Federal Register #SR-EMERALD-2026-17

SEC Review of MIAX Emerald, LLC Discount Program Extension for Historical Open-Close Report Data

The Securities and Exchange Commission (SEC) is reviewing a proposed rule change from MIAX Emerald, LLC regarding its proprietary Open-Close Report data product. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM/Vendor: - MIAX Emerald, LLC (primary and only OEM/vendor mentioned) - Products/Services Requested: - Historical End-of-Day Open-Close Report Data - Volume summaries of trading activity at the option level, available as ad-hoc historical data from June 2021 onward - Historical 10-Minute Open-Close Report Data - Intra-day volume summaries updated every 10 minutes, available as ad-hoc historical data from March 2019 onward - Historical 1-Minute Open-Close Report Data - Intra-day volume summaries updated every 1 minute, available as ad-hoc historical data from March 2019 onward (excluded from discount program) - Notable Requirements and Details: - The proposed rule extends a temporary 20% discount program for ad-hoc purchases of historical End-of-Day or 10-Minute Open-Close Report data totaling $20,000 or more - Discount is only available to existing subscribers of the same category of monthly reports - Discount program is extended through December 31, 2026 - Historical 1-Minute Report data is excluded from the discount due to its higher value and separate free data provisions for current subscribers - Purchase of Open-Close Report data is voluntary and not required for trading - The data product is subject to competition from similar offerings by other options exchanges

Description

This notice announces a proposed rule change by MIAX Emerald, LLC to amend its Options Exchange Fee Schedule. The amendment seeks to extend a temporary discount program for historical requests of certain Open-Close Report data until December 31, 2026. The Open-Close Report provides volume summaries of trading activity at the option level, available in end-of-day and intra-day formats. The discount program offers a 20% fee reduction for ad-hoc purchases of historical data exceeding $20,000, applicable only to existing subscribers of monthly End-of-Day or 10-Minute Reports.

View original listing