MIAX Emerald Updates Report Fees—Budget Adjustments Incoming
Published Date: 4/17/2026
Notice
Summary
MIAX Emerald is updating its fee schedule to raise the yearly cost for Liquidity Taker Event Reports and add new fees for Purge Liquidity Taker Reports. They’re also rolling out discounts for folks who subscribe to multiple reports and will stop offering monthly subscriptions soon. These changes affect traders and firms using these reports, starting immediately, so plan your budgets accordingly!
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Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Annual Fees Raised for Existing Reports
If your firm buys the Simple Order Report or Complex Order Report, the annual price increases from $24,000 to $30,000 per year effective April 1, 2026. If your firm buys the Resting Simple Order Report, the annual price increases from $12,000 to $15,000 per year; the Exchange is not changing the monthly fee amounts.
New Purge Report Subscription Fees
The Exchange is offering a new Purge Liquidity Taker Report beginning April 1, 2026 with a monthly subscription of $4,000 or an annual subscription of $30,000. New subscribers will be charged for the full calendar month in which they subscribe and will receive the prior month's trading-day data.
Discounts for Multiple Annual Subscriptions
Starting April 1, 2026, the Exchange will offer discounted combined annual prices: one of Simple/Complex/Purge costs $30,000 annually; any two of Simple/Complex/Purge cost $50,000 annually; all three cost $70,000 annually. If you already subscribe to one or more of Simple/Complex/Purge, adding the Resting Simple Order Report will cost $10,000 annually instead of the $15,000 single-report rate.
Monthly Subscriptions Ending—Switch To Annual Only
The Exchange will stop offering monthly subscriptions for all Reports effective December 31, 2026. Beginning January 1, 2027, only annual subscriptions will be offered, with semi-annual renewal dates on January 1 and July 1; the Exchange will pro-rate annual fees for new subscribers between those dates.
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