MIAX Exchange Group - Options Markets - April 1, 2026 Fee Changes

On April 1, 2026, MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange, and MIAX Sapphire Options Exchange will amend the following fees pending filings with the Securities and Exchange Commission:

1. MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange, and MIAX Sapphire Options Exchange
   1. New Purge Liquidity Taker Report (“Purge Report”) will be available for subscription for each respective exchange beginning April 1, 2026 as previously announced in this Alert
      1. The subscription fees for each respective exchange are $30,000/annually or $4,000/monthly
   2. The annual subscriptions for each of the existing Liquidity Taker Event Reports will be amended, per exchange, per report as follows:
      1. Simple Liquidity Taker Report (“Simple Order Report”) – from $24,000 to $30,000
      2. Complex Liquidity Taker Report (“Complex Order Report”) – from $24,000 to $30,000
      3. MIAX Pearl Options Exchange does not offer the Complex Order Liquidity Taker Report
      4. Resting Simple Liquidity Taker Report (“Resting Simple Order Report”) – from $12,000 to $15,000
      5. The new rates above will apply to new subscriptions initiated on or after April 1, 2026 (current annual subscriptions will continue through their existing expiration date)
   3. Policies related to all Liquidity Taker Event Reports:
      1. Discount Program – Members who purchase a Simple, Complex, Resting Simple or Purge Liquidity Taker Report may purchase additional reports on the same exchange at a 33.3% discount
      2. Monthly subscriptions for all reports will no longer be available after December 31, 2026
      3. Beginning January 1, 2027, annual subscriptions will be offered on a semi-annual cycle (January 1 and July 1) and any annual subscription that is off-cycle will be prorated
2. MIAX Sapphire Floor Transactions
   1. New surcharge and Floor Broker Enhanced Complex Rebate
      1. The Exchange will assess a per contract surcharge of $0.20 to Floor Market Makers when they are a counterparty to an executed Priority Customer Complex Qualified Floor Order (“cQFO”) in all classes
      2. For such trades, the Exchange will provide a per contract Floor Broker Enhanced Complex Rebate of ($0.20) to the Floor Broker when a Floor Market Maker is the counterparty to an executed Priority Customer cQFO in all classes (this Floor Broker Enhanced Complex Rebate is in addition to the Floor Broker Breakup Credit)
      3. The surcharge and Floor Broker Enhanced Complex Rebate will not apply to cQCC, cC2C, strategy-related, or other non-complex transactions

Attached are highlighted summaries of the fee changes.

Complete details will be contained in the April 2026 exchange fee schedules, when posted on the MIAX website at MIAX Options Fee Schedule, MIAX Pearl Options Fee Schedule, MIAX Emerald Options Fee Schedule,  MIAX Sapphire Fee Schedule.

For additional information, please contact MIAX Sales at Sales@miaxglobal.com or (609) 897-8177.

For assistance, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.