MIAX Sapphire Charges Up New Data Feed Fees Immediately
Published Date: 2/7/2025
Notice
Summary
MIAX Sapphire is rolling out new fees for three of its special market data feeds: Top of Market, Complex Top of Market, and Liquidity Feed. Traders and firms using these feeds will start paying these fees right away, helping the exchange keep things running smoothly. The changes took effect immediately after filing on January 23, 2025, so users should check their costs now!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
New Fees for Three MIAX Data Feeds
If you are a trader or firm that uses MIAX Sapphire market data, the exchange established fees for three proprietary feeds — Top of Market (ToM), Complex Top of Market (cToM), and the Sapphire Liquidity Feed (SLF). These fees became effective immediately upon filing on January 23, 2025, so users should check their costs now.
SEC May Temporarily Suspend Fees
The Securities and Exchange Commission may summarily suspend this rule change at any time within 60 days of the January 23, 2025 filing. That 60-day window runs from the filing date, so the Commission could act to temporarily suspend the fees during that period.
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