Exchange Quietly Adds Fees for Trade Reports
Published Date: 6/18/2026
Notice
Summary
Miami International Securities Exchange (MIAX) is adding new fees for their Trade-by-Trade Report starting now. Traders and firms who want this detailed report will pay a monthly subscription or a fee for one-time historical data requests, with discounts if they also buy related reports. This change helps MIAX cover costs and keeps the data flowing smoothly.
Analyzed Economic Effects
6 provisions identified: 2 benefits, 4 costs, 0 mixed.
Monthly $10,000 report subscription
MIAX will charge a $10,000 monthly subscription fee to receive the Trade-by-Trade Report. This fee is effective beginning June 1, 2026.
Ad‑hoc historical data fee: $6,000/month
MIAX will charge $6,000 per month for ad-hoc historical requests of the Trade-by-Trade Report, and ad-hoc requests may cover any number of months beginning with January 2013 for which data is available. This fee is effective June 1, 2026.
Discount to $3,000 if you also bought 1‑Minute Report
If you purchase (or previously purchased) an ad-hoc historical request for the 1-Minute Report for the same date or date range, MIAX will let you buy the Trade-by-Trade Report for a discounted rate of $3,000 per request per month instead of $6,000. This discount is part of the Fee Schedule change effective June 1, 2026.
Academic ad‑hoc discount: $18,000 first year
Qualifying academic users may purchase ad-hoc historical Trade-by-Trade Report data for $18,000 for the first year and $1,500 per month for each additional month; this academic discount applies only to ad-hoc requests (not the monthly subscription) and is effective June 1, 2026. Academic purchasers must meet criteria such as being an accredited academic institution or faculty/staff, using the data for independent academic research or teaching, and not having industry funding for the research.
New‑subscriber billing: charged full month
New subscribers to the Trade-by-Trade Report will be charged for the full calendar month in which they subscribe and will be provided Report data for each trading day of the calendar month prior to the day they subscribed. This billing rule is part of the Fee Schedule changes effective June 1, 2026.
Report is T+1 historical (not intraday)
The Trade-by-Trade Report will be produced and updated at the end of each trading day and made available overnight after midnight Eastern Time (T+1), so the data is strictly historical and cannot be used to influence intra-day trading decisions.
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Key Dates
Department and Agencies
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