MIAX Emerald Finally Updates Dusty Non-Transaction Fees
Published Date: 4/13/2026
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 March 25, 2026, so everyone should check the changes to avoid surprises.
Analyzed Economic Effects
7 provisions identified: 2 benefits, 5 costs, 0 mixed.
EEM Trading Permit Fee Up $500
If you are an Electronic Exchange Member (EEM), the monthly Trading Permit fee rises from $1,500 to $2,000 per permit. The change took effect on March 25, 2026 and increases your monthly cost by $500 (or $6,000 per year) for each permit.
Market Maker Permit Fees Rise By Tier
If you are a Market Maker, monthly Trading Permit fees increase by tier: up to 10 classes rises from $7,000 to $8,000; up to 40 classes $12,000 to $14,000; up to 100 classes $17,000 to $20,000; and over 100 classes $22,000 to $26,000. These new rates are effective March 25, 2026 and apply based on the greatest number of classes the Market Maker was assigned to quote in a month.
Lower Alternate Market Maker Fee Reduced
For Market Makers that qualify for an alternative lower Trading Permit fee (based on low executed volume), the reduced fee for certain top tiers falls from $15,500 to $14,000 per month. This change took effect March 25, 2026 and lowers the monthly cost for qualifying Market Makers by $1,500.
Connectivity Charges Increased
Monthly network connectivity fees increased effective March 25, 2026: 1Gb to primary/secondary rises from $1,400 to $1,500; 1Gb to disaster recovery from $550 to $650; 10Gb to disaster recovery from $2,750 to $3,500; and 10Gb ultra-low latency to primary/secondary from $13,500 to $15,000. These higher monthly fees apply to Members and non-Members who connect to MIAX Emerald facilities.
Port Fees (FIX/MEI/Purge/CTD/FXD) Increased
MIAX Emerald raised multiple monthly port fees effective March 25, 2026: FIX Ports now $650 (1st), $400 (2nd–5th), $175 (6th+); Full Service MEI Port tiers rose (e.g., $5,000→$6,000 for up to 5 classes, $20,500→$24,000 for over 100 classes); Purge Ports $600→$700 per matching engine; CTD Ports $450→$525 per port; and FXD Ports $500→$600 per port. These apply to Members and Market Makers depending on port type.
Reduced Alternate Full-Service MEI Discount
For Market Makers that qualify for the alternative lower Full Service MEI Port fee, the discounted monthly rate for certain tiers is reduced from $14,500 to $12,000. This change is effective March 25, 2026 and lowers monthly port costs by $2,500 for qualifying Market Makers.
Limited Service MEI Extra Port Slight Increase
Market Makers that request additional Limited Service MEI Ports will see the monthly charge rise from $420 to $450 per extra port per matching engine, effective March 25, 2026. This increases the cost for each additional Limited Service MEI Port by $30 per month.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2026-07041 — Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX Options Exchange Fee Schedule To Amend Non-Transaction Fees
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.
Next: 2026-07043 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 5.1 to Permit the Exchange to List Binary Options on Exclusively Listed Index Options Designated for Trading Under Chapter 4, Section B During Global Trading Hours (“GTH”) and Curb Trading Hours (“Curb”)
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