The Commodity Futures Trading Commission’s Division of Market Oversight is seeking public comment on a proposed no-action position for MIAX Futures Exchange, LLC that would allow temporary trading of Minneapolis Hard Red Spring Wheat options on futures exclusively through block trades. Comments are due by 12 p.m. EDT on June 25, 2025. MIAX Futures requested the relief because its electronic trading system for these options will be unavailable, and it wants market participants, including those that are not eligible contract participants, to be able to trade or offset open positions. The exchange has proposed rulebook amendments effective from June 30 through August 29, 2025 to permit block trading outside a centralized market, reduce the block-trade threshold from 15 contracts to one contract, and allow non-eligible contract participants to participate in block trades. To implement the changes, MIAX Futures seeks no-action relief from designated contract market Core Principle 9, Commission Regulation 1.38, and Commodity Exchange Act section 5c(c) and related Part 40 regulations. Staff proposes granting time-limited relief to reduce the risk of market disruption and give market participants additional time to manage or exit open positions, and is seeking input given the novelty of the block-trade-only approach. The comment period is abbreviated to support a decision ahead of the proposed June 30, 2025 date when the current electronic trading system will cease to be available if relief is granted.

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