Nasdaq BX rebrands to Texas in MIAX Pearl fee shuffle
Published Date: 8/17/2026
Notice
Summary
MIAX Pearl is updating its fee schedule to include new options trading routes for MX2 and IEX, plus renaming Nasdaq BX Options to Nasdaq Texas Options. This change affects members who route customer orders and takes effect immediately, helping traders know the latest fees and routes. It’s all about keeping the exchange fresh and clear for everyone trading options.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
MX2 and IEX Added to Routing Groups
If you or your firm routes customer options orders, MIAX Pearl will add MX2 (MX2 LLC) and IEX (Investors Exchange LLC) to its routing fee table effective August 1, 2026. The fee table lists per-contract routing fees of $0.15, $0.30, $0.65, $1.00, $1.15, $1.25, and $1.40 depending on order origin and destination grouping; those same per-contract fees will apply when applicable Member orders are routed to MX2 and IEX.
Existing Fee Amounts Left Unchanged
MIAX Pearl states it will not amend the fees associated with the existing exchange groupings and is only adding MX2 and IEX to those groupings and updating names; the routing fee amounts for the groups remain as shown in the fee table effective August 1, 2026. The Exchange says the per-contract amounts approximate its all-in cost (plus a non-material amount).
Nasdaq BX Renamed Nasdaq Texas
MIAX Pearl will rename the destination label 'Nasdaq BX Options' to 'Nasdaq Texas Options' in its routing fee table to reflect Nasdaq BX's conversion and name change. This is a non-substantive change meant to make the Fee Schedule clearer for Members and other market participants.
Members Keep Routing Choice
MIAX Pearl states routing through the Exchange is optional and Members will continue to be able to choose where to route applicable Member orders; adding MX2 and IEX expands available away markets but does not force Members to route to them.
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Previous: 2026-16698, Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Emerald Options Exchange Fee Schedule Regarding the Routing Fee Table
MIAX Emerald is updating its fee schedule to include new routing fees for orders sent to the soon-to-launch MX2 and IEX options exchanges. This change affects members who route customer orders and updates a few names in the fee table. The new fees take effect immediately, so traders should check the updated costs right away!
Next: 2026-16700, Stone Point Credit Income Fund and Stone Point Credit Income Adviser LLC