MIAX Sapphire Joins Fee Frenzy: More Costs for Market Data Lovers
Published Date: 4/17/2026
Notice
Summary
MIAX Sapphire is updating its fee schedule for Liquidity Taker Event Reports by raising annual fees, adding new fees for Purge Liquidity Taker Reports, and offering discounts for multiple subscriptions. They’re also planning to stop monthly subscriptions soon. These changes affect traders and firms using these reports and take effect immediately, so get ready to adjust your budgets!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Annual Fees Raised for Liquidity Reports
If you subscribe to MIAX Sapphire's Simple Order Report or Complex Order Report, the annual fee increases from $24,000 to $30,000. The annual fee for the Resting Simple Order Report increases from $12,000 to $15,000; the Exchange is not changing the monthly fee amounts.
New Purge Report Subscription Fees
MIAX Sapphire will offer a new Purge Liquidity Taker Report starting April 1, 2026, with subscription fees of $4,000 per month or $30,000 per year. New subscribers will be charged for the full calendar month in which they subscribe and receive prior trading-day data for that month.
Discounts for Multiple Annual Subscriptions
Beginning April 1, 2026, MIAX Sapphire will offer a discounted annual pricing schedule: one of Simple, Complex or Purge Report costs $30,000 per year; any two cost $50,000 per year; all three cost $70,000 per year. Adding the Resting Simple Order Report to one or more of those reports will cost $10,000 as an add-on instead of the standalone $15,000 rate.
Monthly Subscriptions Sunsetting
MIAX Sapphire will stop offering monthly subscriptions to all Liquidity Taker Event Reports effective December 31, 2026. Beginning January 1, 2027, the Exchange will only offer annual subscriptions with semi-annual effective dates of January 1 and July 1, and pro-ration rules will apply for new subscribers between those dates.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026, because changes could affect how audits are done and funded.
2026-09742 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Adopt a New Fee Code for Market-Maker Complex Orders Executed on the Complex Order Book That Add Liquidity in Penny Program Securities and To Amend Its Orders Submitted With a Designated Give Up Program
Starting May 1, 2026, Cboe BZX Exchange is updating its fees to add a new code for Market-Maker Complex orders that add liquidity in penny stocks. They’re also tweaking rules for orders using a special Give Up program. These changes mainly affect market makers and traders using complex orders, aiming to make fees clearer and trading smoother.
2026-09745 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Starting May 1, 2026, MEMX is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system through the end of the year. This fee supports tracking stock trades better and will show up on invoices starting June 2026. If you’re a broker or part of the trading world, get ready to chip in for smoother market oversight!
2026-09728 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Concerning the Consolidated Audit Trail
MEMX is setting new fees for industry members to cover leftover historical costs from the National Market System’s Consolidated Audit Trail, which tracks stock trades. These fees, called Historical CAT Assessment 1A, will collect about $39 million that wasn’t billed before. The change is effective immediately, so affected members should get ready to pay soon!
2026-09736 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq PHLX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.
2026-09734 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq Texas is setting new fees to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. Industry members who trade on the exchange will pay these fees starting soon to help cover about $39 million in past expenses not yet billed. This update keeps the system fair and funded without surprises!
Previous / Next Documents
Previous: 2026-07492 — Self-Regulatory Organizations; LCH SA; Notice of Filing of Proposed Rule Change Relating to the CDSClear Risk Framework
LCH SA is updating its risk rules for CDSClear, the system that helps manage credit default swaps safely. These changes tweak how margin and default funds work to keep things secure and follow new templates. The updates need final approval but could affect firms using CDSClear by changing how much money they need to set aside, starting soon after approval.
Next: 2026-07494 — Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Emerald Options Exchange Fee Schedule To Amend the Fees for All Liquidity Taker Event Reports
MIAX Emerald is updating its fee schedule to raise the yearly cost for Liquidity Taker Event Reports and add new fees for Purge Liquidity Taker Reports. They’re also rolling out discounts for folks who subscribe to multiple reports and will stop offering monthly subscriptions soon. These changes kick in right away, so traders and market participants should get ready for new pricing and subscription rules.