MIAX Emerald's Fee Shuffle: Subscriptions Get Pricier and Pickier
Published Date: 4/17/2026
Notice
Summary
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.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
Simple & Complex Annual Fee Hike
If you subscribe to the Simple Order Report or Complex Order Report, the annual price rises from $24,000 to $30,000 per report starting April 1, 2026. The current monthly fees ($4,000/month) remain unchanged but annual subscriptions will now cost $30,000.
Resting Simple Report Annual Increase
If you subscribe to the Resting Simple Order Report, the annual price increases from $12,000 to $15,000 starting April 1, 2026. The monthly fee for that report remains $2,000 per month.
New Purge Report Pricing Launched
MIAX Emerald is launching the Purge Liquidity Taker Report for subscription beginning April 1, 2026, priced at $4,000 per month or $30,000 per year. New subscribers to the Purge Report will be charged for the full calendar month they subscribe and will receive prior month trading-day data for that month.
Multi-Report Annual Discount Program
Starting April 1, 2026, MIAX Emerald will offer discounted annual bundle pricing: $30,000 for one of Simple, Complex or Purge; $50,000 for any two of those; and $70,000 for all three. Adding the Resting Simple Order Report to any of those bundles costs $10,000 (instead of its standalone $15,000 annual price).
Monthly Subscriptions Sunsetting End of 2026
MIAX Emerald will stop offering monthly subscriptions to all Reports effective December 31, 2026; after that, only annual subscriptions will be available beginning January 1, 2027. New/renewal annual subscriptions take effect on a semi-annual basis (January 1 or July 1), with pro-rated fees for subscriptions that begin between those dates (pro-ration rules apply beginning April 1, 2026).
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: 2026-07493 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Sapphire Fee Schedule for All Liquidity Taker Event Reports
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!
Next: 2026-07495 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Amend the Fees for All Liquidity Taker Event Reports
MIAX Pearl is changing its fees for Liquidity Taker Event Reports, making some annual fees higher and adding new fees for Purge Liquidity Taker Reports. They’re also offering discounts for folks who subscribe to multiple reports and will stop monthly subscriptions soon. These changes affect traders using these reports and start right away, so watch your wallet and subscription plans!