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.
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