Options Exchange Lets Market Makers Crash Its Auctions
Published Date: 5/19/2026
Notice
Summary
MIAX Emerald is updating its rules to let Market Makers join special auctions called PRIME and cPRIME as potential trading partners. This change helps speed up trades and could improve prices for investors using these options. The new rule took effect right after filing on May 1, 2026, so Market Makers and traders should get ready for smoother, faster deals!
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Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Assigned Market Makers Join PRIME Auctions
On May 1, 2026 the Exchange amended Policy .04 of Rule 515A to allow orders for the accounts of Market Makers assigned to an options class to be solicited as the contra party in PRIME and cPRIME auctions. The Exchange plans to implement the change in Q3 of 2026 and will give at least 30 days' notice by Regulatory Circular. The Exchange says this may expose more orders to price improvement and expand liquidity, which could create more execution and price-improvement opportunities for customers and investors.
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