Federal Register #SR-SAPPHIRE-2026-23

SEC notice: MIAX SAPPHIRE Trade-by-Trade Report subscription opportunity

The Securities and Exchange Commission (SEC) is announcing a proposed rule change by MIAX SAPPHIRE, LLC to offer a new data product for purchase. - Government Buyer: - Securities and Exchange Commission (SEC) - MIAX SAPPHIRE, LLC (self-regulatory organization and options exchange) - OEMs and Vendors: - MIAX SAPPHIRE, LLC (primary vendor and OEM) - Products/Services Requested: - Trade-by-Trade Report subscription service - Provides comprehensive trade-level details for each options transaction executed on the MIAX SAPPHIRE Exchange - Data fields include: trade date, session, time, trade ID, complex trade ID, transaction ID, underlying symbol, expiration, strike, type (put/call), penny or non-penny class, trade quantity, price, side (buy/sell), open/close indicator, origin, market context indicators, trade segment code - Updated daily and delivered overnight - Strictly historical data, not for intraday trading - No specific purchase quantities or part numbers provided - Unique/Notable Requirements: - Product is voluntary and available to both members and non-members - Intended for transaction-level analysis, compliance checks, and historical market reconstruction - Uniquely identifies penny or non-penny class transactions, distinguishing it from similar offerings - Similar product referenced from Cboe Exchange, Inc., but MIAX SAPPHIRE's report includes additional data fields - Place of Performance and Delivery: - SEC headquarters in Washington, DC - MIAX SAPPHIRE, LLC principal office

Description

The Securities and Exchange Commission has published a notice regarding the filing and immediate effectiveness of a proposed rule change by MIAX SAPPHIRE, LLC to establish the Trade-by-Trade Report. This report will provide comprehensive trade level detail for each options transaction executed on the Exchange and will be available for purchase by members and non-members. The report will be produced and updated at the end of each trading day and made available overnight, containing detailed information such as trade date, time, price, quantity, and other trade specifics. The Exchange anticipates a wide variety of market participants would purchase the report to aid in transaction-level analysis, compliance checks, and historical market reconstruction.

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