# 2025-08545: MIAX Starts Charging for Safe Software Testing in Trading Sandbox

2025-08545, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 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/2025-08545
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-08545
- Title: Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees To Access the Testing Systems Environment
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 20723
- 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 Starts Charging for Safe Software Testing in Trading Sandbox

## 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!

## Effects PRIA read

- New $1,000/month test-connection fee: cost, high. 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.
- VPN access remains free: benefit, low. 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.
- Fee effective immediately upon filing: cost, medium. 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: cost, medium. 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.
- Same price for 1Gb and 10Gb dedicated links: mixed, low. 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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## Sources
- [2025-08545 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/15/2025-08545/self-regulatory-organizations-miami-international-securities-exchange-llc-notice-of-filing-and)
- [2025-08545 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-15/pdf/2025-08545.pdf)

## Related
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- [Next: 2025-08546, Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effecti…](https://policyrisk.com/federal-register/2025-08546)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-08545 (as of 2026-06-08).