Notice2026-03025
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 1-Minute Report and Establish an Academic Discount for Ad Hoc Purchases of Historical 1-Minute Report Data
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 17, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 31 (Tuesday, February 17, 2026)</title>
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[Federal Register Volume 91, Number 31 (Tuesday, February 17, 2026)]
[Notices]
[Pages 7317-7322]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-03025]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104826; File No. SR-PEARL-2026-05]
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 1-Minute
Report and Establish an Academic Discount for Ad Hoc Purchases of
Historical 1-Minute Report Data
February 11, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 30, 2026, MIAX PEARL, LLC (``MIAX Pearl'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') a
proposed rule change
[[Page 7318]]
as described in Items I, II, and III below, which Items have been
prepared by the Exchange. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the fee schedule (the ``Fee
Schedule'') applicable to the Exchange's options trading platform
(``MIAX Pearl Options'') to establish fees for the One-Minute Interval
Intra-Day Open-Close Report (referred to herein as the ``1-Minute
Report''), establish an academic discount for ad hoc purchases of
historical 1-Minute Report data, and make clarifying changes to the
table and footnotes in Section 6)d) to differentiate between the 1-
Minute Report and the Ten-Minute Interval Intra-Day Open-Close Report
(referred to herein as the ``10-Minute Report'').
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/pearl-options/rule-filings">https://www.miaxglobal.com/markets/us-options/pearl-options/rule-filings</a> and at MIAX Pearl's principal office.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Fee Schedule to establish fees
for the 1-Minute Report, establish an academic discount for ad hoc
purchases of historical 1-Minute Report data, and make clarifying
changes to the table and footnotes in Section 6)d) to differentiate
between the 1-Minute Report and the 10-Minute Report. The Exchange
recently adopted the 1-Minute Report as a new data product and the
Exchange now proposes to adopt fees for this product.\3\ This proposal
is based on similar fee filings by Cboe BZX Exchange, Inc. (``Cboe
BZX''), Cboe C2 Exchange, Inc. (``C2''), and Cboe EDGX Exchange, Inc.
(``Cboe EDGX'') to establish fees for their open-close reports that
provide substantively similar data sets as proposed herein, albeit
based on the trading activity on those exchanges.\4\
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\3\ See Securities Exchange Act Release No. 103907 (September 8,
2025), 90 FR 44120 (September 11, 2025) (SR-PEARL-2025-40).
\4\ See Securities Exchange Act Release Nos. 103760 (August 21,
2025), 90 FR 41624 (August 26, 2025) (SR-CboeBZX-2025-116); 103761
(August 21, 2025), 90 FR 41619 (August 26, 2025) (SR-CboeC2-2025-
023); and 104211 (November 18, 2025), 90 FR 52744 (November 21,
2025) (SR-CboeEDGX-2025-075).
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By way of background, the Exchange currently offers two version of
the Open-Close Report: the End-of-Day Report (``EOD Report'') and 10-
Minute Report. The EOD Report is an end-of-day volume summary of
trading activity on the Exchange at the option level by origin
(Priority Customer,\5\ Non-Priority Customer, Firm, Broker-Dealer, and
Market Maker \6\), side of the market (buy or sell), contract volume,
and transaction type (opening or closing). The Priority Customer, Non-
Priority Customer, Firm, Broker-Dealer, and Market Maker volume is
further broken down into trade size buckets (less than 100 contracts,
100-199 contracts, greater than 199 contracts). The EOD Report provides
proprietary Exchange trade data and does not include trade data from
any other exchange. It is also a historical data product and not a
real-time data feed.
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\5\ See Exchange Rule 100.
\6\ Id.
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The Exchange also offers the 10-Minute Report, which provides
intra-day Open-Close data and similar information to that of the EOD
Report, except that it is produced and updated every 10 minutes during
the trading day. Data is captured in ``snapshots'' taken every 10
minutes throughout the trading day and is available to subscribers
within five minutes of the conclusion of each 10-minute period.\7\ The
10-Minute Report provides a volume summary of trading activity on the
Exchange at the option level by origin (customer, professional
customer, broker-dealer, and market maker), side of the market (buy or
sell), and transaction type (opening or closing). The customer and
professional customer volume are further broken down into trade size
buckets (less than 100 contracts, 100-199 contracts, greater than 199
contracts). The 10-Minute Report is proprietary Exchange trade data and
does not include trade data from any other exchange. All Open-Close
data products are completely voluntary products, in that the Exchange
is not required by any rule or regulation to make this data available
and that potential customers may purchase it on an ad-hoc basis only if
they voluntarily choose to do so.
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\7\ For example, subscribers to the 10-Minute Report would
receive the first calculation of intra-day data no later than 9:45
a.m. ET, which represents data captured from 9:30 a.m. to 9:40 a.m.
