MIAX Updates Price Improvement Auction Rules
Published Date: 6/2/2026
Notice
Summary
MIAX is updating its PRIME rules to let Market Makers’ orders be invited as trading partners in special price improvement auctions. This change helps speed up trades and could lead to better prices for investors using options. The new rule is effective immediately, so Market Makers and traders should get ready to benefit right away!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Assigned Market Makers Can Be Solicited
The Exchange amended Policy .04 of Rule 515A to permit orders for the accounts of Market Makers assigned in an applicable options class to be solicited as a contra party to an Agency Order in a PRIME or cPRIME Auction. The Exchange plans to implement this functionality in Q3 of 2026 and will issue a Regulatory Circular at least 30 days before the implementation date.
More Liquidity and Possible Price Improvement
By allowing assigned Market Makers to be solicited in PRIME and cPRIME Auctions, the Exchange says this may expand available liquidity and could create additional execution and price improvement opportunities for customers who trade options. The Exchange states this change may make it easier to locate liquidity, particularly during volatile periods, once implemented in Q3 of 2026 (with at least 30 days' notice).
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