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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Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
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
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2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
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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!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2026-03024, Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Emerald 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
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.
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