FR 2025-03418

The Securities and Exchange Commission (SEC) has released a notice that the Miami International Securities Exchange plans to implement a new rule immediately. This rule change involves updating the fee schedule for the exchange's proprietary market data feeds. These feeds include the Top of Market feed, the Complex Top of Market feed, the Administrative Information Subscriber feed, and the MIAX Order Feed. Stakeholders and the public have until March 25, 2025, to provide their opinions or feedback on these proposed changes. Submissions can be made via the SEC's website or through email.

Significant Issues and Concerns

One major concern with the document is its lack of specificity regarding the actual fee amounts in the new categories. Without this information, stakeholders cannot easily assess whether these fees are reasonable or potentially excessive. Another issue is the absence of a succinct summary of the proposed rule’s objectives and legal justification in the document itself. This omission could leave readers unclear about the necessity or rationale behind the changes.

Moreover, the impact these fee adjustments might have on market participants is not detailed. Such analysis would be instrumental in determining the fairness of the new fees. The document directs readers to external websites for more information, which might not be as accessible or user-friendly to all audiences, thereby affecting transparency and understanding.

Lastly, it is unclear how public feedback will influence the final decision-making process. The document does not describe whether and how the SEC will use the comments it collects during the solicitation period, which may leave commenters unsure about the potential impact of their contributions.

Public Impact

The general public and market participants might feel the effects of these changes in varied ways. Broadly, changes in fee structures could influence the cost of accessing proprietary market data. If fees are increased significantly, it could lead to higher costs for entities relying on this data, which might eventually be passed down to consumers or investors in some form.

Stakeholder Impact

For specific stakeholders, such as financial analysts, investment firms, and individual investors who depend on this data for trading and investment decisions, these fee changes hold substantial weight. If the fees are raised considerably, it might affect small to mid-size firms more acutely as they may have fewer resources to absorb such costs compared to larger financial institutions.

Conversely, the rule change could also standardize fee structures and improve data distribution efficiency if implemented thoughtfully. This could potentially foster a more transparent and competitive market environment, benefiting both the market's functionality and its participants.

Overall, while the document sets the stage for potential changes, the lack of specific details and impact assessments might raise apprehensions among stakeholders about the fairness and implications of these new fees. It remains critical for interested parties to review the proposed changes in detail via the provided online resources and participate in the feedback process to ensure that their voices are considered in the final outcome.