MIAX Exchange Group - Options Markets - January 1, 2027 Market Data Fee Changes

Effective January 1, 2027, MIAX Options, MIAX Pearl Options, MIAX Emerald Options, and MIAX Sapphire Options Exchanges will amend the market data fees for Top of Market (“ToM”), Complex Top of Market (“cToM”), Administrative Information Subscriber (“AIS”), Order Feed (“MOR”), PEARL Liquidity Feed (“PLF”), and Sapphire Liquidity Feed (“SLF”), pending filings with the Securities and Exchange Commission. The amended fees will be as follows:

1. MIAX Options Data Feeds
   1. ToM Internal Distributor:  $2,075
   2. ToM Non-Display Usage:  $1,550 per data feed (*)
   3. cToM Internal Distributor:  $2,075
   4. cToM Non-Display Usage:  $1,550 per data feed (*)
   5. AIS Internal Distributor:  $1,300
   6. AIS Non-Display Usage:  $1,550 per data feed (*)
   7. MOR Internal Distributor:  $3,100
   8. MOR Non-Display Usage:  $1,550 per data feed (*)
2. MIAX Pearl Options Data Feeds
   1. ToM Internal Distributor:  $525
   2. ToM Non-Display Usage:  $1,550 per data feed (**)
   3. PLF Internal Distributor:  $1,300
   4. PLF Non-Display Usage:  $1,550 per data feed (**)
3. MIAX Emerald Options Data Feeds
   1. ToM Internal Distributor:  $2,075
   2. ToM Non-Display Usage:  $1,550 per data feed (*)
   3. cToM Internal Distributor:  $2,075
   4. cToM Non-Display Usage:  $1,550 per data feed (*)
   5. AIS Internal Distributor:  $1,300
   6. AIS Non-Display Usage:  $1,550 per data feed (*)
   7. MOR Internal Distributor:  $3,100
   8. MOR Non-Display Usage:  $1,550 per data feed (*)
4. MIAX Sapphire Options Data Feeds
   1. ToM Internal Distributor:  $1,250
   2. ToM Non-Display Usage:  $1,550 per data feed (*)
   3. cToM Internal Distributor:  $1,250
   4. cToM Non-Display Usage:  $1,550 per data feed (*)
   5. SLF Internal Distributor:  $3,100
   6. SLF Non-Display Usage:  $1,550 per data feed (*)

* For Firms that subscribe to two or more data feeds on each respective exchange for MIAX Options Exchange, MIAX Emerald Options Exchange, or MIAX Sapphire Options Exchange, the Non-Display Usage fee will be discounted to $3,100 per respective exchange
** For Firms that subscribe to both the ToM and PLF feeds on MIAX Pearl Options, the Non-Display Usage fee will be discounted to $2,600
 
Full details will be included in the January 2027 Exchange fee schedules when posted on the MIAX website at MIAX Options Fee Schedule, MIAX Pearl Options Fee Schedule, MIAX Emerald Options Fee Schedule and MIAX Sapphire Options Fee Schedule.

For additional information, please contact MIAX Sales at Sales@miaxglobal.com or (609) 897-8177.