MIAX to Compensate Traders Hit by June Glitch Fiasco
Published Date: 9/3/2025
Notice
Summary
MIAX Sapphire is updating its rules to pay back members who lost money because of a system glitch on June 3, 2025. Once approved, the Exchange will make one-time payments to cover verified losses from that error. This change helps members recover quickly and keeps trading fair and smooth.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
One-time payments for June 3 losses
If you are a MIAX Sapphire Member or an investor whose orders were routed through a Member, the Exchange proposes one-time cash payments to cover validated realized trading losses from canceled executions that occurred on June 3, 2025 between 11:18 a.m. and 11:33 a.m. Eastern Time. The Exchange reviewed and validated over 2,200 claims and says it expects to compensate Members for losses validated by the Exchange.
Total payout capped at $525,000
The Exchange proposes that the total amount it will pay for all claims related to the June 3, 2025 Operational Error shall not exceed $525,000 for the single trading day of June 3, 2025 and the full calendar month of June 2025. Eligibility is limited to claims previously filed with and validated by the Exchange.
Conditions to get paid: attestations and releases
To receive any accommodation payment, Members must have previously filed and had their claims validated by the Exchange, must submit a required attestation within 14 calendar days after the rule becomes effective, and must deliver a release of all claims (including affiliates) within 14 calendar days after the rule becomes effective. Failure to provide the attestation or release will void a Member's eligibility; payments will be made in cash and no new claims will be accepted except limited late adjustments up to the time of payment.
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