MIAX Sapphire Adds Fees to Market Data—Options Traders Hit with Instant Costs
Published Date: 7/17/2025
Notice
Summary
MIAX Sapphire is updating its fee schedule to add new pricing categories for three special market data feeds: Top of Market (ToM), Complex Top of Market (cToM), and Liquidity Feed (SLF). This change affects traders and firms who use these data services and takes effect immediately, meaning some users might see new fees soon. The update helps MIAX keep its data offerings clear and fair while supporting the exchange’s growth.
Analyzed Economic Effects
6 provisions identified: 1 benefits, 5 costs, 0 mixed.
Non‑Display Usage Monthly Fee and Cap
MIAX Sapphire will charge a monthly Non‑Display Usage fee of $1,500.00 for each of the ToM, cToM, and SLF feeds for uses that do not involve a human display (examples listed include high‑frequency or algorithmic trading). If you subscribe to two or more MIAX Sapphire data feeds for Non‑Display Usage, the Exchange caps your total Non‑Display Usage fees at $3,000.00 per month.
Fees Already Charged to Distributors
After the Initial Waiver Period ended on March 1, 2025, MIAX Sapphire began charging monthly Distributor fees: Internal Distributors were charged $1,200.00 per month for the ToM and cToM feeds and $3,000.00 per month for the SLF feed; External Distributors were charged $2,000.00 per month for the ToM and cToM feeds and $3,500.00 per month for the SLF feed.
New per‑User Market Data Fees
MIAX Sapphire will charge a monthly per‑User fee of $20.00 for each Professional User and $1.00 for each Non‑Professional User to access the ToM, cToM, and SLF data feeds. The single per‑User fee grants the same Professional or Non‑Professional User access to all MIAX Sapphire market data feeds (so you pay once per User, not once per feed). Distributors must report unique individual Users (count each person once even if they use multiple devices).
No Mid‑Month Fee Proration
MIAX Sapphire proposes to stop pro‑rating market data fees for Distributors who start or stop subscriptions mid‑month. That means if a Distributor subscribes or terminates in the middle of a calendar month, the Distributor will no longer receive a pro‑rated (partial) monthly fee for that month.
Definitions Clarify Affiliate Sharing
MIAX Sapphire will add definitions that treat a Distributor as either an Internal Distributor (sharing within the Distributor's own entity or disclosed affiliates) or an External Distributor (sharing outside the entity). Sharing market data among disclosed affiliates within the same owner/holding company is treated as internal distribution and not external distribution.
Immediate Effect of Proposed Fees
MIAX Sapphire states the fees covered by this filing are immediately effective, so market participants and Distributors may begin to incur the new per‑User and Non‑Display Usage fees promptly after the filing.
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