Futures

A new MIAX Futures Preferred Rate Program (PRP) is replacing the legacy MGEX Trading Permit Holder Program (TPH Program), effective July 1, 2025. Individuals and organizations who engage in proprietary trading are eligible for the PRP. Clearing Member responsibilities regarding billing and MPID creation for PRP participants are changing as outlined below.

Account Designation for Billing
While Clearing Members previously had to designate customer accounts as qualifying for discounted TPH Program rates, MIAX Futures will now assume responsibility for maintaining and designating accounts eligible for PRP rates. The Clearing System will no longer be updated with PRP designations, instead MIAX Futures will notify Clearing Members which accounts are approved for the PRP via email and periodic reports to ensure the Clearing Member can properly bill its customers.

As of July 1, 2025, previous TPH Program participants should no longer receive discounted fees unless they have been approved for the new PRP. MIAX Futures will notify Clearing Members prior to removing TPH Program designations in the Clearing System.

MPIDs
PRP status will now be designated at the MPID level through a liquidity code. If an MPID with PRP Designation sends an order, the order will be marked as having PRP Designation and is eligible for the PRP transaction fees. To receive PRP rate, trades must be for a PRP-designated account and traded through a PRP-designated MPID. Per Exchange policy, each PRP participant must have its own MPID.

On the PRP Application, applicants must provide the name of their Clearing Member (or carrying FCM where applicable), the applicant’s MPID, and associated clearing account numbers used for proprietary trading on Onyx. PRP applicants or their carrying FCMs may contact Clearing Members to get MPID information for the applicant. When responding, please ensure that you provide an MPID unique to that customer. If you need to create a new MPID to enable the applicant’s PRP participation, please contact TradingOperations@miaxglobal.com to complete an MPID Request Form.
 
For more information, please contact MIAX Futures Clearing Operations at MIAXFuturesClearingOperations@miaxglobal.com or (612) 321-7146.

To add MIAX Futures Alerts to your current e-mail subscriptions, revise your current MIAX Exchange Group e-mail subscriptions or to register a new e-mail address, visit MIAX Email Subscriptions.

To learn more about MIAX Futures, please contact MIAXFutures@miaxglobal.com.