# 2025-08543: MIAX Sapphire Charges Up Fees for Testing System Access Now

2025-08543, Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Sapphire Fee Schedule To Adopt Fees To Access the Testing Systems Environment, is a Federal Register notice from Securities and Exchange Commission published 2025-05-15, effective 2025-04-30; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-08543
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-08543
- Title: Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Sapphire Fee Schedule To Adopt Fees To Access the Testing Systems Environment
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 20703
- Published: 2025-05-15
- Effective: 2025-04-30
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

MIAX Sapphire Charges Up Fees for Testing System Access Now

## Summary

MIAX Sapphire is adding a new fee for traders and firms who want to use their special testing system through a dedicated connection. This testing environment helps users try out trading strategies with fake data before going live. The new fee starts right away, so anyone interested should plan for this cost when accessing the test system.

## Effects PRIA read

- New $1,000/month test-connection fee: cost, high. If your firm chooses a dedicated cross connection to access MIAX Sapphire's testing systems environment, you will be charged $1,000 per dedicated cross connection each month. The $1,000 monthly fee is the same for either a 1Gb or 10Gb dedicated connection and applies to both Members and non-Members.
- Free VPN access remains available: benefit, high. MIAX Sapphire continues to provide VPN access to the testing systems environment for free to all Members and non-Members. VPN access provides the same functional testing abilities as a dedicated cross connection, so firms may test without paying the $1,000 monthly fee.
- Production connections decommissioned Feb 28, 2025: cost, medium. MIAX Sapphire and affiliates decommissioned access to the testing systems environment via 1Gb and 10Gb production connections on February 28, 2025. As a result, firms that previously used production connections must now use either the free VPN or a paid dedicated cross connection to access the test…
- Fee applied uniformly and optional: benefit, low. The $1,000 monthly fee applies equally to all Members and non-Members and does not differ between 1Gb and 10Gb dedicated cross connections. Using a dedicated cross connection is optional; no firm is required by rule to subscribe and VPN access remains available for free.
- Test environment is functionality-only (no latency testing): benefit, low. MIAX Sapphire's testing systems environment provides mock trading data for functional testing only and does not enable performance or latency testing. Firms that purchase a dedicated cross connection do not receive a latency or performance advantage in the testing environment.

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## Sources
- [2025-08543 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/15/2025-08543/self-regulatory-organizations-miax-sapphire-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2025-08543 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-15/pdf/2025-08543.pdf)

## Related
- [Previous: 2025-08542, Submission for OMB Review; Comment Request; Extension: Rule 17j-1](https://policyrisk.com/federal-register/2025-08542)
- [Next: 2025-08544, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-08544)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-08543 (as of 2026-06-08).