Exchange Adds Fresh Fees for Options Data Feeds
Published Date: 5/28/2025
Notice
Summary
MIAX Emerald is rolling out new fee categories for its special market data feeds that traders and firms use to get the latest options info. Starting now, users of the Top of Market, Complex Top of Market, Administrative Info, and Order feeds will see updated pricing. This change affects anyone who subscribes to these feeds and kicks in immediately, so get ready to check your bills!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Non‑Display Usage Fee and Cap
MIAX Emerald adopted a monthly Non-Display Usage fee of $1,500.00 for each of the ToM, cToM, AIS and MOR feeds for uses without a human display (for example algorithmic trading). The Exchange also caps the Non-Display Usage fee at $3,000.00 per month for Subscribers that use two or more MIAX Emerald data feeds.
New Per‑User Market Data Fees
If you subscribe to MIAX Emerald market data, the Exchange adopted per-User monthly fees of $20.00 for each Professional User and $1.00 for each Non-Professional User to receive access to ToM, cToM, AIS and MOR feeds (one per-User fee gives access to all four feeds). These per-User fees apply to each person a Distributor provides access to and replace (or supplement) the prior Distributor-level monthly fee structure.
No Pro‑Ration for Mid‑Month Subscriptions
MIAX Emerald will no longer pro-rate market data fees for Distributors who subscribe or terminate mid-month; subscribers will be charged the full monthly fee for the month in which they are credentialed or terminate. The Exchange noted there were no mid-month subscriptions or terminations in the prior 12 months and removed pro-ration to align with its equities fee schedule.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
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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!
2026-05635, Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets
Starting March 23, 2026, the SEC and CFTC are making it clear that some crypto assets and transactions must follow federal securities laws. This means crypto companies and investors need to play by new rules to keep things fair and safe. Expect more transparency and possible costs for compliance as the government steps up oversight in the crypto world.
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