Federal Register #SR-SAPPHIRE-2026-27

SEC Announces Proposed Extension of MIAX Sapphire Discount for Historical Open-Close Report Data

This opportunity concerns a proposed extension of a temporary discount program for historical options trading data from MIAX Sapphire, LLC, as announced by the Securities and Exchange Commission (SEC). - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM/Vendor: - MIAX Sapphire, LLC (proprietary data provider and exchange) - Products/Services Requested: - Historical Open-Close Report data subscriptions, including: - End-of-Day Open-Close Report (monthly subscription) - 10-Minute Open-Close Report (monthly subscription) - 1-Minute Open-Close Report (monthly subscription) - Ad-hoc historical data requests for each report type - Options Regulatory Fee (ORF) collection and methodology clarification - Notable Requirements: - 20% discount extension applies to historical End-of-Day and 10-Minute Open-Close Report data for existing subscribers - Discount does not apply to ad-hoc requests for 1-Minute Report data - The Open-Close Report provides detailed volume summaries at the option level, available in end-of-day and intra-day formats - MIAX Sapphire competes with other exchanges (e.g., Cboe Exchange, Inc., Cboe C2 Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe BZX Exchange, Inc.) offering similar data products - The ORF is set at $0.0220 per contract side effective July 1, 2026, with clarified collection methodology - The extension aims to increase accessibility and competitiveness of MIAX Sapphire's proprietary data products

Description

MIAX Sapphire, LLC proposes to amend its Options Exchange Fee Schedule to extend a temporary discount program for historical requests of certain Open-Close Report data until December 31, 2026. The discount program offers a 20% fee reduction for existing subscribers purchasing historical End-of-Day or 10-Minute Open-Close Report data. The Open-Close Report provides volume summaries of trading activity at the option level, available in end-of-day and intra-day versions, and is a voluntary, historical data product. The extension aims to attract more subscribers and make the data more accessible while maintaining competitive pricing in a market with multiple options exchanges offering similar data products.

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