MIAX Sapphire Allows Flexible Fee Payments for Members Only
Published Date: 4/23/2025
Notice
Summary
MIAX Sapphire is updating its billing rules to let members choose different ways to pay their fees, but only if the Exchange agrees. This change helps members have more control over how they pay, starting right away with no extra costs announced. Traders and market makers on MIAX Sapphire should take note of this new payment flexibility.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Members May Use Alternative Payment Instructions
If you are a MIAX Sapphire Member (an Electronic Exchange Member or Market Maker), the Exchange may, upon your request and the Exchange's approval, accept alternative payment instructions instead of requiring payment through a designated Clearing Member's account at The Options Clearing Corporation. Any alternative payment instructions must be agreed to by the Exchange for a specified fee and must permit the Exchange to initiate direct debits similar to the current collection process; the Exchange may require a Clearing Member designation again if it encounters repeated failed collection attempts.
Rule Effective Immediately Upon Filing
The SEC waived the normal 30-day operative delay and designated the proposed rule change operative upon filing; the Exchange filed the proposal on April 3, 2025, and the Commission's notice was published April 17, 2025. That means Members can request alternative payment arrangements under the amended Rule 208 immediately.
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