U.S. Equities

MIAX Exchange Group Updated Market Data Policies and Schedule B – Data Feed Request Form
 
The MIAX Exchange Group has amended its Market Data Policies (“Policies”) relating to the usage and distribution of MIAX Exchange Group Market Data and will make various updates to the Schedule B – Data Feed Request Form (“Schedule B”).  These amendments are effective immediately for new Market Data Subscribers, and will become effective on May 21, 2021 for existing Market Data Subscribers, which is 60 days from the date of this notice.
 
Uncontrolled Distribution Requirement
 
The Policies have been updated to provide for the uncontrolled distribution of MIAX Exchange Group Market Data.
 
The updates define an “Uncontrolled Data Distributor” as a “Data Recipient that is authorized by the Exchange to distribute Market Data externally to a Person who is not an affiliate of the Data Recipient where the Data Recipient does not control the entitlement of and display of information to such Person.”
 
The updates require each Uncontrolled Data Distributor to complete and submit an Exchange Data Agreement and a Schedule B. The Schedule B will require the following additional information: 

• The earliest date upon which one or more Persons will receive any Exchange Market Data from the Uncontrolled Data Distributor (installation date) 
• Describe to whom/how the Uncontrolled Data Distributor will be distributing the data in an uncontrolled manner

 After the required documents have been completed, the prospective Uncontrolled Data Distributor must submit the required documents to the Exchange (as described in the Policies and Agreement) for approval. The Exchange will review the documents and may contact the Uncontrolled Data Distributor directly for additional information.
 
Upon approval, the Exchange will notify the Uncontrolled Data Distributor via email. Once approved by the Exchange, the Uncontrolled Data Distributor is authorized to provide the approved Exchange Market Data to one or more Persons.
 
Exchange Data Agreement
 
The Exchange Data Agreement (“Agreement”) was modified on September 1, 2020 to include the following language regarding Modifications:
 
“Except as may otherwise be set forth in this Agreement, the Exchange or its affiliates may amend this Agreement, the Exchange Market Data Policies (i) upon sixty (60) days prior written notice to Data Recipient, and any receipt or use of Market Data after such date is deemed acceptance or (ii) by posting the amendment to the Exchange’s website and any receipt or use of Market Data after sixty (60) days of the posting date is deemed acceptance. In no event shall the Exchange provide one Data Recipient with a notice period under an Agreement that is shorter than the notice period provided by the Exchange to any other Data Recipient.”
 
If your firm executed an Agreement after the September 1, 2020 update, there is no need to re-execute a new Agreement to become subject to the Amendments regarding Uncontrolled Data Distribution. However, if your firm desires to re-execute the Agreement, please submit a new fully-executed copy of the Agreement to MarketData@miaxglobal.com. If, as a result of the Amendments or otherwise, your firm desires to terminate the Agreement, your firm must provide not less than 30 days’ prior written notice to MarketData@miaxglobal.com pursuant to Section 14. Term and Termination of the Agreement.
 
If your firm executed an Agreement prior to the September 1, 2020 update, and wishes to act as an Uncontrolled Data Distributor, your firm will need to execute a new revised Agreement to become subject to the Amendments regarding Uncontrolled Data Distribution.
 
Except as expressly provided herein, all of the terms and provisions of the Agreement are and will remain in full force and effect.
  
Additional Information
 
Please review the attached clean and highlighted versions of the amended Policies and Schedule B. The amended versions of these documents are also available for use on our website.
 
Please contact MarketData@miaxglobal.com for any additional information regarding these changes.