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.