MIAX Starts Charging for Safe Software Testing in Trading Sandbox
Published Date: 5/15/2025
Notice
Summary
Starting now, Miami International Securities Exchange (MIAX) will charge fees for using its special testing system that helps traders try out new software and features safely. This change affects anyone who wants to connect directly to MIAX’s test environment, helping keep the system running smoothly. The new fees kick in immediately, so users should plan accordingly!
Analyzed Economic Effects
5 provisions identified: 1 benefits, 3 costs, 1 mixed.
New $1,000/month test-connection fee
MIAX now charges a monthly fee of $1,000 per dedicated cross connection for Members and non-Members to access its testing systems environment. The fee applies whether you choose a 1Gb or 10Gb dedicated connection and is billed per connection.
Fee effective immediately upon filing
MIAX filed the proposed rule change on April 30, 2025, and the fee change is immediately effective, so firms should plan for the $1,000/month charge as soon as they subscribe. The Commission may suspend the change within 60 days of filing.
Production connections decommissioned Feb 28, 2025
MIAX decommissioned access to the testing systems environment via 1Gb and 10Gb production connections on February 28, 2025, so affected firms must now use either the free VPN or a paid dedicated cross connection to access the test environment.
VPN access remains free
MIAX continues to provide VPN access to its testing systems environment for free to all Members and non-Members. The VPN provides the same testing functionality as a paid dedicated cross connection.
Same price for 1Gb and 10Gb dedicated links
MIAX charges the same $1,000 monthly fee for either a 1Gb or a 10Gb dedicated cross connection to the testing systems environment, regardless of capacity choice. The Exchange states this uniform fee applies equally to Members and non-Members.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
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!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 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
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.
Next: 2025-08546 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend Rules 18.7 (Position Limits) and 18.9 (Exercise Limits)
MEMX is updating its rules about how many options contracts traders can hold and exercise, making the limits clearer and more in line with other exchanges. This change affects traders using MEMX and takes effect immediately, helping everyone understand the rules better without changing the money involved. The update aims to keep trading fair and straightforward starting right now.