SEC Greenlights New Fees for Stock Market Data Feeds—Traders Brace for Bill Shock
Published Date: 7/17/2025
Notice
Summary
Miami International Securities Exchange (MIAX) is updating its fee schedule to add new fee categories for four special market data feeds: Top of Market, Complex Top of Market, Administrative Information Subscriber, and MIAX Order Feed. This change affects anyone who uses these data feeds and starts right away, meaning some users might see new charges. MIAX wants to keep things clear and fair while offering these valuable data services.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
New Non‑Display Usage Fee and Cap
MIAX will charge a monthly Non‑Display Usage fee of $1,500.00 for each of the ToM, cToM, AIS, and MOR feeds for non‑display uses (examples include high frequency or algorithmic trading and automated order generation). The Exchange will cap Non‑Display Usage fees at $3,000.00 per month for subscribers who take two or more MIAX data feeds.
New per‑User Market Data Fees
If you subscribe to MIAX market data, the Exchange will charge a monthly per‑User fee of $20.00 for each Professional User and $1.00 for each Non‑Professional User for the ToM, cToM, AIS, and MOR feeds. A single per‑User fee gives that User access to all MIAX market data feeds (so distributors must report each unique individual as one User).
No Mid‑Month Fee Proration
MIAX proposes to stop pro‑rating market data fees for distributors who start or stop subscriptions mid‑month. That means a distributor subscribing or terminating mid‑month will be charged the full monthly fee rather than a pro‑rated amount.
Changes Take Effect Immediately
The filing states that the fees subject to this proposed rule change are immediately effective. If you use MIAX market data, you may see the new per‑User charges, Non‑Display Usage fees, or the no‑proration policy begin without a delayed implementation date.
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