Federal Register #SR-EMERALD-2026-15

SEC Considers MIAX Emerald Trade-by-Trade Report Data Product and Fee Structure

This opportunity involves the Securities and Exchange Commission (SEC) as the government buyer, seeking access to a new data product from MIAX Emerald, LLC. - Government Buyer: - U.S. Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM/Vendor: - MIAX Emerald, LLC (exchange operator and data product provider) - Products/Services Requested: - Trade-by-Trade Report: A comprehensive, daily-updated data product providing trade-level detail for every options transaction executed on the MIAX Emerald Options Exchange - Monthly subscription access ($7,000/month) - Ad-hoc historical data requests ($4,000/month, available for any month from March 2019 onward) - Discounted ad-hoc historical requests ($2,000/month) for subscribers who also purchase the One-Minute Interval Intra-Day Open-Close Report for the same date range - Academic discount for ad-hoc historical requests ($12,000 for the first year, $1,000/month thereafter; applies only to qualifying academic users) - Unique/Notable Requirements: - The Trade-by-Trade Report is strictly historical and cannot be used for intra-day trading decisions - Academic discounts are only available for ad-hoc historical requests, not for monthly subscriptions - Purchase of the data product is voluntary and subject to eligibility for discounts - Data is available for any period starting from March 2019 - Only MIAX Emerald, LLC is named as the OEM/vendor; no resellers or integrators are mentioned

Description

MIAX Emerald, LLC has filed a proposed rule change with the Securities and Exchange Commission to amend its Options Exchange Fee Schedule. The amendment establishes fees and discounts for a new data product called the Trade-by-Trade Report, which provides detailed trade-level data for options transactions executed on the Exchange. The proposal includes a monthly subscription fee, fees for ad-hoc historical data requests, discounted fees for subscribers who also purchase related reports, and discounted fees for qualifying academic users. The rule change is effective immediately as of June 1, 2026.

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