MIAX Pearl Imposes Fees on Direct Testing Environment Connections
Published Date: 5/15/2025
Notice
Summary
MIAX Pearl is adding a new fee for traders who want to use their special testing system through a direct connection. This change affects anyone who tests their trading strategies on MIAX Pearl’s platform and starts right away. It helps cover the costs of maintaining the testing environment while keeping the real trading smooth and fair.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
New $1,000/month test-connection fee
If your firm connects to MIAX Pearl's testing systems via a dedicated cross connection, you will be charged $1,000 per dedicated cross connection each month. This $1,000/month fee applies equally to 1Gb and 10Gb dedicated connections and became effective upon filing on April 30, 2025.
VPN access remains free for testing and certification
MIAX Pearl continues to provide VPN access to the testing systems environment for free to all Members and non-Members, and firms may use the free VPN to satisfy Exchange-initiated certification requirements. The Exchange also states that the standard certification fee will not apply when certification is required because of an Exchange-initiated change.
No advantage from paid test connections
MIAX Pearl says accessing the testing systems environment via a dedicated cross connection provides the same testing functionality as VPN and does not give any latency or trading advantage. Because the testing environment is for functionality testing only, a dedicated cross connection does not translate into an advantage in the Exchange's live trading environment.
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