MIAX Pearl Updates Non-Transaction Fees for Fairness
Published Date: 1/16/2026
Notice
Summary
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.
Analyzed Economic Effects
12 provisions identified: 0 benefits, 12 costs, 0 mixed.
Market Maker Trading Permit Fee Increases
If you are a Market Maker on MIAX Pearl, monthly Trading Permit fees increased effective January 1, 2026 to $3,500 (up to 10 classes), $5,500 (up to 40 classes), $8,000 (up to 100 classes), and $10,000 (over 100 classes). The reduced alternative fee for certain lower-volume Market Makers was increased from $3,500 to $5,500 for specified tiers.
Full Service MEO Port (Bulk) Fee Increases for Market Makers
Market Makers' Full Service MEO Port (Bulk) monthly fees increased effective January 1, 2026: $5,500 (up to 10 classes), $8,000 (up to 40 classes), $11,000 (up to 100 classes), and $13,000 (over 100 classes). The alternative lower fee for certain Market Makers in the 3rd and 4th levels increased from $6,000 to $8,000 per month.
EEM Trading Permit Fee Increases
If you are an Electronic Exchange Member (EEM) using MIAX Pearl, monthly Trading Permit fees increased effective January 1, 2026. For FIX-connected EEMs the monthly fee is now $300 (Tier 1), $425 (Tier 2), and $550 (Tier 3). For MEO-connected EEMs the monthly fee is now $375 (Tier 1), $500 (Tier 2), and $625 (Tier 3).
Network Connectivity Fee Increases
If you connect to MIAX Pearl data centers, connectivity fees increased effective January 1, 2026: 1Gb to primary/secondary is $1,500 (from $1,400); 1Gb to disaster recovery is $650 (from $550); 10Gb to disaster recovery is $3,500 (from $2,750); and 10Gb ultra-low latency to primary/secondary is $15,000 (from $13,500).
FIX Port Monthly Fee Increases
If you use FIX ports to send orders to MIAX Pearl, monthly FIX Port fees increased as of January 1, 2026: first FIX Port is $350 (from $275); ports 2–5 are $225 each (from $175); and port 6+ are $100 each (from $75).
Full Service MEO Port (Single) Fee Increase
Full Service MEO Port (Single) monthly fees on MIAX Pearl increased from $4,000 to $4,500 per port, effective January 1, 2026. Each Full Service MEO Port (Single) entitles a Member to two such ports per matching engine for that fee.
EEM Clearing Firm Permit Fee Increase
If you are an EEM Clearing Firm on MIAX Pearl, the flat monthly Trading Permit fee increased from $250 to $300, effective January 1, 2026.
Full Service MEO Port (Bulk) Fee Increase for EEMs
EEMs using Full Service MEO Port (Bulk) on MIAX Pearl now pay $8,000 per month (up from $7,500), effective January 1, 2026; each fee entitles an EEM to two Bulk ports per matching engine.
Limited Service MEO Port Fee Increases
Limited Service MEO Port monthly fees increased as of January 1, 2026: first and second ports remain $0; third and fourth ports are $225 (up from $200); fifth and sixth are $350 (up from $300); and seventh+ are $475 (up from $400).
MEO Purge Port Fee Increase
MIAX Pearl raised the monthly MEO Purge Port fee from $600 per matching engine to $700 per matching engine, effective January 1, 2026.
CTD Port Monthly Fee Increase
The monthly fee per CTD (Clearing Trade Drop) Port increased from $450 to $575, effective January 1, 2026.
FXD Port Monthly Fee Increase
MIAX Pearl increased the monthly FXD (FIX Drop Copy) Port fee from $250 to $325 per port, effective January 1, 2026.
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Key Dates
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Previous: 2026-00803 — 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 Non-Transaction Fees
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.
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