# 2026-12251: MIAX Emerald Adds Fees for Trade-by-Trade Reports

2026-12251, 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 Trade-by-Trade Report, is a Federal Register notice from Securities and Exchange Commission published 2026-06-18, effective 2026-06-01; PRIA reads it as touching household money (as of 2026-06-25).

- Canonical: https://policyrisk.com/federal-register/2026-12251
- As of: 2026-06-25
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-12251
- Title: 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 Trade-by-Trade Report
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 36907
- Published: 2026-06-18
- Effective: 2026-06-01
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-25

## In one line

MIAX Emerald Adds Fees for Trade-by-Trade Reports

## 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!

## Effects PRIA read

- Monthly subscription: $7,000 fee: cost, high. 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: cost, high. 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.
- Discount if you bought 1-Minute Report: benefit, medium. 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. Thi…
- Academic ad-hoc discount: $12,000 first year: benefit, high. 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.
- New-subscriber billing and prior-month data: cost, low. 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…
- Report is delayed (T+1), not real-time: cost, low. 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…

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## Sources
- [2026-12251 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/18/2026-12251/self-regulatory-organizations-miax-emerald-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2026-12251 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-18/pdf/2026-12251.pdf)

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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-12251 (as of 2026-06-25).