MIAX Bows Data Distribution Fees

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The Princeton, NJ-based MIAX Options Exchange has begun charging distribution fees for its Top of Market direct feed that provides best bid and offer prices with aggregate size and last sale information from MIAX's marketplace.

The fees, which took effect on April 1, are $1,000 per month for internal distributors that subscribe to the data for their internal use, and $5,000 per month for external distributors that redistribute the data to clients outside their own organization -- though MIAX will charge first-month fees on a pro rata basis, based on how many trading days have already elapsed in the month that a distributor subscribes.

The ToM feed, which is identical to the data supplied to the Options Price Reporting Authority, also includes opening imbalance condition information, opening routing information, expanded quote range data, post-halt data, and Liquidity Refresh condition information.

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