Federal Register #SR-PEARL-2026-26

SEC Notice: MIAX PEARL, LLC Proposed Fees for Trade-by-Trade Report Data Product

This opportunity involves a proposed rule change by the Securities and Exchange Commission (SEC) regarding MIAX PEARL, LLC's new data product fees: - Government Buyer: - Securities and Exchange Commission (SEC) - OEM/Vendor: - MIAX PEARL, LLC (self-regulatory organization and exchange operator) - Products/Services Requested: - Trade-by-Trade Report data subscription for MIAX Pearl Options Exchange - Monthly subscription fee: $7,000 - Ad-hoc historical data requests: $4,000 per month - Discounted rate: $2,000 per month for subscribers also purchasing the 1-Minute Interval Intra-Day Open-Close Report for the same date range - Academic discount: $12,000 per year (first year), $1,000 per month thereafter for qualifying academic users - Notable Requirements: - Academic discount eligibility criteria apply - Data product provides detailed, trade-level information for each options transaction (trade date, time, ID, symbol, expiration, strike, type, quantity, price, and market context) - Participation is voluntary for subscribers - Aims to enhance market transparency and support research

Description

This notice announces a proposed rule change filed by MIAX PEARL, LLC with the Securities and Exchange Commission to amend the MIAX Pearl 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 on the exchange. The proposal includes a monthly subscription fee, fees for ad-hoc historical data requests, and discounted fees for qualifying academic users. The rule change aims to enhance market transparency and provide valuable data for analysis and research.

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