MIAX Offers Temp Discounts on Trading Data Fees
Published Date: 4/14/2025
Notice
Summary
MIAX is giving current subscribers of its Options Liquidity Taker Event Reports a temporary discount on their monthly and annual fees. This change helps traders save money while accessing important market data, starting right away. If you’re already signed up, you’ll see lower costs for a limited time!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
50% Off April Monthly Fees
If you were a monthly subscriber to a MIAX Liquidity Taker Event Report and had an active subscription as of March 31, 2025, your April 2025 monthly fee is 50% off. The normal monthly fees are $4,000 for the Simple Order Report and Complex Order Report and $2,000 for the Resting Simple Order Report, so April 2025 charges would be $2,000 or $1,000 respectively.
One Free Month for Annual Subscribers
If you held a 12-month subscription to a MIAX Liquidity Taker Event Report and had an active subscription as of March 31, 2025, MIAX will add one extra month to the end of your existing 12-month subscription at no charge. The normal annual fees are $24,000 per year for the Simple Order Report and Complex Order Report, $12,000 per year for the Resting Simple Order Report, and $40,000 per year for the bundled Simple+Complex annual purchase.
April 2025 Data Quality Risk From Network Upgrade
MIAX will upgrade its 10G ultra-low latency extranet switches and related analytics in April 2025, which could affect the Reports' timeframes (the 200 or 400 microsecond windows) and the quality of the April 2025 report data. MIAX expects the Reports' timeframes and data quality to normalize by May 2025.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17203, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Its Fees Schedule in Connection With Binary Options That Overlie the Mini-S&P 500 Index
Cboe Exchange is updating its fees for binary options tied to the Mini-S&P 500 Index, called XSP binary options. They’re adding standard transaction fees and removing these options from some special fee programs. These changes took effect right away on August 12, 2026, and will impact traders using these specific options.
Previous / Next Documents
Previous: 2025-06250, BlackRock Growth Equity Fund LP, et al.
BlackRock and its related companies want permission to team up and invest together in certain businesses, which usually isn’t allowed. The SEC is reviewing their request and might approve it soon, making it easier for these funds to co-invest and grow. If you want to speak up, you have until May 5, 2025, to ask for a hearing.
Next: 2025-06252, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Reflect an Amendment to the Application and Exemptive Order Governing the Fidelity Women's Leadership ETF and Fidelity Sustainability U.S. Equity ETF
NYSE Arca just updated the rules for two special ETFs: the Fidelity Women's Leadership ETF and the Fidelity Sustainability U.S. Equity ETF. This change reflects a recent amendment to how these funds operate and trade on the exchange, making sure everything stays clear and up-to-date. Investors in these ETFs can keep trading as usual with no delays or extra costs.