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

Date 31/07/2026

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

  1. MIAX Options Exchange – Priority Customer Rebate Program
    1. Priority Customer Rebate Program Tiers 3 and 4 amended to the following thresholds:
      1. Tier 3 – Above 1.50% to 1.90%
      2. Tier 4 – Above 1.90% to 3.50%
      3. Percentages are eligible Priority Customer volume as a percentage of OCC Customer volume               
  2. MIAX Pearl Options Exchange – Non-Penny class rates
    1. Simple Maker Rebates for Non-Penny Classes amended the following rates:
      1. Market Maker: ($0.55) to ($0.80) for respective Tiers 1-6
      2. Non-Priority Customer, Firm, BD, and Non-MIAX Pearl Market Maker: ($0.55) to ($0.80) for respective Tiers 1-6
    2. Simple Taker Fees for Non-Penny Classes amended to the following rates:
      1. Market Maker $1.23 for Tiers 1-6
      2. Non-Priority Customer, Firm, BD, and Non-MIAX Pearl Market Maker: $1.23 for Tiers 1-6
  3. MIAX Sapphire Options Exchange – QCC/cQCC rates and Away-Market Maker Facilitation
    1. For Electronic and Trading Floor QCC/cQCC orders, Professional Customer fees/rebates amended to the following rates:
      1. Initiating and Contra Fees: $0
      2. Executing Broker or Floor Broker Rebates:
        1. Professional Customer vs. Priority Customer: ($0)
        2. Professional Customer vs. Professional Customer: ($0)
        3. Professional Customer vs. Market Maker, Away Market Maker, Broker-Dealer, non-capped Firm: ($0.17)
    2. For Trading Floor, Away-Market Maker Facilitation of QFO/cQFO orders will be charged tiered rates based on monthly breakup %:
      1. Qualifying volume/requirements:
        1. QFO or cQFO orders that are not QCC/cQCC orders or Strategy Orders
        2. The rates for the Away Market Maker Facilitation will apply to any Trading Floor transaction where a member firm directs a paired order to the trading floor, where is agency order is a customer of the member firm, and where the contra side of the transactions is the Away Market Maker of the member firm
        3. Volume requirement of eligible facilitation orders of at least 1,000 initiating sides for QFO or smallest leg is 1,000 initiating sides for cQFO. 
        4. Floor Broker must attest by marking the ‘Billing Trade Type’ field with “F”
        5. Away-Market Maker must notify the Exchange to participate in this program. Please contact the Sales team to participate in the program.
      2. Fees/Rebates
        1. Tiered monthly Breakup % and Away-Market Maker Facilitation fee:
          1. 0 to 5%: $0.10
          2. Above 5% to 15%: $0.09
          3. Above 15% to 25%: $0.08
          4. Above 25% to 35%: $0.07
          5. Above 35% to 40%: $0.06
          6. Above 40%: $0.05
        2. Rebates
          1. Contra side receiving the discounted Away-Market Maker rates are not eligible for Floor Broker Rebates
          2. Orders will still be eligible for Floor Broker Breakup Credit ($0.20) for executions that trade with a Floor Market Maker
  4. MIAX Options, MIAX Pearl Options, MIAX Emerald Options and MIAX Sapphire Options Exchanges – Routing Fees
    1. On each respective MIH Exchange fee schedule, Routing Fees to the destination exchange added/modified below:
      1. MIAX Pearl Options
        1. Routed, Public Customer that is not a Priority Customer, Non-Penny Program: $1.40
      2. MEMX2 and IEX
        1. Routed, Priority Customer, Penny Program: $0.65
        2. Routed, Priority Customer, Non-Penny Program: $1.00
        3. Routed, Public Customer that is not a Priority Customer, Penny Program: $0.65
        4. Routed, Public Customer that is not a Priority Customer, Non-Penny Program: $1.40
      3. Nasdaq BX Options name changed to Nasdaq Texas Options

Attached are highlighted summaries of the August 2026 fee changes.

Full details will be included in the August 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 and MIAX Sapphire Options 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.

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