MIAX Pearl Sneaks in New Prices for Trading Data Feeds
Published Date: 5/27/2025
Notice
Summary
MIAX Pearl is updating its fee schedule to add new pricing for two special market data feeds called Top of Market and Liquidity Feed. Traders and firms using these feeds will see new fee categories starting right away, helping the Exchange keep things fair and clear. This change kicks in immediately, so users should check the new fees to stay in the know and avoid surprises.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
New Per‑User Market Data Fees
MIAX Pearl will charge a monthly per‑User fee for its Top of Market (ToM) and Liquidity Feed (PLF): $20.00 for each Professional User and $1.00 for each Non‑Professional User. One per‑User fee gives a User access to all Pearl Options market data feeds (so a single $20 or $1 covers both ToM and PLF); these fees are immediately effective.
New Non‑Display Usage Charges
MIAX Pearl will charge $1,500.00 per month per feed for Non‑Display Usage of ToM and PLF (uses by machines/automated devices such as high‑frequency or algorithmic trading). If a subscriber takes both feeds for Non‑Display Usage, the Exchange caps the combined monthly charge at $2,500.00; this change is immediately effective.
Distributor Reporting and User Counting Rules
Distributors must report every unique User they entitle to access ToM or PLF. A single person with multiple devices/passwords counts as one User; where multiple people use the same device, report the people (not the device). Distributors must execute a MIAX Pearl Distributor Agreement and follow these reporting rules; the change is effective immediately.
No Mid‑Month Fee Proration
MIAX Pearl will no longer pro‑rate market data fees for Distributors who subscribe or terminate mid‑month; subscribers will be billed the full monthly fee regardless of the credentialing date. The change is intended to harmonize with MIAX Pearl Equities and is effective immediately.
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