Options Exchange Tweaks Fees to Keep Up with the Joneses
Published Date: 2/18/2026
Notice
Summary
MIAX Pearl Options Exchange is updating its non-transaction fees to better match what other exchanges charge. This change affects traders and firms using the platform and takes effect immediately, meaning some fees might go up or down. The goal is to keep things fair and competitive without surprising anyone.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Higher Trading Permit Fees for Market Makers
If you are a Market Maker on MIAX Pearl, monthly Trading Permit fees were increased. The new proposed fees are $3,500, $5,500, $8,000, and $10,000 for the four tiers (up to 10 classes; up to 40; up to 100; over 100 classes) compared with prior rates of $3,000, $5,000, $7,000, and $9,000. The alternative lower fee for certain Market Makers is also increased (for some tiers from $3,500 to $5,500).
Increased Network Connectivity Charges
MIAX Pearl raised monthly connectivity fees for Members and non-Members to its primary/secondary and disaster recovery facilities. 1Gb primary connections increase from $1,400 to $1,500; 1Gb disaster recovery from $550 to $650; 10Gb disaster recovery from $2,750 to $3,500; and 10Gb ultra-low-latency (ULL) primary connections from $13,500 to $15,000. These are charged per connection each month.
Higher Trading Permit Fees for EEMs
If you are an Electronic Exchange Member (EEM), MIAX Pearl raised monthly Trading Permit fees. For FIX-connected EEMs the fees change from $250/$350/$450 to $300/$425/$550 for Tiers 1/2/3 respectively; for MEO-connected EEMs the fees change from $300/$400/$500 to $375/$500/$625 for Tiers 1/2/3 respectively. EEM Clearing Firms’ flat monthly fee increases from $250 to $300.
Higher Port Fees (FIX, MEO, CTD, FXD)
MIAX Pearl increased monthly port fees for several interfaces. Examples: first FIX Port rises from $275 to $350 (second–fifth from $175 to $225; sixth+ from $75 to $100); Full Service MEO Port (Single) rises from $4,000 to $4,500; Full Service MEO Port (Bulk) and related Market Maker tiers rise (e.g., $5,000→$5,500 for the smallest MM tier); Limited Service MEO Ports’ paid tiers rise (e.g., $200→$225, $300→$350, $400→$475); MEO Purge Ports from $600 to $700 per matching engine; CTD Ports from $450 to $575; FXD Ports from $250 to $325.
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