Subscribers will receive the next update by 9:55 a.m., representing
the data previously provided aggregated with data captured up to
9:50 a.m., and so forth. Each update represents the aggregate data
captured from the current ``snapshot'' and all previous
``snapshots.''
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The Exchange recently adopted a new Open-Close data product, the 1-
Minute Report, which is the same as the existing 10-Minute Report,
except that it is produced and updated every minute during the trading
day. The 1-Minute Report data is captured in ``snapshots'' taken every
1 minute throughout the trading day and would be available to
subscribers within five minutes of the conclusion of each one-minute
period.\8\ Similar to the existing 10-Minute Report, the 1-Minute
Report provides a volume summary of trading activity on the Exchange at
the option level by origin (Priority Customer, Non-Priority Customer,
Firm, Broker-Dealer, and Market Maker), side of the market (buy or
sell), and transaction type (opening or closing). The Priority
Customer, Non-Priority Customer, Firm, Broker-Dealer, and Market Maker
volume are further broken down into trade size buckets (less than 100
contracts, 100-199 contracts, greater than 199 contracts). The 1-Minute
Report provides proprietary Exchange trade data and does not include
trade data from any other exchange. It is also a historical data
product and not a real-time data feed.
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\8\ For example, subscribers to the one-minute intra-day product
would receive the first calculation of intra-day data by
approximately 9:34 a.m. ET, which represents data captured from 9:30
a.m. to 9:31 a.m. Subscribers will receive the next update at 9:35
a.m., representing the data previously provided together with data
captured from 9:31 a.m. through 9:32 a.m., and so forth. Each update
will represent the aggregate data captured from the current
``snapshot'' and all previous ``snapshots.'' There may be
variability in the time delivered during the day based on market
activity; the Exchange expects to deliver this in intervals ranging
from 2-5 minutes after the one-minute interval.
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The Exchange proposes to amend the Fee Schedule to provide that
market participants may purchase the 1-Minute Report on a subscription
basis or by ad hoc request for a specified month or series of months
(historical file). The Exchange proposes to assess a monthly fee of
$6,000 for subscribing to the 1-Minute Report. The Exchange also
[[Page 7319]]
proposes to assess a fee of $2,500 per request per month for an ad-hoc
request of historical data for the 1-Minute Report covering all
Exchange-listed securities. An ad-hoc request can be for any number of
months beginning with March 2017 for which the data is available.
The Exchange also proposes to implement a similar academic discount
for qualifying academic purchases of historical ad-hoc requests for 1-
Minute Report data that is in place for the existing 10-Minute Report
and EOD Report (both for historical requests).\9\ The proposed academic
discount for the historical ad-hoc requests for the 1-Minute Report
shall permit qualifying academic purchasers to purchase historical 1-
Minute Report data for $4,500 per year for the first year. Additional
months after the first year may be purchased separately and will be
assessed a prorated amount based on the yearly rate (i.e., $375 per
month for historical 1-Minute Report data). The Exchange proposes to
amend Section 6)d) of the Fee Schedule to establish new footnote ``f.''
below the table of fees for the Open-Close Report to provide for the
academic discount for the 1-Minute Report (described below).
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\9\ See Fee Schedule, Section 6)d), notes c.-d.; see also
Securities Exchange Act Release No. 97305 (April 13, 2023), 88 FR
24242 (April 19, 2023) (SR-PEARL-2023-17).
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The Exchange believes that academic institutions and researchers
provide a valuable service for the Exchange in studying and promoting
the options market. Though academic institutions and researchers have
need for granular options data sets, they do not trade upon the data
for which they subscribe. The Exchange believes the proposed reduced
fee for qualifying academic purchasers of historical 1-Minute Report
data will encourage and promote academic studies of its market data by
academic institutions. In order to qualify for the academic pricing, an
academic purchaser must be (1) an accredited academic institution or
member of the faculty or staff of such an institution, (2) that will
use the data in independent academic research, academic journals and
other publications, teaching and classroom use, or for other bona fide
educational purposes (i.e., academic use). Furthermore, use of the data
must be limited to faculty and students of an accredited academic
institution, and any commercial or profit-seeking usage is excluded.
Academic pricing will not be provided to any purchaser whose research
is funded by a securities industry participant. The Exchange notes that
these same qualifications are in place for the academic discount for
the 10-Minute Report and the EOD Report (both for historical requests).
