# 2025-08546: MEMX Sharpens Rules on Options Position and Exercise Limits

2025-08546, Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend Rules 18.7 (Position Limits) and 18.9 (Exercise Limits), is a Federal Register notice from Securities and Exchange Commission published 2025-05-15, effective 2025-05-06 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-08546
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-08546
- Title: Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend Rules 18.7 (Position Limits) and 18.9 (Exercise Limits)
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 20731
- Published: 2025-05-15
- Effective: 2025-05-06
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

MEMX Sharpens Rules on Options Position and Exercise Limits

## Summary

MEMX is updating its rules about how many options contracts traders can hold and exercise, making the limits clearer and more in line with other exchanges. This change affects traders using MEMX and takes effect immediately, helping everyone understand the rules better without changing the money involved. The update aims to keep trading fair and straightforward starting right now.

## Effects PRIA read

- Rules Now List Exact Limits: benefit, low. If you trade options on MEMX, the Exchange added the specific position and exercise limits directly into Rules 18.7 and 18.9 so the limits are written in the rule text. The Exchange says this codification does not change the numeric limits and is intended to make the rules clearer and more uniform…
- Five Position Tiers Defined: benefit, medium. The Exchange's rules specify five position (and exercise) limit tiers of 25,000; 50,000; 75,000; 200,000; and 250,000 option contracts. To qualify for the 250,000 contract limit, the underlying security must have either at least 100 million shares traded in the most recent six months, or at least 7…
- Exercise Limits Measured Over Five Days: benefit, low. The Exchange specifies that exercise limits are measured as aggregate long positions exercised within any five consecutive business days, using the same 25,000/50,000/75,000/200,000/250,000 contract tiers. The Exchange will give "reasonable notice" when it sets or changes exercise limits.
- Series Positions Are Aggregated: benefit, low. Positions in Short Term Option Series, Monthly Options Series, and Quarterly Options Series on the same underlying security must be aggregated for purposes of the position limits. The rule text explicitly states that those series are combined when determining a customer's position.
- Written Permission Can Exceed Limits: benefit, low. The Exchange is inserting the phrase "Except with the prior permission of an Exchange Official or his designee, to be confirmed in writing" at the start of Rules 18.7 and 18.9. This means an Options Member may exceed a position or exercise limit only with prior written permission from an Exchange O…

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## Sources
- [2025-08546 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/15/2025-08546/self-regulatory-organizations-memx-llc-notice-of-filing-and-immediate-effectiveness-of-a-proposal-to)
- [2025-08546 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-15/pdf/2025-08546.pdf)

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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-08546 (as of 2026-06-08).