MIAX Pearl Times the Market: New 1-Minute Fees Drop
Published Date: 2/17/2026
Notice
Summary
MIAX Pearl is updating its fee schedule to start charging for a new 1-Minute Report that shows quick trading data. They’re also offering a special discount for schools and researchers buying historical 1-Minute Report data. These changes take effect right away and affect anyone using or buying this data from the exchange.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 2 costs, 1 mixed.
New $6,000/month data subscription
MIAX Pearl will charge $6,000 per month to subscribe to the new 1-Minute Report subscription. The product was made available for purchase beginning February 2, 2026.
Ad-hoc historical file priced at $2,500
You can buy historical 1-Minute Report data on an ad-hoc basis for $2,500 per request per month, and requests may cover any number of months going back to March 2017. Each ad-hoc request price is per month of historical data requested.
Academic discount: $4,500 first year
Qualifying academic purchasers (accredited institutions, faculty, or students using the data for academic purposes) may buy historical 1-Minute Report data for $4,500 for the first year; additional months after the first year cost $375 per month. Academic purchasers cannot use the data for commercial purposes or if their research is funded by a securities industry participant.
20% discount for large historical purchases
An existing subscriber who makes a single ad-hoc historical purchase of End-of-Day and/or 10-Minute Interval data totaling $20,000 or more will receive a 20% discount when purchasing the same category of historical data for which they have a monthly subscription. The $20,000 threshold triggers the 20% discount for that same data category.
Free add-on for related reports
Subscribers to the 1-Minute Interval subscription may request the 10-Minute Interval and/or End-of-Day (EOD) subscription for no additional charge; similarly, 10-Minute Interval subscribers may request the EOD subscription for no additional charge. These no-cost add-ons apply to subscribers of the specified intra-day products.
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