# 2025-04322: MIAX Slaps Fees on Traders' Test Line Luxury

2025-04322, Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Adopt Fees for Dedicated Cross Connection Access to the Testing Systems Environment, is a Federal Register notice from Securities and Exchange Commission published 2025-03-18, effective 2025-03-05 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-04322
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-04322
- Title: Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Adopt Fees for Dedicated Cross Connection Access to the Testing Systems Environment
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 12578
- Published: 2025-03-18
- Effective: 2025-03-05
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

MIAX Slaps Fees on Traders' Test Line Luxury

## Summary

MIAX Emerald is adding a new fee for traders who want a special, dedicated connection to their testing system. This change affects market participants using this service and takes effect immediately, meaning users should expect to pay for this premium access starting now. The goal is to cover costs and keep the testing environment running smoothly.

## Effects PRIA read

- Fee for Dedicated Testing Connection: cost, low. If you or your firm trade on MIAX Emerald and choose a dedicated cross connection to the Exchange's testing systems environment, the Exchange adopted a new fee for that service that took effect when it filed the change on March 5, 2025. This fee applies to market participants who opt into the premi…

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## Sources
- [2025-04322 on federalregister.gov](https://www.federalregister.gov/documents/2025/03/18/2025-04322/self-regulatory-organizations-miax-emerald-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2025-04322 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-03-18/pdf/2025-04322.pdf)

## Related
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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-04322 (as of 2026-06-08).