Federal Register #SR-MIAX-2026-24

SEC Announces MIAX Trade-by-Trade Report Data Product Fees and Academic Discounts

This opportunity involves the Securities and Exchange Commission (SEC) announcing proposed fee changes from Miami International Securities Exchange, LLC (MIAX) for a new data product, the Trade-by-Trade Report. - Government Buyer: - U.S. Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Miami International Securities Exchange, LLC (MIAX) - Nasdaq MRX, LLC (as a referenced competitor) - Products/Services Requested: - Trade-by-Trade Report Monthly Subscription - $10,000 per month for comprehensive, daily-updated options trade data - Ad-hoc Historical Trade-by-Trade Report Data Requests - $6,000 per month for historical data (from January 2013 onward) - Discounted to $3,000 per month if purchased with the 1-Minute Interval Intra-Day Open-Close Report for the same date range - Academic Discounted Pricing - $18,000 for the first year, $1,500 per month thereafter for qualifying academic users (accredited institutions, non-commercial use only) - Unique or Notable Requirements: - The Trade-by-Trade Report provides detailed, historical options transaction data, including trade date, time, ID, underlying symbol, expiration, strike, type, quantity, price, and market context indicators - Data is strictly historical, updated daily, and available overnight - Academic discounts are restricted to bona fide educational purposes and exclude commercial or profit-seeking use - Pricing is positioned as competitive with similar offerings from other exchanges (e.g., Cboe, Nasdaq MRX) - Additional Reference: - Nasdaq MRX proposes a decrease in its Options Regulatory Fee, highlighting a competitive market for exchange data and regulatory services

Description

The Miami International Securities Exchange, LLC (MIAX) proposes to amend its Fee Schedule to establish fees and discounts for a new data product called the Trade-by-Trade Report. This report provides comprehensive trade-level details for each options transaction executed on the Exchange, updated daily and available overnight. The proposal includes a monthly subscription fee, fees for ad-hoc historical data requests, and discounted fees for qualifying academic users and subscribers who also purchase related data products. The changes aim to promote transparency, support academic research, and offer competitive pricing compared to similar products from other exchanges.

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