MIAX Hikes Fees on Liquidity Reports—Traders, Brace Your Wallets
Published Date: 4/17/2026
Notice
Summary
MIAX is updating its fee schedule for Liquidity Taker Event Reports by raising annual fees, adding new fees for Purge Liquidity Taker Reports, and offering discounts for multiple subscriptions. They’re also planning to stop monthly subscriptions soon. These changes affect traders using MIAX’s reports and take effect immediately, so get ready to adjust your budgets!
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Analyzed Economic Effects
6 provisions identified: 1 benefits, 4 costs, 1 mixed.
Simple & Complex Annual Fee Hike
If your firm subscribes to the Simple Order Report or Complex Order Report, the annual fee rises from $24,000 to $30,000 beginning April 1, 2026. Monthly fees of $4,000 remain available through December 31, 2026.
Resting Simple Report Annual Increase
If your firm subscribes to the Resting Simple Order Report, the annual fee increases from $12,000 to $15,000 effective April 1, 2026. The monthly fee of $2,000 is unchanged and available through December 31, 2026.
New Purge Report Subscription Fees
MIAX will offer the new Purge Liquidity Taker Report starting April 1, 2026, at $4,000 per month or $30,000 per year for annual subscribers. New subscribers will be charged for the full calendar month of subscription and will receive prior-month daily data for that month.
Discounts for Multiple Annual Subscriptions
Beginning April 1, 2026, MIAX offers discounted annual pricing when a firm subscribes to multiple Reports: one report $30,000/year; any two of Simple, Complex, or Purge $50,000/year; all three $70,000/year. Adding the Resting Simple Order Report with others costs $10,000 extra annually.
Monthly Subscriptions Sunset December 31, 2026
MIAX will stop offering monthly subscriptions to all Liquidity Taker Event Reports effective December 31, 2026. Current monthly subscribers may continue monthly billing through that date and must either terminate or transition to annual subscriptions before January 1, 2027.
Annual Billing Cycle and Pro-Ration Rules
Starting January 1, 2027, MIAX will offer only annual subscriptions with semi-annual renewal dates (January 1 or July 1). Between those dates (beginning April 1, 2026) new subscribers will be charged a pro-rated annual fee to the next semi-annual renewal, with pro-ration reflecting applicable multi-report discounts.
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