Stock Exchange Slaps New Fees on Data Feeds Now
Published Date: 7/17/2025
Notice
Summary
MIAX Pearl is updating its fee schedule to add new pricing categories for its special market data feeds called Top of Market and Liquidity Feed. This change affects traders and firms using these data services and takes effect immediately, meaning some users might see new fees soon. The update helps MIAX Pearl keep its data offerings clear and fair for everyone involved.
Analyzed Economic Effects
6 provisions identified: 0 benefits, 6 costs, 0 mixed.
New Non‑Display Usage Fees
For machine/non‑display use of ToM or PLF (for example algorithmic or high‑frequency trading), MIAX Pearl will charge $1,500.00 per month for each feed. If you subscribe to both feeds for non‑display use, the total monthly Non‑Display Usage fee is capped at $2,500.00.
Distributor Monthly Fees Remain in Place
MIAX Pearl continues to assess monthly distributor fees for ToM and PLF: Internal Distributors are charged $500.00 (ToM) and $1,250.00 (PLF) per month; External Distributors are charged $750.00 (ToM) and $1,500.00 (PLF) per month. Distributors must execute a Distributor Agreement.
New per‑User Market Data Charges
If you or your firm receives MIAX Pearl Top of Market (ToM) or Liquidity Feed (PLF) data for display, MIAX Pearl will charge $20.00 per month for each Professional User and $1.00 per month for each Non‑Professional User. One per‑User fee covers access to all Pearl Options market data feeds (so a single user does not pay separately for ToM and PLF).
No More Mid‑Month Proration
The Exchange will no longer prorate monthly market data fees for Distributors who start or stop subscriptions mid‑month. Distributors will be charged the full monthly fee for the month in which they are credentialed or terminate.
Change Takes Effect Immediately
The Exchange states the fees covered by this filing are immediately effective as of the filing. Firms and users of the ToM and PLF feeds should expect the new fee structure to apply without a future delayed start date.
New Definitions and User Reporting Rules
MIAX Pearl adds definitions (Distributor, Internal Distributor, External Distributor, User, Professional/Non‑Professional User, Non‑Display Usage) and requires Distributors to report each unique individual User (count individuals once across multiple devices; if several people use the same device, count the people, not the device).
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