MIAX Rearranges Routing Fees Like Musical Chairs for Traders
Published Date: 12/18/2025
Notice
Summary
MIAX is shaking up its fee schedule by regrouping options exchanges in its routing fee table. This change affects traders who send customer orders through MIAX and could tweak the fees they pay when their orders get routed to other exchanges. The new fee setup took effect right away on December 1, 2025, so everyone should check how it impacts their trading costs.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
MIAX Regroups Routing Fee Categories
MIAX changed which away options exchanges are grouped into each routing fee tier in its Fee Schedule. The fee amounts for each tier were not changed, but which routed orders fall into which dollar-per-contract tier may change. This regrouping took effect on December 1, 2025.
MEMX Moved to Higher Routing Tier
MIAX removed MEMX from the 'Routed, Public Customer that is not a Priority Customer, Non-Penny Program' $1.25 per-contract fee tier and added MEMX to the $1.40 per-contract fee tier for that category. This regrouping change took effect December 1, 2025.
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