MIAX Hikes Fees for Secret Stock Data Feeds Overnight
Published Date: 5/27/2025
Notice
Summary
Miami International Securities Exchange (MIAX) is updating its fee schedule to add new fee categories for four special market data feeds. This change affects traders and firms who use MIAX’s proprietary data, with new fees effective immediately after May 7, 2025. It’s all about making data access clearer and fairer, so users know exactly what they’re paying for.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Non‑Display Usage Fee and Cap
MIAX will charge a monthly Non‑Display Usage fee of $1,500.00 for each of the ToM, cToM, AIS, and MOR data feeds, with a cap of $3,000.00 per month for subscribers that receive two or more MIAX data feeds for Non‑Display Usage. The new Non‑Display Usage fee structure is effective May 7, 2025.
New per‑User Market Data Fees
MIAX will charge a monthly per‑User fee of $20.00 for each Professional User and $1.00 for each Non‑Professional User to receive MIAX's ToM, cToM, AIS, and MOR data feeds. This per‑User fee grants that User access to all MIAX market data feeds for the single monthly fee and is effective May 7, 2025.
End of Mid‑Month Fee Proration
MIAX will stop prorating market data fees for Distributors who subscribe or terminate mid‑month; Distributors will be charged the full monthly fee regardless of mid‑month starts or terminations. This change is effective May 7, 2025.
Definitions Added for Fee Clarity
MIAX is adding a Market Data Definitions section that defines Distributor, Internal Distributor, External Distributor, User, Professional User, Non‑Professional User, and Non‑Display Usage to make fee applicability clearer. These definitions are part of the Fee Schedule changes effective May 7, 2025.
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