# 2025-04326: Testing Your Trades? Cough Up More Cash, Says MIAX Sapphire

2025-04326, Self-Regulatory Organizations; MIAX Sapphire, 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/2025-04326
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-04326
- Title: Self-Regulatory Organizations; MIAX Sapphire, 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 12590
- 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

Testing Your Trades? Cough Up More Cash, Says MIAX Sapphire

## Summary

MIAX Sapphire 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 some will start paying for this extra access right away. The goal is to cover costs and keep the testing environment running smoothly.

## Effects PRIA read

- New Fee for Dedicated Test Connections: cost, low. If you are a market participant that wants a dedicated cross connection to MIAX Sapphire's testing systems, the Exchange has adopted a new fee for that service. The rule filing was made on March 5, 2025 and the Exchange designated the change as immediately effective, so participants who opt into th…

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## Sources
- [2025-04326 on federalregister.gov](https://www.federalregister.gov/documents/2025/03/18/2025-04326/self-regulatory-organizations-miax-sapphire-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2025-04326 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-03-18/pdf/2025-04326.pdf)

## Related
- [Previous: 2025-04325, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immedi…](https://policyrisk.com/federal-register/2025-04325)
- [Next: 2025-04327, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a P…](https://policyrisk.com/federal-register/2025-04327)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-04326 (as of 2026-06-08).