Federal Register #SR-PEARL-2026-22

SEC Solicitation: MIAX PEARL and MIAX Sapphire Trade-by-Trade Report Data Product

The Securities and Exchange Commission (SEC) is considering a proposed rule change from MIAX PEARL, LLC and MIAX Sapphire, LLC to introduce a new Trade-by-Trade Report data product for options transactions. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - MIAX PEARL, LLC (Original Equipment Manufacturer and data provider) - MIAX Sapphire, LLC (co-filer, also an exchange operator) - Products/Services Requested: - Trade-by-Trade Report: a subscription-based data product providing detailed, historical options trade data for each transaction executed on the MIAX PEARL and MIAX Sapphire exchanges - Includes trade date, session, time, trade ID, transaction ID, underlying symbol, expiration, strike, type (put/call), penny/non-penny class, quantity, price, side (buy/sell), open/close indicator, origin, market context indicators, and trade segment code - Available for purchase by both members and non-members - Produced daily and delivered overnight as historical data - Unique or Notable Requirements: - The product is voluntary and intended for transaction-level analysis, compliance, and historical market reconstruction - The offering is similar to a product from Cboe Exchange, Inc., supporting competition and transparency among national securities exchanges - No physical products, part numbers, or specific purchase quantities are involved; this is a data subscription service

Description

MIAX PEARL, LLC has filed a proposed rule change with the Securities and Exchange Commission to establish a Trade-by-Trade Report. This report will provide comprehensive trade-level details for each options transaction executed on the Exchange and will be available for purchase by members and non-members. The report will be produced daily and made available overnight, containing detailed information such as trade date, time, price, quantity, and other trade attributes. The purpose is to aid subscribers in detailed transaction analysis, compliance checks, and historical market reconstruction, promoting transparency and competition.

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