Emerald Options Fees

Priority Customer Broker-Dealer Firm Away MM Professional
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Liquidity
Penny Pilot Simple Orders USD 0.50 USD (0.43) USD 0.50 USD (0.25) USD 0.50 USD (0.25) USD 0.50 USD (0.25) USD 0.50 USD (0.25)
Non-Penny Pilot Simple Orders USD 0.85 USD (0.85) USD 1.05 USD (0.25) USD 1.05 USD (0.25) USD 1.05 USD (0.25) USD 1.05 USD (0.25)
Simple Other4 USD (0.00) USD (0.00) N/A N/A N/A N/A N/A N/A N/A N/A
IWM, QQQ and SPY Only USD 0.50 USD (0.45)2 USD 0.50 USD (0.25) USD 0.50 USD (0.25) USD 0.50 USD (0.25) USD 0.50 USD (0.25)
Penny Pilot - Complex Order USD (0.25) USD (0.00) USD 0.50 USD 0.501,3 USD 0.50 USD 0.501,3 USD 0.50 USD 0.501,3 USD 0.50 USD 0.501,3
Non-Penny Pilot - Complex Order USD (0.40) USD (0.00) USD 0.88 USD 0.881,3 USD 0.88 USD 0.881,3 USD 0.88 USD 0.881,3 USD 0.88 USD 0.881,3
All Other - Contra Priority Customer USD 0.85 USD (0.85) USD 1.10 USD (0.25) USD 1.10 USD (0.25) USD 1.10 USD (0.25) USD 1.10 USD (0.25)
Penny Pilot Complex Other5 USD 0.20 USD 0.00 N/A N/A N/A N/A N/A N/A N/A N/A
Non-Penny Pilot Complex Other5 USD 0.40 USD 0.00 N/A N/A N/A N/A N/A N/A N/A N/A

Notes:

  • Rebates are in parentheses.
  • The On-Exchange ORF rate on MIAX EMERALD is USD 0.0006 per contract.

  1. Fee is reduced to 0.20 when contra a Non-Priority Customer.
  2. The rebate applies when the contra is not an Affiliated Market Maker.
  3. Additional surcharge fees of $0.12 will be charged on complex orders when contra is a Priority customer.
  4. Under Simple other, for PRIME the per contract rebate or fee for the pre-existing contra-side interest that trades with the Agency side will be waived.
  5. Complex Other trades are Priority Customer Complex Orders that leg into the Simple book.