MIAX Options Updates Long-Stagnant Non-Transaction Fees
Published Date: 4/13/2026
Notice
Summary
MIAX Options Exchange is updating its fee schedule by changing some non-transaction fees that haven’t been touched in years. These updates will make MIAX’s fees more in line with other exchanges, affecting traders and firms using the platform. The new fees take effect immediately, so users should check the changes to avoid surprises in their costs.
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Analyzed Economic Effects
10 provisions identified: 0 benefits, 8 costs, 2 mixed.
EEM Monthly Trading Permit Hike
If you hold an Electronic Exchange Member (EEM) Trading Permit on MIAX, the monthly fee increases from $1,500 to $2,000. The fee for EEMs had not been changed since January 1, 2015.
Market Maker Permit Fee Tier Increases
MIAX raises monthly Market Maker Trading Permit tiers to $9,500 (up to 10 classes), $16,000 (up to 40 classes), $23,000 (up to 100 classes), and $29,500 (over 100 classes). These replace the prior $7,000 / $12,000 / $17,000 / $22,000 tiered rates.
Primary & DR Connectivity Fee Increases
MIAX increases network connectivity fees for Members and non-Members: 1Gb to the primary/secondary facility from $1,400 to $1,500 per month; 1Gb to the disaster recovery facility from $550 to $650 per month; 10Gb to the disaster recovery facility from $2,750 to $3,500 per month; and 10Gb ultra-low latency to primary/secondary facility from $13,500 to $15,000 per month.
FIX Port Monthly Fee Increase
MIAX raises FIX Port monthly fees for order entry: first FIX Port from $550 to $700; ports 2–5 from $350 to $450 each; and sixth or more from $150 to $200 each. FIX Ports provide electronic order submission access.
Full Service MEI Port Tier Increases
MIAX increases Full Service MEI Port monthly fees for Market Makers across tiers to $6,500 (up to 5 classes), $13,500 (up to 10 classes), $19,000 (up to 40 classes), $23,500 (up to 100 classes), and $27,500 (over 100 classes). MIAX also lowers the alternative reduced fee for certain tiers from $14,500 to $13,500 per month when low-volume thresholds apply.
Market Maker Reduced-Fee Threshold Adjusted
MIAX increases the alternative lower Trading Permit fee for Market Makers in the top tiers from $15,500 to $16,000 per month when certain low-volume thresholds are met. The volume threshold for that reduced fee remains tied to 0.060% of monthly executed volume.
Limited Service MEI Extra Port Fee Up
Market Makers may request additional Limited Service MEI Ports beyond the four free per matching engine, and MIAX increases the fee for each additional Limited Service MEI Port from $275 to $350 per month per matching engine.
FXD Port Monthly Fee Rise
MIAX increases the monthly FIX Drop Copy (FXD) Port fee from $500 to $675 per port. FXD Ports provide real-time trade execution and correction copies.
Purge Port Fee Increase
MIAX increases the monthly Purge Port fee for Market Makers from $300 per matching engine to $400 per matching engine. Purge Ports allow sending quote purge messages only.
Immediate Effect — Check Your Costs
MIAX announced these non-transaction fee changes publicly on October 14, 2025 and December 19, 2025, and states the fees subject to this proposal are immediately effective. MIAX users should review the new fees to avoid surprises in monthly charges.
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