Introduction
On February 11, 2026, the Securities and Exchange Commission published a notice in the Federal Register regarding a proposed rule change by MIAX Emerald, LLC, a self-regulatory organization operating an options exchange. The filing, submitted on January 30, 2026, under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4, seeks to amend the exchange's fee schedule. Specifically, it establishes fees for a new data product called the 1-Minute Report, which provides intra-day open-close trading data at one-minute intervals, and introduces an academic discount for ad-hoc purchases of historical data from this report. The proposal also includes clarifying amendments to differentiate the new product from the existing 10-Minute Report. This change took immediate effect, as it qualifies under the Act for non-controversial filings, and the SEC is soliciting comments until March 10, 2026. The development is significant because it expands access to granular market data while aligning MIAX Emerald's offerings with those of competitors like Cboe exchanges, potentially influencing how market participants analyze trading activity and investor sentiment.
Background on Open-Close Data Products
MIAX Emerald currently offers two versions of its Open-Close Report: the End-of-Day Report and the 10-Minute Report. The End-of-Day Report delivers a daily summary of trading volume at the option level, categorized by origin such as Priority Customer, Non-Priority Customer, Firm, Broker-Dealer, and Market Maker, as well as by market side (buy or sell) and transaction type (opening or closing). Volume is further segmented into trade size buckets: less than 100 contracts, 100-199 contracts, and greater than 199 contracts. This product is historical and based solely on MIAX Emerald's proprietary trade data.
The 10-Minute Report builds on this by providing intra-day updates every 10 minutes, with snapshots captured throughout the trading day and made available within five minutes of each interval's end. It includes similar categorizations but aggregates data progressively. Both products are voluntary, meaning the exchange is not obligated to provide them, and users opt in based on their needs. These reports aid in analyzing option trade and volume data, testing trading models, and gauging investor sentiment, though they are not essential for trading.
The new 1-Minute Report, adopted in a prior filing (Securities Exchange Act Release No. 103906, September 8, 2025), mirrors the 10-Minute Report but updates every minute, offering snapshots within two to five minutes of each interval. This results in approximately 10 times more data points per trading day, enhancing the frequency and timeliness of insights into trading activity by origin, side, and type. The product responds to customer feedback and is modeled after similar offerings on Cboe BZX, C2, and EDGX exchanges, which have established fees for comparable one-minute and ten-minute reports.
Details of the Proposed Rule Change
The core of the proposal amends Section 6)e) of MIAX Emerald's Fee Schedule. For the 1-Minute Report, the exchange sets a monthly subscription fee of $6,000. Ad-hoc requests for historical data, covering any number of months from March 2019 onward, cost $2,500 per request per month. This pricing reflects the increased data volume compared to the 10-Minute Report, which charges $2,000 monthly for subscriptions and $1,000 per ad-hoc request per month.
An academic discount applies to ad-hoc historical purchases of 1-Minute Report data, charging qualifying purchasers $4,500 for the first year and $375 per additional month on a prorated basis. Eligibility requires the purchaser to be an accredited academic institution or faculty/staff member using the data for independent research, publications, teaching, or other educational purposes. Commercial use or funding from securities industry participants disqualifies applicants. This mirrors existing discounts for the 10-Minute and End-of-Day Reports, aiming to promote academic study of options markets.
Clarifying changes to the fee schedule table and footnotes distinguish the reports. New rows specify 1-Minute Report fees, while existing rows add "(10-Minute Interval)" qualifiers. Footnotes are updated: for instance, footnote 'a' allows 1-Minute subscribers to access 10-Minute and End-of-Day subscriptions at no extra cost, and footnote 'f' details the academic discount specifics.
The proposal cites similar Cboe filings (e.g., Release Nos. 103760, 103761, and 104211 from 2025) as precedents, noting that MIAX Emerald's fees are lower relative to the data volume provided—three times the cost for 10 times the data points compared to competitors' four-to-five times multipliers.
Statutory Basis and Justification
MIAX Emerald justifies the changes under Section 6(b) of the Securities Exchange Act, emphasizing prevention of fraudulent practices, promotion of just and equitable trade principles, and protection of investors. The filing aligns with Regulation NMS by expanding market data availability, fostering innovation, and increasing transparency. The exchange argues the fees are reasonable, as they support a voluntary product that provides valuable but non-essential insights, with pricing constrained by competition.
On equity and non-discrimination, fees apply uniformly to all purchasers, avoiding unfair burdens. The academic discount is deemed equitable, as it targets non-commercial users who contribute to market research without monetizing the data. The exchange asserts no undue burden on competition, noting that competitors can offer similar products and that high fees would reduce demand. Implementation was announced on January 23, 2026, with availability starting February 2, 2026.
Potential Implications and Perspectives
Short-term, the proposal could increase MIAX Emerald's revenue from data products while providing market participants—such as individual investors, buy-side firms, and banks—with more precise tools for intra-day analysis. This might enhance trading strategies and market efficiency. Long-term, it could standardize granular data access across exchanges, influencing how investor sentiment is tracked and potentially spurring further innovations in data products.
Different perspectives emerge: proponents, including the exchange, view it as a competitive enhancement that broadens data access without mandating purchases. Critics might argue the fees, though lower than competitors', could limit accessibility for smaller entities, though the voluntary nature and academic discount mitigate this. Regulators like the SEC will weigh public comments to assess alignment with the Act, potentially shaping future data fee structures industry-wide.
Conclusion
This proposed rule change by MIAX Emerald introduces structured fees for a new high-frequency data product, balancing innovation with competitive pricing. Key takeaways include the establishment of $6,000 monthly and $2,500 ad-hoc fees for the 1-Minute Report, alongside an academic discount to encourage research. Potential next steps involve the SEC reviewing comments and possibly suspending the rule if concerns arise. Ongoing debates may focus on data accessibility versus exchange revenue models, with challenges including ensuring equitable access amid evolving market data demands. These trajectories highlight the tension between proprietary data monetization and broader market transparency.
