MIAX Tweaks Market Maker Fees and Customer Rebates
Published Date: 7/17/2026
Notice
Summary
Miami International Securities Exchange (MIAX) is updating its fee schedule starting July 1, 2026. Market Makers will pay higher fees for certain order tiers, while Priority Customers get new rebate levels with fresh volume targets. These changes affect traders using MIAX and aim to balance costs and rewards quickly and clearly.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Market Makers Face Higher Maker Fees
If you are a Market Maker on MIAX, starting July 1, 2026 the Exchange raises per-contract "maker" fees for simple orders in tiers 4 and 5. For Members in PCRP volume tier 3 or higher, Penny Class maker fees increase from $0.05 to $0.09 (tier 4) and from $0.03 to $0.08 (tier 5); non-Penny maker fees increase from $0.08 to $0.11 (tier 4) and from $0.06 to $0.10 (tier 5). For Members not in PCRP tier 3 or higher, Penny Class maker fees increase from $0.07 to $0.11 (tier 4) and from $0.05 to $0.10 (tier 5); non-Penny maker fees increase from $0.10 to $0.13 (tier 4) and from $0.08 to $0.12 (tier 5).
New Priority Customer Tier 5 Rebates
MIAX adds a new Priority Customer Rebate Program (PCRP) tier 5 effective July 1, 2026. The PCRP tier 4 threshold is changed to above 2.00% up to 3.50% of national Priority Customer volume, and tier 5 will be above 3.50%. In tier 5, rebates proposed are $0.24 per contract for simple orders in non-Select Symbols, $0.25 per contract for simple orders in Select Symbols, $0.13 per contract for PRIME Agency Orders, and complex-order rebates of $0.27 or $0.28 per contract depending on whether the executing buyer and seller are the same Member or Affiliates.
Exchange Seeks More Priority Customer Liquidity
The Exchange states the fee and PCRP changes may encourage Members to submit more Priority Customer Orders, which may increase liquidity on MIAX and produce tighter spreads for market participants. These effects are presented as expected benefits linked to the changes effective July 1, 2026.
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