MIAX Emerald Raises Stale Fees to Match Peers
Published Date: 1/16/2026
Notice
Summary
MIAX Emerald is updating its fee schedule to raise some non-transaction fees that haven’t changed in years, making them more in line with other options exchanges. This affects traders and firms using the exchange’s services, who might see some fees go up starting immediately. The goal? Keep the exchange competitive while covering costs fairly.
Analyzed Economic Effects
9 provisions identified: 0 benefits, 9 costs, 0 mixed.
EEM monthly permit fee rises
If you are an Electronic Exchange Member (EEM) on MIAX Emerald, your flat monthly Trading Permit fee increases from $1,500 to $2,000 beginning January 1, 2026. That is a $500/month ($6,000/year) increase for each Trading Permit.
Market Maker permit fees increase
If you are a Market Maker on MIAX Emerald, monthly Trading Permit fees rise by tier: previously $7,000/$12,000/$17,000/$22,000 will become $8,000/$14,000/$20,000/$26,000 respectively, effective January 1, 2026. The alternative lower fee for certain high tiers is lowered from $15,500 to $14,000 per month.
Connectivity fees rise (1Gb / 10Gb)
If your firm connects to MIAX Emerald, connectivity fees change effective January 1, 2026: 1Gb to primary/secondary rises $1,400 → $1,500; 1Gb to disaster recovery rises $550 → $650; 10Gb to disaster recovery rises $2,750 → $3,500; and 10Gb ultra-low latency to primary/secondary rises $13,500 → $15,000 per month. These are per-connection monthly charges.
FIX port monthly fees increase
If your firm uses FIX Ports at MIAX Emerald, monthly fees change on January 1, 2026: first FIX Port $550 → $650; second–fifth FIX Ports $350 → $400 each; sixth+ FIX Ports $150 → $175 each. These are per-port monthly charges.
Full Service MEI port fee increases
If you are a Market Maker using Full Service MEI Ports, monthly tier fees change on January 1, 2026 from $5,000/$10,000/$14,000/$17,500/$20,500 to $6,000/$12,000/$16,500/$20,500/$24,000 respectively. The alternative lower fee for certain tiers is reduced from $14,500 to $12,000 per month.
Purge port monthly fee increases
If your firm uses Purge Ports, MIAX Emerald raises the monthly fee per matching engine from $600 to $700 starting January 1, 2026. That is $100 more per month ($1,200/year) for each Purge Port per matching engine.
CTD port fee increase
If your firm subscribes to CTD (Clearing Trade Drop) Ports, the monthly fee rises from $450 to $525 beginning January 1, 2026. That is an extra $75 per month ($900/year) per CTD Port.
FXD (FIX Drop Copy) port fee increase
If your firm is credentialed to use FXD (FIX Drop Copy) Ports, the monthly fee increases from $500 to $600 beginning January 1, 2026. That is $100 more per month ($1,200/year) for each FXD Port in production.
Limited Service MEI extra port charge up
If your firm requests additional Limited Service MEI Ports beyond the four free per matching engine, the monthly fee rises from $420 to $450 per additional port beginning January 1, 2026. That's an extra $30 per port per month ($360/year) per matching engine.
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Key Dates
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Previous / Next Documents
Previous: 2026-00802 — Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Options Exchange Fee Schedule To Amend Non-Transaction Fees
MIAX Options Exchange is updating its fee schedule to raise some non-transaction fees that haven’t changed in years. This affects traders and firms using MIAX’s services, aligning fees with other exchanges starting right away. If you use MIAX, expect some fees to go up, helping the exchange keep its systems strong and reliable.
Next: 2026-00804 — 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 Non-Transaction Fees
MIAX Pearl Options Exchange is updating its non-transaction fees to better match what other options exchanges charge. These changes affect traders and firms using the platform and take effect immediately, aiming to keep fees fair and competitive. If you use MIAX Pearl for options trading, expect some fee updates that could impact your costs starting now.
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