MIAX Emerald, a national securities exchange, has proposed a rule change to implement new fees, including a one-time membership application fee and testing and certification fees. The membership fee varies based on the applicant's role, with Electronic Exchange Members (EEMs) charged $2,500 and Market Makers $3,000, reflecting the greater complexity in evaluating Market Maker applications. Additionally, fees for Application Programming Interface (API) testing and Network Connectivity are being introduced to offset resources spent in the process. The fees are being structured to ensure they cover the costs incurred by the exchange, without imposing unfair discrimination among market participants.
Simple Explanation
MIAX Emerald wants to charge some new fees like a joining fee and fees for testing systems to make sure they work well with theirs, all to cover their costs for helping new members join and test safely. They are trying to be fair by adjusting the fees based on how complex the member's needs are, but some people think it might be confusing or not very clear why some have to pay more than others.