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.
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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.
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