MIAX Emerald Dusts Off Fees for Modern Alignment
Published Date: 2/18/2026
Notice
Summary
MIAX Emerald is updating its fee schedule to change some non-transaction fees that haven’t been touched in years. These updates will make their fees more in line with other options exchanges, affecting traders and firms using the platform. The new fees kicked in right away on January 30, 2026, so everyone should check the changes to avoid surprises.
Analyzed Economic Effects
10 provisions identified: 0 benefits, 10 costs, 0 mixed.
EEM Trading Permit Fee Upward Change
If you are an Electronic Exchange Member (EEM) who holds a MIAX Emerald Trading Permit, the monthly fee increases from $1,500 to $2,000 per Trading Permit. That is an extra $500 per month ($6,000 per year) charged by the Exchange.
Market Maker Trading Permit Tier Hikes
If you are a Market Maker on MIAX Emerald, the monthly Trading Permit tiers increase to $8,000 (up to 10 classes), $14,000 (up to 40 classes), $20,000 (up to 100 classes), and $26,000 (over 100 classes). The Exchange also lowers one alternative reduced-fee level from $15,500 to $14,000 for certain volume thresholds.
Connectivity Fees Increased for Links
If your firm connects to MIAX Emerald, connectivity fees change: 1Gb primary/secondary increases from $1,400 to $1,500 per month; 1Gb disaster recovery increases from $550 to $650 per month; 10Gb disaster recovery increases from $2,750 to $3,500 per month; and 10Gb ultra-low-latency (ULL) primary/secondary increases from $13,500 to $15,000 per month.
Full Service MEI Port Fee Rises
If you are a Market Maker using Full Service MEI Ports, monthly tiered fees rise: $6,000 (up to 5 classes) from $5,000; $12,000 (up to 10 classes) from $10,000; $16,500 (up to 40 classes) from $14,000; $20,500 (up to 100 classes) from $17,500; and $24,000 (over 100 classes) from $20,500. The Exchange also reduces certain alternative lower fee levels from $14,500 to $12,000.
Purge Port Fee Increase
Market Makers pay $700 per matching engine per month for Purge Ports, up from $600. A Market Maker may be allocated up to two Purge Ports per matching engine and will be charged the monthly fee per matching engine.
CTD Port Monthly Fee Raised
If you subscribe to a CTD (Clearing Trade Drop) Port, the monthly fee increases from $450 to $525 per CTD Port. CTD Ports deliver real-time clearing trade updates to Members.
FXD Port Monthly Fee Increases
If your firm uses FIX Drop Copy (FXD) Ports, the monthly fee increases from $500 to $600 per FXD Port when credentialed in production. FXD Ports provide copies of real-time trade execution and corrections.
FIX Port Monthly Fee Increases
If your firm uses FIX Ports on MIAX Emerald, monthly fees change to $650 for the first FIX Port (from $550), $400 per port for the second through fifth (from $350), and $175 per port for the sixth or more (from $150). These fees apply per month per port.
Limited Service MEI Additional Port Fee Up
Market Makers who request additional Limited Service MEI Ports will pay $450 per month per additional port per matching engine, up from $420. Market Makers continue to receive four free Limited Service MEI Ports per matching engine.
Fees Immediately Effective Notice
MIAX Emerald filed the proposed fee changes on January 30, 2026 and the fees are immediately effective as of that filing date. The Exchange also issued public alerts about the January 1, 2026 non-transaction fee changes on October 14, 2025 and December 19, 2025.
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