MIAX Sapphire Rolls Out One-Minute Market Snapshots
Published Date: 9/11/2025
Notice
Summary
MIAX Sapphire is rolling out a snazzy new report called the One-Minute Interval Intra-Day Open-Close Report, giving traders faster, more detailed updates on market action throughout the day. This change affects options traders who want up-to-the-minute info and kicks in right away with no extra cost. It’s all about making trading smarter and quicker!
Analyzed Economic Effects
5 provisions identified: 3 benefits, 0 costs, 2 mixed.
New One-Minute Market Data Product
MIAX Sapphire is introducing a new One-Minute Interval Intra-Day Open-Close Report that subscribers can purchase. The product will be available to Exchange Members and non-Members and provides intra-day option volume summaries at one-minute intervals.
Faster One-Minute Data Delivery
The report captures data in one-minute snapshots and subscribers would receive each snapshot within five minutes after the one-minute period ends (the Exchange expects delivery variability of about 2–5 minutes). For example, the first calculation example given is delivery by approximately 9:34 a.m. ET for data from 9:30–9:31 a.m.
Product Is MIAX-Only Proprietary Data
The One-Minute Interval Intra-Day Open-Close Report provides proprietary MIAX Sapphire trade data only and does not include trade data from any other exchange. It mirrors the existing intra-day report fields but at one-minute intervals.
Fees To Be Set In Separate Filing
MIAX Sapphire stated it intends to submit a separate rule filing to establish fees for the One-Minute Interval Intra-Day Open-Close Report. The product is voluntary and may be purchased on an ad-hoc basis if subscribers choose to do so.
Immediate Operative Status After Filing
The Commission waived the normal 30-day operative delay and designated the proposed rule change operative upon filing. The Exchange filed the proposal on August 27, 2025, and the Commission acted on September 8, 2025; the Exchange will announce the implementation date via an Exchange Alert after the operative date.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in