Federal Register #SR-MIAX-2026-18

SEC Review of MIAX Trade-by-Trade Report Data Product Proposal

The Securities and Exchange Commission (SEC) is announcing a proposed rule change from Miami International Securities Exchange, LLC (MIAX) to introduce a new data product: - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Miami International Securities Exchange, LLC (MIAX) (primary OEM and data provider) - Cboe Exchange, Inc. (referenced as a comparable product provider) - Products/Services Requested: - MIAX Trade-by-Trade Report - Provides comprehensive trade-level details for each options transaction executed on the MIAX Exchange - Available for purchase by both members and non-members - No specific part numbers or quantities; this is a subscription-based data product - Unique or Notable Requirements: - The report is designed for detailed transaction analysis, compliance checks, and historical market reconstruction - Includes a unique indicator for penny or non-penny class, distinguishing it from similar products - The product is voluntary and not mandated by regulation - The SEC is soliciting public comments on the proposed rule change - Comparison: - The MIAX Trade-by-Trade Report is substantively similar to a product offered by Cboe Exchange, Inc., with the primary difference being the penny/non-penny class indicator - Place of Performance/Delivery: - SEC headquarters in Washington, DC

Description

The Securities and Exchange Commission published a notice regarding a proposed rule change by the Miami International Securities Exchange, LLC 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 is intended to aid subscribers in detailed transaction analysis, compliance checks, and historical market reconstruction. The proposed rule change is effective immediately upon filing and aims to promote transparency and competition in the options market data offerings.

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