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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-13373, Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Tier 4 and Tier 5 Percentage Thresholds of National Customer Volume in Multiply-Listed Options Classes in Section IV.A.1 (Tiered Volume Rebate for Non-Auction Transactions) of the Fee Schedule for Trading on the BOX Options Market LLC Facility
BOX Exchange is tweaking its fee schedule to change how traders earn volume rebates on certain options trades. They’re adjusting the top two rebate tiers by lowering the volume percentages needed to qualify, making it easier for traders to get better discounts. These changes kicked in right away on July 1, 2025, and could save active traders some money when they trade multiply-listed options.
Next: 2025-13375, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Exempt Closed-End Management Investment Companies Registered Under the Investment Company Act of 1940 That Are Listed as of or After May 20, 2025 From the Annual Meeting of Shareholders Requirement Set Forth in Exchange Rule 14.10(f)
The Cboe BZX Exchange wants to change a rule so certain investment companies listed on or after May 20, 2025, don’t have to hold annual shareholder meetings. The SEC is taking extra time to review this idea carefully before deciding. This affects closed-end investment companies and could save them time and money by skipping these meetings.