# 2025-08544: MIAX Pearl Imposes Fees on Direct Testing Environment Connections

2025-08544, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange 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/2025-08544
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-08544
- Title: Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Adopt Fees To Access the Testing Systems Environment
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 20720
- 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 Pearl Imposes Fees on Direct Testing Environment Connections

## Summary

MIAX Pearl is adding a new fee for traders who want to use their special testing system through a direct connection. This change affects anyone who tests their trading strategies on MIAX Pearl’s platform and starts right away. It helps cover the costs of maintaining the testing environment while keeping the real trading smooth and fair.

## Effects PRIA read

- New $1,000/month test-connection fee: cost, high. If your firm connects to MIAX Pearl's testing systems via a dedicated cross connection, you will be charged $1,000 per dedicated cross connection each month. This $1,000/month fee applies equally to 1Gb and 10Gb dedicated connections and became effective upon filing on April 30, 2025.
- VPN access remains free for testing and certification: benefit, medium. MIAX Pearl continues to provide VPN access to the testing systems environment for free to all Members and non-Members, and firms may use the free VPN to satisfy Exchange-initiated certification requirements. The Exchange also states that the standard certification fee will not apply when certificat…
- No advantage from paid test connections: benefit, low. MIAX Pearl says accessing the testing systems environment via a dedicated cross connection provides the same testing functionality as VPN and does not give any latency or trading advantage. Because the testing environment is for functionality testing only, a dedicated cross connection does not tran…

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-08544 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/15/2025-08544/self-regulatory-organizations-miax-pearl-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2025-08544 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-15/pdf/2025-08544.pdf)

## Related
- [Previous: 2025-08543, Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immedia…](https://policyrisk.com/federal-register/2025-08543)
- [Next: 2025-08545, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; No…](https://policyrisk.com/federal-register/2025-08545)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-08544 (as of 2026-06-08).