Miami Exchange Reworks Rebates for Complicated Customer Trades
Published Date: 10/16/2026
Notice
Summary
Miami International Securities Exchange (MIAX) is updating its fee schedule to change how rebates are calculated for certain complex orders under the Priority Customer Rebate Program. This means traders using complex orders might see different rebate amounts starting immediately. The change aims to keep the rebate program fair and effective for priority customers.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
cPRIME Agency Volume Counts Toward PCRP Ratio
If you are a MIAX Member, beginning October 1, 2026 the Exchange will include your Priority Customer cPRIME Agency order volume when calculating whether your Priority Customer non-paired Complex Orders qualify for the alternative (higher) PCRP rebates. The PCRP table shows per-contract credits that vary by tier (tier 1: 0.00%–0.50%; tier 2: >0.50%–1.50%; tier 3: >1.50%–1.90%; tier 4: >1.90%–3.50%; tier 5: >3.50%) and the rebate examples in the filing include $0.20–$0.28 per contract for the lower set and $0.23–$0.28 per contract for the higher set depending on tier and counterparty relationship.
Exchange Says Change May Raise Priority Customer Flow
The Exchange states that by including cPRIME Agency volume in the PCRP calculation, Members may more easily qualify for higher rebates and that this could encourage submission of more Priority Customer Complex Orders, which the Exchange believes may increase liquidity and lead to more trading opportunities and tighter spreads. This is presented by the Exchange as a business rationale rather than a guaranteed result.
Rebate Amounts and Thresholds Stay the Same
The Exchange is not changing the PCRP volume threshold percentages or the per-contract credit amounts with this filing. The existing tier thresholds (0.00%–0.50%, >0.50%–1.50%, >1.50%–1.90%, >1.90%–3.50%, >3.50%) and the credit levels cited in the filing remain unchanged.
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