MIAX Pearl Hikes Fees on Liquidity Takers: Traders, Brace Your Wallets!
Published Date: 4/17/2026
Notice
Summary
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!
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
Simple Order Report: Annual Fee Rise
If you subscribe to the Simple Order Report, the annual price rises from $24,000 to $30,000 effective April 1, 2026. The existing monthly price remains $4,000 per month, and new subscribers are charged for the full calendar month in which they subscribe.
Resting Simple Report: Annual Increase
If you subscribe to the Resting Simple Order Report, the annual price rises from $12,000 to $15,000 effective April 1, 2026. The monthly price remains $2,000 per month, and new subscribers are charged for the full calendar month in which they subscribe.
New Purge Report: Monthly and Annual Fees
The Exchange is launching the Purge Liquidity Taker Report on April 1, 2026 with fees set at $4,000 per month or $30,000 per year. New Purge Report subscribers will be charged for the full calendar month of subscription and will receive the prior calendar month's trading-day data as described by the Exchange.
Multiple-Report Discount Program
Starting April 1, 2026, MIAX Pearl will offer discounted annual pricing for multiple-report subscribers: one of Simple Order Report or Purge Report is $30,000 annually; both Simple + Purge together are $50,000 annually; adding Resting Simple Order Report to a subscriber that already has Simple and/or Purge is $10,000 (instead of $15,000). Buying all three can cost $60,000 under the discount examples the Exchange provided.
Monthly Subscriptions End; Annual Only
MIAX Pearl will stop offering monthly subscriptions to the Simple Order Report, Resting Simple Order Report, and Purge Report effective December 31, 2026. Beginning January 1, 2027, the Exchange will only offer annual subscriptions with semi-annual renewal dates on January 1 and July 1, and pro-rated annual fees will apply for new subscribers between those dates.
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Key Dates
Department and Agencies
Related Federal Register Documents
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Previous / Next Documents
Previous: 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.
Next: 2026-07496 — Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Quarterly Review of Professional Orders
Nasdaq MRX is updating how it reviews Professional Orders every quarter to keep things fair and clear for traders who aren’t Priority Customers. This change affects traders placing lots of orders and aims to improve monitoring without changing fees or timing. The new rules kicked in right away on April 1, 2026, so everyone should stay sharp!