MIAX Pearl Sets New Fees for Trade Reports
Published Date: 6/18/2026
Notice
Summary
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.
Analyzed Economic Effects
6 provisions identified: 2 benefits, 4 costs, 0 mixed.
$7,000 Monthly Subscription Fee
If you subscribe to the MIAX Pearl Trade-by-Trade Report, the Exchange charges a monthly subscription fee of $7,000. This fee became effective June 1, 2026.
$4,000 Ad‑Hoc Historical Fee
If you request ad-hoc historical Trade-by-Trade Report data, the Exchange charges $4,000 per month requested. Ad-hoc requests can include any number of months beginning with March 2017 for which data is available.
Discount if You Have 1‑Minute Report
If you previously (or simultaneously) purchased an ad-hoc historical request for the Exchange's One-Minute Interval Intra-Day Open-Close Report for the same date range, you may request the Trade-by-Trade Report for a discounted rate of $2,000 per request per month instead of $4,000.
Academic Ad‑Hoc Discount ($12k then $1k/mo)
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. This academic discount does not apply to the $7,000 monthly subscription and only applies to ad-hoc requests.
New Subscribers Charged Full Month
New subscribers to the Trade-by-Trade Report will be charged for the full calendar month they subscribe and will receive Report data for each trading day of the calendar month prior to the day they subscribed. This billing rule is effective June 1, 2026.
Report Is Historical (T+1) Not Real‑Time
The Trade-by-Trade Report is produced and updated at the end of each trading day and is 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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Previous / Next Documents
Previous: 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
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!
Next: 2026-12253 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Provide the Exchange With Explicit Authority To Adjust the Issue Price of a ETP IPO Security for Purposes of Applying the Collar Price Range to an ETP IPO Auction
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