MIAX Sapphire adds pricing tiers to data feed lineup
Published Date: 3/19/2025
Notice
Summary
MIAX Sapphire is updating its fee schedule to add new categories for its special market data feeds, like Top of Market and Liquidity feeds. This change affects anyone who uses these data services and takes effect immediately, meaning some users might see new fees soon. The SEC is open to comments but the new fees are already in play!
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
New Fees for MIAX Proprietary Data
MIAX Sapphire adopted new fee categories for three proprietary market data feeds — MIAX Sapphire Top of Market (ToM), Complex Top of Market (cToM), and the MIAX Sapphire Liquidity Feed (SLF). The change was filed and made effective upon filing on March 13, 2025, so users of these data services may see new fees soon; the SEC is accepting comments through April 9, 2025.
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