MIAX Emerald Adds Fees for Trade-by-Trade Reports
Published Date: 6/18/2026
Notice
Summary
MIAX Emerald is updating its fee schedule to start charging for its Trade-by-Trade Report. Traders and firms who want this detailed options data will now pay a monthly subscription or fees for special historical data requests, with some discounts if they also buy related reports. These changes kicked in right away on June 1, 2026, so get ready to budget for the new costs!
Analyzed Economic Effects
6 provisions identified: 2 benefits, 4 costs, 0 mixed.
Monthly subscription: $7,000 fee
If your firm subscribes to MIAX Emerald's Trade-by-Trade Report, the Exchange will charge a monthly subscription fee of $7,000. This fee became effective June 1, 2026 and applies to the overnight historical Report (T+1) offered by the Exchange.
Ad-hoc historical requests: $4,000/month
The Exchange will charge $4,000 per month for ad-hoc historical requests of the Trade-by-Trade Report. Ad-hoc requests can cover any number of months beginning with March 2019 for which data is available, and the fee schedule took effect June 1, 2026.
Academic ad-hoc discount: $12,000 first year
Qualifying academic users may purchase ad-hoc historical Trade-by-Trade Report data for $12,000 for the first year and $1,000 per month for each additional month. The academic discount applies only to ad-hoc requests and not to the $7,000 monthly subscription, and it became effective June 1, 2026.
Discount if you bought 1-Minute Report
If a subscriber has purchased (or simultaneously purchases) an ad-hoc historical request for the One-Minute Interval Intra-Day Open-Close Report for the same dates, they may request the Trade-by-Trade Report historical data at a discounted rate of $2,000 per request per month instead of $4,000. This discounted ad-hoc rate is described in a new footnote and became effective June 1, 2026.
New-subscriber billing and prior-month data
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 approach is specified in Section (6)(e) of the Fee Schedule and is effective June 1, 2026.
Report is delayed (T+1), not real-time
The Trade-by-Trade Report is produced and updated at the end of each trading day and made available overnight after midnight Eastern Time (T+1), so it is strictly historical and cannot be used to influence intra-day trading decisions. This data timing is stated in the Exchange filing and effective as of June 1, 2026.
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Key Dates
Department and Agencies
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Previous: 2026-12250 — Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Establish Fees for the Trade-by-Trade Report
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.
Next: 2026-12252 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Establish Fees for the Trade-by-Trade Report
MIAX Pearl Options Exchange 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 the Exchange cover costs and keeps data access clear and fair.