MIAX Emerald Adds Faster Intra-Day Trading Reports
Published Date: 9/11/2025
Notice
Summary
MIAX Emerald is rolling out a fresh, faster version of its Open-Close Report called the One-Minute Interval Intra-Day Open-Close Report. This new report gives traders and market watchers quicker, more detailed updates every minute during the trading day. The change kicks in right away, helping everyone stay sharp without any extra cost signals yet.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
One‑Minute Intra‑Day Market Data Feed
MIAX Emerald will offer a new One-Minute Interval Intra-Day Open-Close Report that captures snapshots every one minute during the trading day and delivers each snapshot to subscribers within approximately five minutes after that one-minute period. The report provides proprietary MIAX trade data (does not include other exchanges) broken out by origin (Priority Customer, Non-Priority Customer, Firm, Broker-Dealer, Market Maker), buy/sell side, opening/closing transaction type, and trade-size buckets (less than 100 contracts, 100–199 contracts, greater than 199 contracts). For example, the first one-minute update would be delivered by approximately 9:34 a.m. ET representing data from 9:30 a.m. to 9:31 a.m.
Voluntary Paid Product; Fees Not Yet Set
The One-Minute Interval Intra-Day Open-Close Report is a voluntary, purchasable product available to Exchange Members and non-Members, and the Exchange intends to submit a separate rule filing to establish fees for the product. The Exchange will announce the implementation date via an Exchange Alert after the operative date (the filing was made on August 27, 2025 and the Commission designated the proposal operative upon filing).
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