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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