MIAX Emerald Adjusts Rebates for Priority Customer Options Trades
Published Date: 12/23/2025
Notice
Summary
MIAX Emerald is changing its options trading fees to offer better rebates for certain Priority Customer orders when they trade with affiliated Market Makers and hit specific volume levels. This update affects traders using Penny and non-Penny options in Tier 4 and takes effect immediately, potentially saving money for active customers. The goal? To reward high-volume trading with affiliated partners and keep the market buzzing.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Higher Penny-class Maker Rebate for High Volume
If you are a MIAX Emerald Member placing Priority Customer orders in Penny option classes and the contra-side is an Affiliated Market Maker, you can receive an alternative Simple Maker rebate of ($0.49) per contract in Tier 4 when your firm achieves above 0.90% of total Market Maker sides volume and above 0.60% of total Priority Customer, Maker sides volume (both as percentages of CTCV). Previously, the reduced Simple Maker rebate when contra was an Affiliated Market Maker was ($0.37); the new alternative rebate applies only after the Member meets both thresholds.
Higher Non-Penny Maker Rebate for High Volume
If you are a MIAX Emerald Member placing Priority Customer orders in non-Penny option classes and the contra-side is an Affiliated Market Maker, you can receive an alternative Simple Maker rebate of ($0.95) per contract in Tier 4 when your firm achieves above 0.90% of total Market Maker sides volume and above 0.60% of total Priority Customer, Maker sides volume (both as percentages of CTCV). Previously, the reduced Simple Maker rebate when contra was an Affiliated Market Maker was ($0.85); the new alternative rebate applies only after the Member meets both thresholds.
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