MIAX Pearl Adjusts Fees to Reflect FINRA Registration Costs
Published Date: 1/27/2026
Notice
Summary
MIAX Pearl is updating its fee schedule to include certain registration fees collected by FINRA for members who trade options and equities on their platform. This change means traders will see adjusted fees starting immediately, reflecting the costs FINRA charges. If you trade on MIAX Pearl, keep an eye on your fees—they might look a little different now!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 0 costs, 2 mixed.
MIAX Pearl Adds FINRA CRD Fees
If you are a MIAX Pearl Member who trades options or equities, the exchange updated its fee schedule to reflect certain Central Registration Depository (CRD) fees that FINRA collects. The change is effective January 9, 2026, and MIAX Pearl states it will not collect or retain these CRD fees — FINRA will collect them.
Continuing Education, Series 57 Fees Lowered
If you pay CRD fees for registrations on MIAX Pearl, the Continuing Education Session Fee for all registrations is reduced from $55 to $25 and the Series 57 Examination Fee is reduced from $120 to $105, effective January 9, 2026.
Annual CRD Processing Fee Now Tiered
The FINRA Annual System Processing Fee listed in MIAX Pearl's fee schedule changes from a single $70 amount to a tiered schedule effective January 9, 2026: 1–5 regulators $70; 6–20 regulators $95; 21–40 regulators $110; 41 or more regulators $125.
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