The Exchange notes that while the 1-Minute Report is priced higher
than its existing pricing for the 10-Minute Report, this is to be
expected as a participant subscribing to the 1-Minute Report receives
10x the data points than a subscriber of 10-Minute Report. The proposed
higher pricing for the 1-Minute Report is also in line with other
exchanges that offer substantively similar open-close report data
products based on the trading activity on those exchanges and the
pricing they charge for similar ten-minute and one-minute open-close
data products.\10\ While other exchanges charge 4-5x for their one-
minute open-close data products compared to the ten-minute version, the
Exchange proposes to charge 3x the amount for a monthly subscription to
the 1-Minute Report as compared to the 10-Minute Report, i.e., $6,000
per month vs. $2,000 per month.\11\
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\10\ See Cboe BZX Fee Schedule, Cboe LiveVol, LLC Market Data
Fees, Open-Close Data (charging 4x the amount for a monthly
subscription to the one-minute intra-day open close report as
compared to the ten-minute intra-day open close report--$6,000 per
month vs. $1,500 per month); C2 Fee Schedule, Cboe LiveVol, LLC
Market Data Fees, Open-Close Data (charging 5x the amount for a
monthly subscription to the one-minute intra-day open close report
as compared to the ten-minute intra-day open close report--$5,000
per month vs. $1,000 per month); and Cboe EDGX Fee Schedule, Cboe
LiveVol, LLC Market Data Fees, Open-Close Data (charging 5x the
amount for a monthly subscription to the one-minute intra-day open
close report as compared to the ten-minute intra-day open close
report--$5,000 per month vs. $1,000 per month). Cboe BZX, C2 and
Cboe EDGX Fee Schedules are available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/">https://www.cboe.com/us/options/membership/fee_schedule/</a>.
\11\ The Exchange notes its proposed pricing is lower than the
proposed fee in the similar rule filing of the Exchange's affiliate,
Miami International Securities Exchange, LLC (``MIAX''), to
establish fees for its similar one-minute intra-day open-close data
product. This is because MIAX's market share is higher and offers
data into more trading segments. For example, MIAX offers simple and
complex order types, PRIME and cPRIME auction mechanisms, as well as
QCC and cQCC orders, which means that subscribers receive more data
points, thereby increasing the value of the data provided in the 1-
Minute Report and 10-Minute Report. MIAX also offers more historical
data for market participants to utilize in their models and
strategies.
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The Exchange's proposed markup for the academic discount for
qualifying academic purchasers of historical 1-Minute Report data is in
line with the markup charged by other exchanges that offer academic
discounts for their versions of the one-minute open-close data
product.\12\ Similar to other exchanges that charge between 1.5-1.66x
for the academic discount for historical requests for one-minute intra-
day open-close data as compared to academic discount for historical
requests for the ten-minute version, the Exchange proposes to charge
1.5x the amount for qualifying academic purchasers who purchase
historical 1-Minute Report data as compared to the academic discount
for the 10-Minute Report, i.e., $4,500 per year for the first year vs.
$3,000 per year for the first year.
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\12\ See Cboe BZX, Cboe LiveVol, LLC Market Data Fees, Open-
Close Data (charging approximately 1.66x the amount for the academic
discount for the first year of historical data for the one-minute
intra-day open close report as compared to the academic discount for
the first year of historical data for the ten-minute intra-day open
close report--$2,500 per year for the first year vs. $1,500 per year
for the first year); C2 Fee Schedule, Cboe LiveVol, LLC Market Data
Fees, Open-Close Data (charging 1.5x the amount for the academic
discount for the first year of historical data for the one-minute
intra-day open close report as compared to the academic discount for
the first year of historical data for the ten-minute intra-day open
close report--$1,500 per year for the first year vs. $1,000 per year
for the first year); and Cboe EDGX Fee Schedule, Cboe LiveVol, LLC
Market Data Fees, Open-Close Data (charging 1.5x the amount for the
academic discount for the first year of historical data for the one-
minute intra-day open close report as compared to the academic
discount for the first year of historical data for the ten-minute
intra-day open close report--$1,500 per year for the first year vs.
$1,000 per year for the first year). See Cboe BZX, C2 and Cboe EDGX
Fee Schedules are available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/">https://www.cboe.com/us/options/membership/fee_schedule/</a>.
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The Exchange proposes to make clarifying changes to the table and
footnotes in Section 6)d) of the Fee Schedule to differentiate between
the 1-Minute Report and the 10-Minute Report. The Exchange proposes to
add two rows to the table: one for the 1-Minute Report monthly
subscription and its fee (i.e., $6,000, as proposed); and one for ad-
hoc requests for 1-Minute Report historical data, the fee per request
per month (i.e., $2,500, as proposed) and the furthest historical month
for which historical requests can be made (March 2017). In the current
rows, the Exchange propose to add the qualifier ``(10-Minute
Interval)'' below the respective text in the rows for the existing 10-
Minute Report.
The Exchange also proposes to amend the footnotes below the table.
