Stock Exchange Shuffles Fee Table: Traders Yawn in Unison
Published Date: 12/18/2025
Notice
Summary
MIAX Pearl is updating its fee schedule to reorganize how it groups other options exchanges in its routing fee table. This change affects traders using MIAX Pearl’s platform by potentially changing routing fees starting immediately. The update aims to keep fees clear and fair without raising costs right now.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 1 costs, 2 mixed.
MEMX Moved to Higher Routing Tier
MIAX Pearl will remove MEMX from the $1.25 per-contract tier and place MEMX in the $1.40 per-contract tier for "Routed, Public Customer that is not a Priority Customer, Non-Penny Program" orders. That change makes the applicable routing fee for those orders $1.40 per contract instead of $1.25 per contract.
Change Effective Immediately on Dec 1, 2025
The Exchange's proposed regrouping of exchanges in the routing fee table is effective December 1, 2025. The filing is immediately effective and could change which routing fee tier applies to routed orders starting on that date.
Affiliates to File Same Routing Changes
MIAX stated its affiliates (MIAX, MIAX Emerald, MIAX Sapphire) will file to make the same routing fee grouping changes. That means members that use those affiliate exchanges may see similar regrouping effects if and when those affiliates implement the changes.
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Next: 2025-23236 — Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Regroup Options Exchanges Within the Routing Fee Table
MIAX is shaking up its fee schedule by regrouping options exchanges in its routing fee table. This change affects traders who send customer orders through MIAX and could tweak the fees they pay when their orders get routed to other exchanges. The new fee setup took effect right away on December 1, 2025, so everyone should check how it impacts their trading costs.