OCC Partners with MIAX: Clearing the Path for Futures Trading
Published Date: 6/20/2025
Notice
Summary
The Options Clearing Corporation (OCC) is teaming up with MIAX Futures Exchange to handle clearing and settlement services once all the necessary approvals are in place. This new agreement means smoother, faster processing for MIAX’s trades without changing OCC’s existing rules. The change is effective immediately, signaling a fresh chapter in how MIAX’s contracts get cleared and settled.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
OCC to Clear MIAX Contracts
OCC filed on June 4, 2025 to provide clearing and settlement services for MIAX Futures and options on those futures once all required regulatory approvals are received. This means MIAX-traded cleared contracts would be processed under OCC's existing clearance, settlement, custody, and risk-management framework after certification under CFTC Regulation 40.6.
Stricter New-Product Approval Steps
OCC would require prior written approval for any new Futures or Futures Options that could materially change OCC's risk profile or introduce new product risk, and may require underlying futures to trade for a reasonable period before options open. OCC may defer trading of new contracts and require additional supporting documentation before clearing.
OCC Monitoring and MIAX Reporting Rules
The Clearing Agreement would require MIAX to provide ongoing information to OCC (including annual and quarterly financials and material-event reporting), allow OCC to examine related books and records, and require MIAX to maintain sufficient financial resources or arrangements with another DCM to mitigate marketplace unavailability.
New Cybersecurity and Resilience Duties
The Clearing Agreement would require OCC and MIAX to share contact information, set mutual cybersecurity-incident notifications, and require MIAX to maintain a comprehensive cybersecurity program and written business continuity and disaster recovery program (including connectivity and redundancy requirements). These measures aim to reduce operational and outage risks for cleared trading activity.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-20466, Adviser and Regulated Fund Custody Rules; Crypto Custody Rules
The SEC is updating rules for how investment advisers and funds handle crypto assets, making sure they keep these digital investments safe and properly reported. These changes affect advisers, funds, and anyone managing crypto securities, aiming to modernize rules and improve transparency. Comments on the proposal are open until December 7, 2026, so get ready to weigh in!
2026-19260, Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4
The SEC wants to stop its federal rule that controls how shareholders can make proposals at company meetings, letting state laws and company rules take over instead. They’re also changing rules so companies can sometimes vote on proposals not in their official materials—but shareholders can opt out if they want. This affects investors and companies, with comments open until November 20, 2026, and could shake up how shareholder voices are heard and counted.
2026-18424, Political Contributions by Certain Investment Advisers
The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing to rescind the political contribution rule under the Investment Advisers Act of 1940 (the "Advisers Act"), which prohibits investment advisers from providing investment advisory services for compensation to a government client for two years after an adviser or any covered associate of the adviser makes a contribution to certain categories of elected officials or candidates, among other prohibitions. In the more than fifteen years since the rule was adopted, implementation challenges associated with the political contribution rule have resulted in a range of significant unintended consequences, including compliance practices among some investment advisers that may have had the effect of restricting all political contributions by the investment advisers and their employees. Market participants also have stated that the political contribution rule is burdensome, complex, and both lacks clarity and creates a de facto strict liability standard. The Commission is of the view that other existing requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule (defined below), are likely sufficient to address pay-to-play practices while allowing an adviser the flexibility to implement an approach that is more appropriately tailored to its particular risks, rendering the political contribution rule unnecessary. The Commission also is proposing to amend the rule under the Advisers Act pertaining to books and records consistent with the proposed rescission.
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
Previous / Next Documents
Previous: 2025-11298, Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of a Proposed Rule Change To Amend FINRA Rule 6730 (Transaction Reporting)
FINRA is keeping the 15-minute deadline for reporting certain bond trades but is making it easier to report big orders split across many customer accounts. This change helps firms save time and avoid confusion when sharing trade info. The new rule is up for public comment now and could affect how quickly and smoothly trade data gets reported, with no extra costs expected.
Next: 2025-11300, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 915 Regarding the Criteria for Listing Options Exchange-Traded Fund Shares
NYSE American is updating its rules to make it easier and clearer to list options on Exchange-Traded Funds (ETFs). This change matches what Nasdaq ISE already does, helping traders and investors by simplifying the process. The new rule took effect right away on June 10, 2025, with no extra costs involved.