Miami Stock Exchange Invents New Ways To Charge For Data
Published Date: 1/10/2025
Notice
Summary
Miami International Securities Exchange is updating its fee schedule to add new pricing categories for its special market data feeds like Top of Market and Complex Top of Market. This change affects anyone who uses these data feeds and takes effect immediately, meaning some users might see new fees right away. The SEC is open to comments but the new fees are already in play!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
New Fees for MIAX Market Data
Miami International Securities Exchange adopted new fee categories for its proprietary market data feeds: Top of Market (ToM), Complex Top of Market (cToM), Administrative Information Subscriber (AIS), and MIAX Order Feed (MOR). If you or your business subscribes to any of these feeds, the exchange has established new pricing categories that may change what you pay.
Fees Took Effect Immediately
The Exchange filed the rule change on December 20, 2024 and designated it for immediate effectiveness, so the new fee categories for ToM, cToM, AIS, and MOR are in effect right away and some users may see changed charges immediately.
SEC Review and Comment Window Open
The SEC published the filing and is soliciting public comments with a submission deadline of January 31, 2025; the SEC may summarily suspend the change within 60 days of the filing if it finds that action is necessary or appropriate.
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Previous / Next Documents
Previous: 2025-00299 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Fee Schedule To Adopt New Fee Categories for the Exchange's Proprietary Market Data Feeds
MIAX Pearl Options is updating its fee schedule to add new pricing categories for its special market data feeds called Top of Market and Liquidity Feed. This change affects traders and firms who use these data services and takes effect immediately, potentially changing how much they pay. The SEC is open to comments but hasn’t stopped the update, so watch for any future changes.
Next: 2025-00301 — Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Adopt New Fee Categories for the Exchange's Proprietary Market Data Feeds
MIAX Emerald is updating its fee schedule to add new pricing categories for its special market data feeds like Top of Market and Complex Top of Market. This change affects anyone who uses these data feeds and takes effect immediately, meaning some users might see new fees soon. The goal? Clearer, fairer pricing for the Exchange’s valuable market info.