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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-16853, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
The New York Stock Exchange is changing its price rules starting August 11, 2026. They’re tweaking the share amount needed to get free late D Orders at the market close and cleaning up some wording. This affects traders using these order types and could save or cost them money depending on their order size.
2026-16855, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Equity 4, Rule 3100 Regarding Trading Halts
Previous / Next Documents
Previous: 2025-17446, Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Units of the Sprott Physical Copper Trust
NYSE Arca wants to start trading units of the Sprott Physical Copper Trust, letting investors buy and sell shares tied to real copper. The SEC is reviewing this idea and will decide by September 24, 2025, whether to approve or reject it. If approved, this could open new ways to invest in copper, affecting investors and the market.
Next: 2025-17448, Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a New Version of the Open-Close Report To Be Known as the One-Minute Interval Intra-Day Open-Close Report
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.