Securities Regulation Daily Wrap Up, EXCHANGES AND MARKET REGULATION—CFTC grants temporary no-action relief to MIAX Futures for block trading of wheat options, (Jun 26, 2025)
The CFTC issued temporary no-action relief allowing MIAX Futures to trade wheat options exclusively through block trades due to the unavailability of its electronic trading system.
The CFTC’s Division of Market Oversight (DMO) issued a no-action letter to MIAX Futures Exchange, LLC, permitting the temporary trading of Minneapolis Hard Red Spring Wheat (HRSW) options exclusively via block trades. This relief, effective from June 29 to August 29, 2025, comes in response to the upcoming unavailability of MIAX’s electronic trading system for HRSW Options. The letter allows both eligible and non-eligible contract participants to offset open positions or exit trades without the use of a centralized market (CFTC Staff Letter, No. 25-17 (June 25, 2025)).
To accommodate this, MIAX proposed rule amendments reducing the minimum block trade size from 15 contracts to one and expanding access to non-ECP participants. These amendments, intended to prevent disruption and maintain market continuity, would normally require pre-approval under CFTC regulations and Core Principles related to centralized execution. The no-action relief grants temporary exemption from these requirements.
The CFTC opened the proposal for public comment from June 23 to June 25, 2025, recognizing the unusual nature of the request, allowing an exchange product to trade solely through block trades. The expedited comment window was designed to ensure a timely decision ahead of the June 30 system shutdown.
This is CFTC Staff Letter No. 25-17.
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