Federal Register #SR-EMERALD-2026-14

SEC Review of MIAX Emerald Trade-by-Trade Report Data Product Offering

The Securities and Exchange Commission (SEC) is reviewing a proposed rule change from MIAX Emerald, LLC to introduce a Trade-by-Trade Report data product for purchase. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - MIAX Emerald, LLC (Original provider of the Trade-by-Trade Report) - Miami International Securities Exchange, LLC (also referenced as a provider) - Cboe Exchange, Inc. (Cboe) (referenced as a competitor with a similar product) - Products/Services Requested: - Trade-by-Trade Report subscription service - Provides comprehensive, historical trade-level detail for each options transaction executed on the MIAX Emerald Exchange - Data fields include: trade date, session, trade time, trade IDs, underlying symbol, expiration, strike, option type, penny/non-penny class, trade quantity, trade price, side, open/close indicator, origin, market context indicators, and trade segment codes - Updated daily and made available overnight (T+1), strictly for historical analysis (not for intraday trading) - No specific purchase quantities or part numbers provided - Unique or Notable Requirements: - Product is voluntary and available to both members and non-members - Intended for transaction-level analysis, compliance, and historical market reconstruction - Launch targeted for Q2 or Q3 2026 - Similar product already offered by Cboe Exchange, Inc., highlighting a competitive market for such data services

Description

The Securities and Exchange Commission has announced the filing and immediate effectiveness of a proposed rule change by MIAX Emerald, LLC to establish the trade-by-trade report. This report will provide subscribers with comprehensive trade level detail for each options transaction executed on the Exchange. The report will be produced and updated at the end of each trading day and made available overnight, ensuring the data is strictly historical. The report is voluntary and available for purchase by members and non-members, aiding in detailed transaction-level analysis, compliance checks, and historical market reconstruction.

View original listing