MIAX Emerald Eases Up on Fee Payment Choices
Published Date: 4/23/2025
Notice
Summary
MIAX Emerald 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 payments without changing any costs or deadlines. The new rule is effective immediately, so members can start requesting alternative payment methods right away.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Exchange May Accept Alternative Payment Methods
If you are a MIAX Emerald Member, the Exchange can, when you request it and the Exchange approves, let you provide alternative payment instructions for its direct-debit billing instead of using a designated Clearing Member's account. The alternative instructions must permit the Exchange to initiate debits of fees and other amounts due in a manner similar to the current direct-debit process.
Alternative Payment May Carry a Specified Fee
If you request alternative payment instructions, the Exchange will accept them only if the Exchange agrees and the arrangement is made 'for a specified fee.' The rule requires the alternative instructions to be agreed to by the Exchange and notes the fee requirement explicitly.
Exchange Can Revert After Failed Collections
If the Exchange encounters repeated failed collection attempts using your agreed alternative payment instructions, it may require you to designate a Clearing Member's account for direct debits instead. That means the Exchange can switch a Member back to the standard Clearing Member payment process after repeated failures.
Rule Operative Upon Filing April 3, 2025
The Commission waived the normal 30-day operative delay and designated the proposed rule change operative upon filing, so the rule became effective on April 3, 2025 and Members can start requesting alternative payment arrangements immediately. The Commission retains authority to suspend the rule within 60 days of the filing.
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