MIAX Sapphire Sparks Fees for Speedy Market Insights
Published Date: 2/17/2026
Notice
Summary
MIAX Sapphire is updating its fee schedule to start charging for a new 1-Minute Report that shows quick market data. They’re also giving a special discount to schools buying historical 1-Minute Report data. These changes kicked in right away on January 30, 2026, and affect anyone using or buying this fast market info.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
Monthly $6,000 1‑Minute Report Subscription
If you subscribe to MIAX Sapphire's new 1-Minute Report, the Exchange charges a monthly subscription fee of $6,000. The 1-Minute Report is produced every minute during the trading day and is available as a subscription beginning February 2, 2026.
$2,500 Per-Month Historical Ad‑Hoc Request
If you purchase historical 1-Minute Report data on an ad-hoc basis, the Exchange charges $2,500 per request per month covering all Exchange-listed securities. Ad-hoc requests can cover any number of months beginning with August 2024 for which data is available.
Academic Discount: $4,500 First-Year Rate
Qualifying academic purchasers may buy historical 1-Minute Report data for $4,500 for the first year. Additional months after the first year may be purchased separately at $375 per month, and academic purchasers must be accredited institutions or faculty/staff using the data only for bona fide academic purposes (no commercial use or industry-funded research).
Free 10‑Minute and EOD Add‑Ons for 1‑Minute Buyers
If you buy a 1-Minute Interval Intra-Day subscription, you may request the 10-Minute Interval Intra-Day and/or End-of-Day (EOD) subscription at no additional charge. Similarly, an ad-hoc purchase of historical 1-Minute data allows submission of 10-Minute and/or EOD historical requests for the same date range at no extra charge.
1‑Minute Report Availability and Delivery Timing
MIAX announced the 1-Minute Report would be available for purchase beginning February 2, 2026, and the Exchange filed the fee change effective January 30, 2026. The 1-Minute Report is historical (not a real-time feed) and snapshots are produced every one minute and delivered within approximately 2–5 minutes after each one-minute interval (first intra-day calculation around 9:34 a.m. ET).
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