MIAX Emerald Clocks In: 1-Minute Data Now Costs Extra
Published Date: 2/17/2026
Notice
Summary
MIAX Emerald is updating its fee schedule to start charging for a new 1-Minute Report that shows quick option market data. They’re also giving a special discount to students and researchers buying historical 1-Minute Report data. These changes kicked in right away on January 30, 2026, and will affect anyone using or buying this detailed market info.
Analyzed Economic Effects
7 provisions identified: 5 benefits, 2 costs, 0 mixed.
New $6,000/month 1-Minute Report
MIAX Emerald will charge $6,000 per month for a subscription to its new 1-Minute Interval Intra-Day Open-Close Report (the "1-Minute Report"). This is an optional, proprietary market data subscription offered by the Exchange.
Ad-hoc historical data costs $2,500
MIAX Emerald will charge $2,500 per request per month for ad-hoc historical 1-Minute Report data covering all Exchange-listed securities. Ad-hoc requests can cover any number of months beginning with March 2019 for which data is available.
Academic discount: $4,500 first year
Qualifying academic purchasers may buy historical 1-Minute Report data for $4,500 for the first year; additional months after the first year are $375 per month (prorated). Academic purchasers must meet criteria (accredited institution or faculty/staff, academic use only, no industry-funded research).
1-Minute subscribers get 10-Minute/EOD access
Subscribers who purchase a 1-Minute Interval Intra-Day subscription may request a 10-Minute Interval Intra-Day and/or End-of-Day (EOD) subscription for no additional charge. Similarly, a 1-Minute Interval Intra-Day ad-hoc (historical) purchaser may request 10-Minute and/or EOD historical data for the same date range at no extra charge.
20% discount for single $20,000+ purchases
Footnote changes clarify that any single purchase of EOD and/or 10-Minute Interval Intra-Day historical data totaling $20,000 or more by an existing subscriber of an Intra-Day (10-Minute Interval) subscription or an End-of-Day subscription will receive a 20% discount when purchasing the same category of historical data for which they have a monthly subscription.
Historical data available back to March 2019
Ad-hoc historical requests for the 1-Minute Report may include any months beginning with March 2019 for which the Exchange has data. Purchasers can request one or more months of historical data starting from that date.
Availability and filing dates
The Exchange filed the fee change on January 30, 2026 (effective immediately under the filing rules), and announced the 1-Minute Report would be available for purchase beginning February 2, 2026.
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Previous: 2026-03023, Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Sapphire Options Exchange Fee Schedule To Establish Fees for the 1-Minute Report and Establish an Academic Discount for Ad Hoc Purchases of Historical 1-Minute Report Data
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