MIAX Pearl Standardizes Fees for All Trading Ports Now
Published Date: 6/4/2025
Notice
Summary
MIAX Pearl is changing how it charges for trading ports by removing free tiers and charging the same fee for all FIX, MEO, and FXD ports. Traders using these ports will see a simpler, fairer fee schedule starting immediately, with fees similar to or lower than other exchanges. This means no more free ports and no more fee waivers, so plan your trading costs accordingly!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Ports now cost $450/month — no free ports
If you are an Equity Member trading on MIAX Pearl Equities, the Exchange now charges $450 per FIX, MEO, and FXD port per month and no longer provides any free ports. Previously the first five FIX and MEO ports were free and all FXD ports were free; the new rule took effect immediately when the Exchange filed the change on May 22, 2025.
Fee waiver period removed — no more waivers
MIAX Pearl removed the defined term "Waiver Period" from its Fee Schedule and will no longer offer fee waivers for ports; this removal is effective immediately upon the Exchange's May 22, 2025 filing. The Exchange announced the upcoming changes in an alert and Regulatory Circular dated April 9, 2025.
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