MIAX PEARL Launches Quick-Hit Open-Close Updates
Published Date: 9/11/2025
Notice
Summary
MIAX PEARL 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 and helps everyone stay sharp with up-to-the-minute market info—no extra cost mentioned.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
One‑Minute Intra‑Day Options Data
MIAX PEARL is offering a One‑Minute Interval Intra‑Day Open‑Close Report that provides proprietary options volume data every one minute during the trading day. Snapshots are captured each one minute and would be delivered to subscribers within about five minutes of each one‑minute period (with variability of roughly 2–5 minutes); the first intra‑day calculation would be delivered by approximately 9:34 a.m. ET for the 9:30–9:31 a.m. minute. The report breaks down volume by origin (Priority Customer, Non‑Priority Customer, Firm, Broker‑Dealer, Market Maker), side (buy/sell), transaction type (open/close), and trade size buckets (<100, 100–199, >199 contracts) and contains only MIAX proprietary trade data.
Product Available For Purchase; Fees To Be Set
The One‑Minute Interval Intra‑Day Open‑Close Report will be available for purchase by Exchange Members and non‑Members. The Exchange stated it intends to submit a separate rule filing to establish fees for this product.
Immediate Operative Status of Filing
The Commission waived the usual 30‑day operative delay and designated the proposed rule change operative upon filing (filed August 27, 2025), meaning the Exchange may offer the One‑Minute Interval Intra‑Day Open‑Close Report immediately; the Exchange will announce the implementation date via an Exchange Alert following the operative date.
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