MIAX Emerald Syncs Fees with FINRA: No Drama, Just Updates
Published Date: 1/27/2026
Notice
Summary
MIAX Emerald is updating its fee schedule to match new registration and exam fees set by FINRA. This change affects traders and firms using the MIAX Emerald Options Exchange and takes effect immediately, so everyone should be ready for the updated costs. No big surprises—just a smooth fee update to keep things fair and clear.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Continuing Education Fee Cut
Members and registered persons listed on MIAX Emerald's fee schedule will see the Continuing Education Session Fee change from $55 to $25 effective January 9, 2026. MIAX Emerald states it will list this fee but does not collect or retain the fee; FINRA collects it via the CRD system.
Series 57 Exam Fee Reduced
MIAX Emerald will list the Series 57 Examination Fee as changing from $120 to $105 on its Fee Schedule, effective January 9, 2026. The Exchange notes it lists but does not collect or retain this CRD exam fee, which is collected by FINRA.
Tiered Annual CRD Processing Fee
MIAX Emerald will reflect a tiered FINRA Annual System Processing Fee on its Fee Schedule effective January 9, 2026: $70 for registration with 1–5 securities regulators; $95 for 6–20; $110 for 21–40; and $125 for 41 or more. The Exchange states it lists these CRD system fees but does not collect or retain them; FINRA collects the fees.
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Department and Agencies
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