MIAX Pearl Updates Fees to Match the Competition
Published Date: 4/13/2026
Notice
Summary
MIAX Pearl Options Exchange is updating its non-transaction fees to better match what other options exchanges charge. This change affects traders and firms using the platform and takes effect immediately, aiming to keep fees fair and competitive. If you use MIAX Pearl, expect some fee updates that could impact your costs starting now!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Market Maker Permit Fees Increased
If you are a Market Maker on MIAX Pearl, monthly Trading Permit fees increased immediately from $3,000/$5,000/$7,000/$9,000 to $3,500/$5,500/$8,000/$10,000 for the four registration tiers. The reduced alternative fee for certain lower-volume Market Makers was also raised (the filing increases the alternative lower fee for higher tiers from $3,500 to $5,500).
Higher Trading Permit Fees for EEMs
If you are an Electronic Exchange Member (EEM) that connects to MIAX Pearl, monthly Trading Permit fees increased immediately. For FIX-connected EEMs the fees rose from $250/$350/$450 to $300/$425/$550 for Tier 1/2/3; for MEO-connected EEMs they rose from $300/$400/$500 to $375/$500/$625 for Tier 1/2/3; EEM Clearing Firms’ fee rose from $250 to $300 per Trading Permit.
Higher Network Connectivity Charges
If your firm connects to MIAX Pearl’s data centers, connectivity fees increased immediately. 1Gb primary/secondary connections rose from $1,400 to $1,500; 1Gb disaster recovery from $550 to $650; 10Gb disaster recovery from $2,750 to $3,500; and 10Gb ultra-low-latency primary connections from $13,500 to $15,000.
Port and Interface Fees Up Across the Board
MIAX Pearl raised monthly port and interface fees for many access types with immediate effect. Examples include FIX Ports rising from $275/$175/$75 to $350/$225/$100 (first, 2nd–5th, 6th+ ports), Full Service MEO Port (Single) from $4,000 to $4,500, Full Service MEO Port (Bulk) and related Market Maker/EEM bulk fees increasing (Market Maker tiers moved up, and EEM Bulk from $7,500 to $8,000), Limited Service MEO port tiers increased (e.g., third/fourth from $200 to $225), MEO Purge Ports from $600 to $700 per matching engine, CTD Ports from $450 to $575, and FXD Ports from $250 to $325.
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Key Dates
Department and Agencies
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MIAX Options Exchange is updating its fee schedule by changing some non-transaction fees that haven’t been touched in years. These updates will make MIAX’s fees more in line with other exchanges, affecting traders and firms using the platform. The new fees take effect immediately, so users should check the changes to avoid surprises in their costs.