MIAX Sapphire Charges Up Fees for Testing System Access Now
Published Date: 5/15/2025
Notice
Summary
MIAX Sapphire is adding a new fee for traders and firms who want to use their special testing system through a dedicated connection. This testing environment helps users try out trading strategies with fake data before going live. The new fee starts right away, so anyone interested should plan for this cost when accessing the test system.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
New $1,000/month test-connection fee
If your firm chooses a dedicated cross connection to access MIAX Sapphire's testing systems environment, you will be charged $1,000 per dedicated cross connection each month. The $1,000 monthly fee is the same for either a 1Gb or 10Gb dedicated connection and applies to both Members and non-Members.
Free VPN access remains available
MIAX Sapphire continues to provide VPN access to the testing systems environment for free to all Members and non-Members. VPN access provides the same functional testing abilities as a dedicated cross connection, so firms may test without paying the $1,000 monthly fee.
Production connections decommissioned Feb 28, 2025
MIAX Sapphire and affiliates decommissioned access to the testing systems environment via 1Gb and 10Gb production connections on February 28, 2025. As a result, firms that previously used production connections must now use either the free VPN or a paid dedicated cross connection to access the test environment.
Fee applied uniformly and optional
The $1,000 monthly fee applies equally to all Members and non-Members and does not differ between 1Gb and 10Gb dedicated cross connections. Using a dedicated cross connection is optional; no firm is required by rule to subscribe and VPN access remains available for free.
Test environment is functionality-only (no latency testing)
MIAX Sapphire's testing systems environment provides mock trading data for functional testing only and does not enable performance or latency testing. Firms that purchase a dedicated cross connection do not receive a latency or performance advantage in the testing environment.
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