepted.
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