MIAX Sapphire Adds Sneaky Fees to Market Data Streams
Published Date: 5/27/2025
Notice
Summary
MIAX Sapphire is updating its fee schedule to add new pricing categories for three special market data feeds: Top of Market (ToM), Complex Top of Market (cToM), and Liquidity Feed (SLF). This change affects traders and firms using these data feeds and takes effect immediately, meaning users should check the new fees soon. It’s all about keeping the data game fair and clear while supporting the Exchange’s services.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Per‑User Market Data Fees Introduced
If your firm subscribes to MIAX Sapphire market data, the Exchange proposes a monthly per‑User fee of $20.00 for each Professional User and $1.00 for each Non‑Professional User. Each per‑User fee gives that User access to all MIAX Sapphire market data feeds (ToM, cToM, SLF) for that single fee, and Distributors must report unique individual Users (count each person once regardless of multiple devices or logins).
Non‑Display Usage Fees and Cap
MIAX Sapphire proposes a monthly Non‑Display Usage fee of $1,500.00 for each of the ToM, cToM, and SLF feeds, and caps the Non‑Display Usage charges at $3,000.00 per month for subscribers to two or more MIAX Sapphire feeds. Non‑Display Usage includes automated trading, algorithmic trading, smart order routing, risk management, surveillance, and other machine/automated uses.
Distributor Monthly Fees Now Charged
After the Initial Waiver Period ended on March 1, 2025, MIAX Sapphire started charging monthly Distributor fees: Internal Distributors pay $1,200.00 per month for ToM and cToM and $3,000.00 per month for SLF; External Distributors pay $2,000.00 per month for ToM and cToM and $3,500.00 per month for SLF. These Distributor fees apply each month a Distributor is credentialed to use the feed in production.
No Mid‑Month Pro‑Ration of Fees
MIAX Sapphire proposes to stop pro‑rating market data fees for distributors that subscribe or terminate mid‑month; distributors subscribing or terminating mid‑month would be charged the full monthly fee rather than a pro‑rated portion. The Exchange says this change aligns its schedule with affiliated exchanges and is effective immediately.
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Previous: 2025-09408, 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 New Fee Categories for the Exchange's Proprietary Market Data Feeds
MIAX Pearl is updating its fee schedule to add new pricing for two special market data feeds called Top of Market and Liquidity Feed. Traders and firms using these feeds will see new fee categories starting right away, helping the Exchange keep things fair and clear. This change kicks in immediately, so users should check the new fees to stay in the know and avoid surprises.
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