# 2025-04324: Pay Up for Your Private Trading Test Drive: MIAX Pearl's New Fee Hits

2025-04324, 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 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/2025-04324
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-04324
- Title: 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 Fees for Dedicated Cross Connection Access to the Testing Systems Environment
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 12620
- 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

Pay Up for Your Private Trading Test Drive: MIAX Pearl's New Fee Hits

## Summary

MIAX Pearl is adding a new fee for traders who want a special, dedicated connection to their testing system. This change affects anyone using the Exchange’s test environment and starts right away. It helps cover costs while keeping testing smooth and reliable.

## Effects PRIA read

- New Fee for Dedicated Test Connections: cost, low. If you are a market participant who wants a special, dedicated cross connection to MIAX Pearl’s testing systems environment, the Exchange has adopted a new fee for that dedicated connection. The rule filing was submitted on March 5, 2025 and the change is designated for immediate effectiveness.

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## Sources
- [2025-04324 on federalregister.gov](https://www.federalregister.gov/documents/2025/03/18/2025-04324/self-regulatory-organizations-miax-pearl-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2025-04324 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-03-18/pdf/2025-04324.pdf)

## Related
- [Previous: 2025-04323, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; No…](https://policyrisk.com/federal-register/2025-04323)
- [Next: 2025-04325, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immedi…](https://policyrisk.com/federal-register/2025-04325)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-04324 (as of 2026-06-08).