MIAX Emerald Caps Quotes to Dodge Excess Fees
Published Date: 3/17/2025
Notice
Summary
MIAX Emerald is changing its fee rules to tweak the limit on how many quotes traders can send before paying an Excessive Quoting Fee. This affects traders who send lots of quotes and could change how much they pay starting immediately. The Exchange made this change official on March 3, 2025, and is open to feedback for the next 60 days.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Excessive Quoting Fee Limit Change
The exchange changed the inbound quote limit that triggers its Excessive Quoting Fee, and that change became effective on March 3, 2025. If you are a trader or trading firm that sends large numbers of quotes, this change could alter how much you pay starting immediately; the SEC is accepting comments on the filing through April 7, 2025 and may act within 60 days.
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