Options Penny Pilot

MIAX Options is a participant in an industry-wide pilot program that provides for the quoting and trading of certain option classes in penny increments (the "Penny Pilot Program" or "Program"). Specifically, the Penny Pilot Program allows the quoting and trading of certain option classes in minimum increments of $0.01 for all series in such option classes with a price of less than $3.00; and in minimum increments of $0.05 for all series in such option classes with a price of $3.00 or higher. Options overlying the PowerShares QQQ Trust("QQQ")®, SPDR S&P 500 Exchange Traded Funds("SPY"), and iShares Russell 2000 Index Funds ("IWM"), however, are quoted and traded in minimum increments of $0.01 for all series regardless of the price. The Penny Pilot Program was initiated in January 2007 and currently includes more than 300 of the most active option classes.

All options classes traded on the MIAX Options Exchange that are included in the Penny Pilot Program are listed in the Regulatory Circulars below.

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