New Fee for Short Sale Data on MIAX Pearl Platform
Published Date: 5/16/2025
Notice
Summary
MIAX Pearl is adding a new monthly fee for traders who want access to the U.S. Equity Short Volume & Trade Report. This change affects anyone using MIAX Pearl’s equities trading platform and starts right away. If you want this special report, be ready to pay a fee starting now!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
Monthly subscription fees for Report
If you subscribe to the U.S. Equity Short Volume & Trades Report on MIAX Pearl Equities, the Exchange charges $650 per month for an Internal Distributor and $900 per month for an External Distributor. These fees apply to Equity Members and non-Members who elect to subscribe and are effective beginning May 1, 2025.
Annual subscription includes 12 months historical
If you buy an annual subscription to the Report, the subscriber will receive 12 months of historical data at no extra charge; monthly subscribers may instead purchase historical data on a per-month basis. Annual subscribers therefore get the prior 12 months of historical data bundled with their subscription.
Historical monthly report fee and use limits
Historical monthly Reports (going back to September 2020) are available for purchase at $450 per historical monthly Report. Historical Report data is sold for display use redistribution only and subscribers may not charge separately for or incorporate that historical data into their own products.
When you get data and how you are billed
Subscribers receive end-of-day Report access starting on the date they subscribe and will receive the end-of-month report for the subscription month on the last business day of that month. New monthly and annual subscribers are charged for the full calendar month in which they subscribe and will be provided end-of-day data for each trading day of that calendar month prior to the day they subscribed.
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