MIAX Emerald Updates Data Feed Prices: More Fees for Real-Time Trading Info
Published Date: 7/17/2025
Notice
Summary
MIAX Emerald is updating its fee schedule to add new pricing categories for four special market data feeds that traders and firms use to get important trading info. This change affects anyone who subscribes to these feeds and starts right away, meaning some users might see new fees on their bills. The Exchange wants to keep things clear and fair while offering these valuable data services.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
Non‑Display Usage Fee and Cap
MIAX Emerald will charge a monthly Non‑Display Usage fee of $1,500.00 for each of the ToM, cToM, AIS and MOR feeds. If a subscriber uses non‑display for two or more MIAX Emerald feeds, the Non‑Display Usage fee is capped at $3,000.00 per month.
New per‑User Market Data Fees
MIAX Emerald will charge a monthly per‑User fee of $20.00 for each Professional User and $1.00 for each Non‑Professional User to receive MIAX Emerald market data. One per‑User fee gives that User access to all four MIAX Emerald feeds (ToM, cToM, AIS, MOR) so Distributors should report the number of unique Users to the Exchange.
No Mid‑Month Fee Proration
MIAX Emerald will no longer pro‑rate market data fees for Distributors who subscribe or terminate mid‑month. Distributors will be charged the full monthly fee for the month in which they start or stop a subscription.
New Definitions and User‑Counting Rules
The Fee Schedule adds definitions (Distributor, Internal Distributor, External Distributor, User, Professional User, Non‑Professional User, Non‑Display Usage) and requires Distributors to count each unique individual as one User regardless of multiple devices. Affiliates disclosed to the Exchange can be treated as within the Distributor's "own entity" (internal distribution).
Fees Are Immediately Effective
The Exchange states the fees in this proposed rule change are immediately effective as of the filing. MIAX Emerald filed the proposal on June 30, 2025, and subscribers may see the new fees reflected without further delay.
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Department and Agencies
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