23 Apr 2025
💳MIAX Sapphire Updates Alternative Payment Rules for Members
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 208, MIAX Sapphire Billing System
Summary
The Securities and Exchange Commission has published a notice from MIAX Sapphire proposing changes to Exchange Rule 208, enabling members to provide alternative payment instructions for fee collections, subject to exchange approval. This aims to ease operational burdens related to payment processes with the Clearing Corporation.
Agencies
- Securities and Exchange Commission
Business Impact
$$ - Med
The proposed rule change allows MIAX Sapphire members to use alternative payment instructions for fee collection, facilitating cash flow flexibility and operational efficiency. This affects compliance and regulatory practices surrounding exchange member payment processes.