Regulatory Alert
MIAX Sapphire
June 10, 2025 | 01:50 PM
New Rule 1327 In-Kind Exchange of Options Positions and ETF Shares and UIT Units
MIAX Options Exchange Rule 1327, In-Kind Exchange of Options Positions and ETF Shares and UIT Units, became operative on May 29, 2025. MIAX Options Exchange Rule 1327 is incorporated by reference into the MIAX Pearl Options, MIAX Emerald Options and MIAX Sapphire Options Exchanges Rulebooks, and is applicable to the Exchanges Members.
Rule 1327 permits an “authorized member” to transfer Exchange listed options positions off Exchange to purchase or redeem creation units of ETF shares between an authorized member and the issuer of such ETF shares, or create or redeem units of a UIT between a broker-dealer and the issuer of such UIT units. Such transfers must occur at the price used to calculate the net asset value of such ETF shares or UIT units. All such transfers must comply with OCC rules and all other applicable laws, rules and regulations.
For more information please see the Regulatory Circulars below:
MIAX Options RC-2025-38
MIAX Emerald RC-2025-38
MIAX Pearl RC-2025-38
MIAX Sapphire RC-2025-41.
Please direct questions to the Regulatory Department at Regulatory@miaxglobal.com or (609) 897-7309.