# 2026-12252: MIAX Pearl Sets New Fees for Trade Reports

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, 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/2026-12252
- As of: 2026-06-25
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-12252
- Title: 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
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 36916
- 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 Pearl Sets New Fees for Trade Reports

## 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.

## Effects PRIA read

- $7,000 Monthly Subscription Fee: cost, high. 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: cost, high. 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: benefit, high. 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): 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. This academic discount does not apply to the $7,000 monthly subscription and only applies to ad-hoc requests.
- New Subscribers Charged Full Month: cost, medium. 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: cost, low. 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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## Sources
- [2026-12252 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/18/2026-12252/self-regulatory-organizations-miax-pearl-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2026-12252 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-18/pdf/2026-12252.pdf)

## Related
- [Previous: 2026-12251, Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediat…](https://policyrisk.com/federal-register/2026-12251)
- [Next: 2026-12253, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Im…](https://policyrisk.com/federal-register/2026-12253)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-12252 (as of 2026-06-25).