Exchange Tweaks Tiny Multiplier in Trading Risk Formula
Published Date: 7/10/2026
Notice
Summary
Miami International Securities Exchange (MIAX) is updating how it calculates market makers’ option percentages by adding a new Origin Multiplier to Rule 612. This change affects market makers who trade options on MIAX and takes effect immediately, helping better manage trading risks. No direct cost changes were mentioned, but it’s a smart move to keep things fair and clear.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
New Origin Multiplier for Market Makers
Market Makers on MIAX can set an Origin Multiplier (min 0, max 10, adjustable in 0.1 increments; default = 1) that is applied when calculating an option execution's percentage for the Aggregate Risk Manager (ARM). Multipliers may be set by MPID for all classes or by MPID+class, and are applied by contra-party origin type (Priority Customer; Firm; Broker-Dealer; Market Maker; Non-Member Market Maker; Non-Priority Customer). ARM triggers when the combined class percentage equals or exceeds the Market Maker's Allowable Engagement Percentage; the specified time period used for counts cannot exceed 15 seconds and default Allowable Engagement Percentage will be at least 100%.
Potential for Improved Market Liquidity
The Exchange states the Origin Multiplier enhancement is intended to help Market Makers better manage risk and may encourage them to provide greater depth and tighter spreads on the MIAX market. That could improve liquidity and market quality for investors and customers trading on MIAX.
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