MIAX Rearranges Routing Fees Like Musical Chairs for Traders
Published Date: 12/18/2025
Notice
Summary
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.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
MIAX Regroups Routing Fee Categories
MIAX changed which away options exchanges are grouped into each routing fee tier in its Fee Schedule. The fee amounts for each tier were not changed, but which routed orders fall into which dollar-per-contract tier may change. This regrouping took effect on December 1, 2025.
MEMX Moved to Higher Routing Tier
MIAX removed MEMX from the 'Routed, Public Customer that is not a Priority Customer, Non-Penny Program' $1.25 per-contract fee tier and added MEMX to the $1.40 per-contract fee tier for that category. This regrouping change took effect December 1, 2025.
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Previous / Next Documents
Previous: 2025-23235 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Regroup Options Exchanges Within the Routing Fee Table
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.
Next: 2025-23237 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Phlx Options 7, Section 4
Nasdaq PHLX is updating its rules to change the monthly fee caps for market makers and firms trading certain options. This affects traders dealing with multiply listed options like stocks, ETFs, and indexes (but not SPY or broad-based indexes). The new fee caps take effect immediately, aiming to keep trading costs fair and clear.