MIAX Emerald Revises Outdated Non-Transaction Fees Now
Published Date: 4/13/2026
Notice
Summary
MIAX Emerald is updating its fee schedule to change some non-transaction fees that haven’t been touched in years. These updates will make their fees more in line with other options exchanges, affecting traders and firms using the platform. The new fees kicked in right away on March 25, 2026, so everyone should check the changes to avoid surprises!
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Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
EEM Monthly Trading Permit Hike
If you are an Electronic Exchange Member (EEM), the Exchange raised the flat monthly Trading Permit fee from $1,500 to $2,000. This change was filed on March 25, 2026 and is immediately effective.
Market Maker Trading Permit Increases
Market Makers face higher monthly Trading Permit tiers: proposed new fees are $8,000 (up to 10 classes), $14,000 (up to 40 classes), $20,000 (up to 100 classes), and $26,000 (over 100 classes). The Exchange also changes the assessment to use the greatest number of classes a Market Maker was assigned to quote in any day of the month and lowers an alternative reduced fee from $15,500 to $14,000 for certain tiers.
Higher Network Connectivity Charges
Members and non-Members who connect to MIAX Emerald will pay higher connectivity fees: 1Gb to primary/secondary increases from $1,400 to $1,500 per month; 1Gb to disaster recovery from $550 to $650 per month; 10Gb disaster recovery from $2,750 to $3,500 per month; and 10Gb ultra-low latency to primary/secondary from $13,500 to $15,000 per month.
Port Fee Changes for FIX, MEI, Purge, CTD, FXD
The Exchange raised monthly port fees: FIX Ports from $550 to $650 for the first port, $350→$400 for ports 2–5, and $150→$175 for 6+; Full Service MEI Port tiers for Market Makers increase (examples: $5,000→$6,000 for up to 5 classes, $10,000→$12,000 for up to 10 classes), while some alternative reduced MEI fees are lowered (e.g., $14,500→$12,000). Additional Limited Service MEI Ports rise from $420 to $450 per month; Purge Ports $600→$700; CTD Ports $450→$525; and FXD Ports $500→$600.
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