MIAX Sapphire Joins Fee Hike Party for Event Reports
Published Date: 4/17/2026
Notice
Summary
MIAX Sapphire 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 and firms using these reports and take effect immediately, so get ready to adjust your budgets!
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Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Annual Fees Raised for Three Reports
If you subscribe to MIAX Sapphire's Simple Order Report or Complex Order Report, the annual fee rises from $24,000 to $30,000. If you subscribe to the Resting Simple Order Report, the annual fee rises from $12,000 to $15,000. These increased annual rates take effect April 1, 2026; monthly fees stay the same.
New Purge Report Subscription Fees
MIAX Sapphire will offer a new Purge Liquidity Taker Report starting April 1, 2026, priced at $4,000 per month or $30,000 per year. New subscribers will be charged for the full calendar month in which they subscribe and will receive prior trading-day data for that month.
Discounts for Multiple Annual Subscriptions
Starting April 1, 2026, MIAX Sapphire will discount multiple annual report subscriptions: one report = $30,000/year; any two of Simple/Complex/Purge = $50,000/year; all three = $70,000/year. Adding the Resting Simple Order Report to one or more of those reports costs $10,000/year instead of $15,000/year.
Monthly Subscriptions Phased Out
MIAX Sapphire will stop offering monthly subscriptions for these reports effective December 31, 2026. Beginning January 1, 2027, only annual subscriptions will be available with semi-annual renewal dates of January 1 or July 1 and pro‑rations for subscriptions started between those dates.
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