MIAX Sapphire Updates Fee Schedule for Liquidity Reports
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The rule revises the fees for MIAX Sapphire's Liquidity Taker Event Reports, enforcing a higher annual fee and introducing a new report. Monthly subscriptions will phase out starting December 2026, bringing streamlined annual plans for users. Users include market participants purchasing these reports for liquidity data to optimize their trading strategies.
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Key Changes
- Increased annual fee for all Liquidity Taker Event Reports
- Introduction of Purge Liquidity Taker Report with new fees
- Discontinuation of monthly subscriptions by December 2026
Obligations
What this law requires
Market participants must transition from monthly subscriptions to annual subscriptions for Liquidity Taker Event Reports by December 31, 2026.
Market participants must transition from monthly subscriptions to annual subscriptions for the Simple Order Report, Complex Order Report, Resting Simple Order Report, and Purge Report by December 31, 2026.
Starting April 1, 2026, annual subscribers to the Simple Order Report and Complex Order Report must pay an increased annual fee of $30,000.
All annual subscriptions to the Simple Order Report, Complex Order Report, Resting Simple Order Report, and Purge Report will only take effect on January 1st or July 1st of each year starting January 1, 2027.
Beginning April 1, 2026, a new Purge Report will be available, and market participants must subscribe at an annual fee of $30,000 or a monthly fee of $4,000.