Search Results for keywords:"Top of Market (ToM)"

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Search Results: keywords:"Top of Market (ToM)"

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  • 2025-00299 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Fee Schedule To Adopt New Fee Categories for the Exchange's Proprietary Market Data Feeds
    Type:Notice
    Citation:90 FR 2046
    Reading Time:about 3 minutes

    The Securities and Exchange Commission has announced that the MIAX PEARL, LLC filed a proposed rule change on December 20, 2024, to update their fee schedule. This change aims to introduce new fee categories for their proprietary market data feeds, known as the Top of Market (ToM) and the Liquidity Feed (PLF). The proposal has been designated for immediate effectiveness, allowing it to be implemented without delay. The Commission is inviting public comments on this rule change, which can be submitted via email or their online comment form until January 31, 2025.

    Simple Explanation

    The government let a company called MIAX PEARL change their fees for special data feeds about buying and selling stuff, and they want people to say what they think about it by the end of January.

  • 2021-03549 — Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Establish Market Data Fees
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    Type:Notice
    Citation:86 FR 11033
    Reading Time:about 41 minutes

    MIAX Emerald, LLC has submitted a proposed rule change to the Securities and Exchange Commission (SEC) to introduce fees for market data products including Top of Market (ToM), Administrative Information Subscriber (AIS) feed, and MIAX Order Feed (MOR). These changes aim to end a previous waiver period where market data fees were not charged, establishing new monthly fees for internal and external distributors. The exchange justifies these fees by detailing the costs involved in providing these data products and argues that the fees are fair, reasonable, and necessary to cover increased expenses while maintaining transparency and competitiveness. The proposed fees are designed to comply with regulatory requirements and are intended to create a fair allocation of costs among users.

    Simple Explanation

    MIAX Emerald wants to start charging for special market information that used to be free, and they say these fees are needed to cover their costs and stay fair to everyone. They’re trying to balance out how much everyone pays, but some parts might be tricky for people to understand, like why certain fees are different or how they decide what costs to include.