Exchange Quietly Aligns Fees With Industry Norms
Published Date: 5/27/2026
Notice
Summary
MIAX Pearl Options Exchange is updating its non-transaction fees to match what other similar exchanges charge. These changes affect traders using the MIAX Pearl options platform and take effect immediately, aiming to keep fees fair and competitive. If you trade options here, expect some fee updates soon, but no surprise costs—just a fresh, fair fee schedule.
Analyzed Economic Effects
10 provisions identified: 0 benefits, 10 costs, 0 mixed.
Market Maker Permit Fee Hike
Market Makers face higher monthly Trading Permit fees. Proposed new fees are $3,500/$5,500/$8,000/$10,000 for the four class/ADV tiers (up from $3,000/$5,000/$7,000/$9,000), and the alternative lower fee for certain tiers is raised from $3,500 to $5,500 per month for specified levels.
Full Service MEO Port Fee Increases
Full Service MEO port fees are higher for both Single and Bulk ports. Single Full Service MEO Ports increase from $4,000 to $4,500 per month. Full Service MEO Port (Bulk) fees for Market Makers increase to $5,500/$8,000/$11,000/$13,000 (from $5,000/$7,500/$10,000/$12,000), and the EEM Full Service MEO Port (Bulk) fee rises from $7,500 to $8,000 per month. Certain alternative lower Bulk fees are also raised (e.g., $6,000 to $8,000 for specified levels).
EEM Trading Permit Fee Increases
If you are an Electronic Exchange Member (EEM), monthly Trading Permit fees rise. For FIX-connected EEMs the fees move from $250/$350/$450 to $300/$425/$550 for Tiers 1–3 respectively; for MEO-connected EEMs fees move from $300/$400/$500 to $375/$500/$625; EEM Clearing Firms rise from $250 to $300 per month.
Network Connectivity Fee Increases
Monthly connectivity charges to MIAX Pearl's facilities are rising for Members and non-Members. 1Gb primary connections go 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 from $13,500 to $15,000.
FIX Port Monthly Fee Increase
Monthly FIX port fees are increasing for Members. The first FIX Port rises from $275 to $350; ports 2–5 from $175 to $225 each; and sixth-or-more ports from $75 to $100 each.
Limited Service MEO Port Fee Rises
Limited Service MEO port monthly fees go up for additional ports. The first two remain $0; the third and fourth rise from $200 to $225 each; fifth and sixth from $300 to $350 each; and seventh-or-more from $400 to $475 each.
CTD Port Monthly Fee Increase
CTD Port monthly fees increase from $450 to $575 per port. CTD Ports deliver real-time clearing trade updates to Members and provide access to all matching engines.
FXD (FIX Drop) Port Fee Increase
Monthly FXD (FIX Drop Copy) Port fees increase from $250 to $325 per port. FXD Ports provide copies of real-time trade execution and related messages to designated users.
MEO Purge Port Fee Increase
Monthly MEO Purge Port fees increase from $600 to $700 per matching engine. Members may be allocated up to two MEO Purge Ports per matching engine and will be charged the monthly fee per matching engine.
Timing: Fees Immediately Effective
MIAX Pearl publicly alerted participants on October 14, 2025 and again on December 19, 2025 about non-transaction fee changes tied to January 1, 2026, and the fees in this filing are described as immediately effective. The Exchange filed the proposed rule change on May 14, 2026.
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