MIAX Sapphire, LLC has filed a proposal with the Securities and Exchange Commission (SEC) to amend its fee schedule for accessing the MIAX Sapphire Options Exchange's testing systems environment via a dedicated cross connection. This proposal includes a monthly fee of $1,000 for both 1Gb and 10Gb connections, which is voluntary for market participants, who can also choose to access it for free through a virtual private network (VPN). The aim is to provide a reliable environment for testing software and other system functionalities before live trading, with the proposal effective from December 1, 2024. The change is designed to be fair and consistent with industry standards, taking into account competition as 18 U.S. options exchanges compete for market share.
Simple Explanation
MIAX Sapphire wants to charge $1,000 a month to connect to a special testing area for their trading platform, but people can still use a slower free connection if they want. They need to make sure this price is fair since other exchanges have similar fees, and they promise it's optional.