17 Jul 2025
💰Overview of MIAX Sapphire Fee Schedule Changes and Implications
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Sapphire Fee Schedule To Adopt New Fee Categories for the Exchange's Proprietary Market Data Feeds
Summary
The Securities and Exchange Commission has published a notice regarding a proposed rule change by MIAX Sapphire to amend its Fee Schedule. The amendments include adopting new fee categories for proprietary market data feeds, which aim to align pricing with those from affiliated exchanges, enhance clarity, and establish user fees while discontinuing an Initial Waiver Period.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The proposed amendments to the MIAX Sapphire fee schedule introduce new fees for data feeds, impacting costs for subscribers including businesses that rely on this data. New monthly charges for Internal and External Distributors could affect budgeting and operational expenses, particularly for firms analyzing options markets.