MIAX Emerald Rolls Out New Charges for Data Services
Published Date: 3/4/2025
Notice
Summary
MIAX Emerald is updating its fee schedule to add new fee categories for its special market data feeds like Top of Market and Complex Top of Market. This change affects anyone using these data feeds and takes effect immediately, meaning some users might see new charges soon. The SEC is keeping an eye on it and welcomes feedback within 60 days.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
New Fees for Exchange Market Data
MIAX Emerald created new fee categories for four proprietary market data feeds: Top of Market (ToM), Complex Top of Market (cToM), Administrative Information Subscriber (AIS), and MIAX Emerald Order Feed (MOR). If you or your business uses any of these data feeds, you may face new charges as a result of this change.
Immediate Effect; 60-Day SEC Review
The Exchange filed this proposal on February 14, 2025 and designated it effective immediately, so the new fee categories can take effect right away. The Securities and Exchange Commission may suspend the change within 60 days of the filing, and the public may submit comments on the filing on or before March 25, 2025.
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