MIAX Emerald Shuffles Exchange Fees for Simpler Routing Savings
Published Date: 12/18/2025
Notice
Summary
MIAX Emerald is updating its fee schedule to reorganize how it groups other options exchanges in its routing fee table. This change affects traders who send orders through MIAX Emerald and could impact the fees they pay when their orders are routed to different exchanges. The new fee grouping is effective immediately as of December 1, 2025, making it easier to understand and possibly saving money for some users.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
MIAX Emerald Regroups Routing Fee Table
MIAX Emerald reorganized how other options exchanges are grouped in its routing fee table so orders routed away may fall into different fee tiers. The change is effective December 1, 2025, and the exchange says it is updating groupings to better reflect away-market transaction fees and its own routing costs.
MEMX Moved to Higher Routing Tier ($0.15)
For "Routed, Public Customer that is not a Priority Customer, Non-Penny Program" orders, MIAX Emerald removed MEMX from the $1.25 per-contract tier and added MEMX to the $1.40 per-contract tier. That re-categorization, effective December 1, 2025, increases the routing charge for those MEMX-directed contracts by $0.15 per contract.
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