The Miami International Securities Exchange, LLC (MIAX) has proposed a change to its billing rules. This change would allow MIAX members, with approval, to use alternative payment instructions to pay fees owed to MIAX instead of the standard method involving a Clearing Member's account at the Clearing Corporation. This proposal is designed to give members more flexibility in their payment arrangements and is intended not to affect competition or public interest. The Securities and Exchange Commission (SEC) is inviting public comments on this proposed rule change.
Simple Explanation
The Miami International Securities Exchange wants to let its members pay their bills in different ways, instead of just using one bank account, so it's easier for everyone and fair. The Securities and Exchange Commission is asking people to share their thoughts on this idea.