In particular, the Exchange proposes the following changes:
<bullet> Amend footnote ``a.'' to clarify that subscribers who
purchase a 10-Minute Interval Intra-Day subscription may request an
End-of-Day subscription for no additional charge. Subscribers who
purchase a 1-Minute Interval Intra-Day subscription may request a 10-
Minute Interval Intra-Day and/or End-of-Day subscription for no
additional charge.
<bullet> Amend footnote ``b.'' to clarify that subscribers who
purchase a 10-Minute Interval Intra-Day Ad-hoc Request
[[Page 7320]]
(historical data) may submit a request for an End-of-Day Ad-hoc Request
(historical data) for the same date or date range for no additional
charge. Subscribers who purchase a 1-Minute Interval Intra-Day Ad-hoc
Request (historical) may submit a 10-Minute Interval Intra-Day Ad-hoc
Request (historical) and/or an End-of-Day Ad-hoc Request (historical
data) for the same date or date range for no additional charge.
<bullet> Amend footnote ``d.'' to clarify that this footnote
applies to the academic discount for 10-Minute Interval Intra-Day Ad-
hoc Requests (historical data).
<bullet> Amend footnote ``e.'' to clarify that the discount applies
only to any single purchase of End-of-Day Ad-hoc Request (historical
data) and/or 10-Minute Interval Intraday Ad-hoc Request (historical
data) by an existing subscriber of an Intra-Day (10-Minute Interval)
subscription or an End-of-Day subscription totaling $20,000 or more
will receive a 20% discount when the subscriber purchases the same
category of historical data for which they have a \13\ monthly
subscription.
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\13\ The Exchange proposes to make a minor, non-substantive edit
to change ``an'' to ``a'' in the first sentence of footnote ``e.''
in the phrase ``. . . an monthly subscription.'' The purpose of this
change is to correct a grammatical error.
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<bullet> Establish footnote ``f.'', which will provide the text
regarding the academic discount that applies to 1-Minute Interval
Intra-Day Ad-hoc Requests (historical data). Qualifying Academic
Purchasers will be charged per request $4,500 per year for the first
year and $375 per month for each additional month.
Implementation
On January 23, 2026, the Exchange issued an alert announcing that
the 1-Minute Report would be available for purchase beginning February
2, 2026.\14\
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\14\ See MIAX Exchange Group--Options Markets--Introducing
Availability of 1-Minute Interval Intra-Day Open-Close Reports
(dated January 23, 2026), available at <a href="https://www.miaxglobal.com/alert/2026/01/23/miax-exchange-group-options-markets-introducing-availability-1-minute-1?nav=all">https://www.miaxglobal.com/alert/2026/01/23/miax-exchange-group-options-markets-introducing-availability-1-minute-1?nav=all</a>.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\15\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \16\ requirements that the rules
of an exchange be designed to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \17\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(5).
\17\ 15 U.S.C. 78f(b).
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In adopting Regulation NMS, the Securities and Exchange Commission
granted self-regulatory organizations (``SROs'') and broker-dealers
increased authority and flexibility to offer new and unique market data
to the public. It was believed that this authority would expand the
amount of data available to consumers, and also spur innovation and
competition for the provision of market data. The Exchange believes
that the proposal to make the 1-Minute Report data available for
purchase would further broaden the availability of U.S. option market
data to investors consistent with the principles of Regulation NMS. The
proposal also promotes increased transparency through the dissemination
of 1-Minute Report data. The proposed rule change would benefit
investors by making the 1-Minute Report data available for purchase,
which as noted above, may promote better informed trading.
Particularly, information regarding opening and closing activity across
different option series may indicate investor sentiment, which can be
helpful trading information. Subscribers to the data may be able to
enhance their ability to analyze option trade and volume data on an
intraday basis, and create and test trading models and analytical
strategies. The Exchange believes 1-Minute Report data provides a
valuable tool that subscribers can use to gain comprehensive insight
into the trading activity in a particular series, but also emphasizes
such data is not necessary for trading. The Exchange believes that
market participants may find it beneficial to receive additional data
based on these shorter intervals as opposed to the existing data
intervals provided in the 10-Minute Report. While use cases are the
same as the existing 10-Minute Report, the increased frequency of data
intervals in the 1-Minute Report provides more current information and
more data reporting intervals throughout the trading day to gain
knowledge of the trading activity by origin for subscribers. Of further
note, the Exchange has created this proposed new report in response to
customer feedback.
The Exchange believes the proposed fees are reasonable as the
proposed fees reflect modest increases in price relative to the
additional data points being offered in this new 1-Minute Report. As
discussed above, a participant who subscribes to the 1-Minute Report
receives ten times the data points that they would receive in
comparison to the 10-Minute Report and are only seeing an increase of
three times in the cost for ten times the amount of data. Similarly, a
participant who purchases the historical 1-Minute Report data for a
particular month receives ten times the amount of data in contrast to a
participant who purchases the historical 10-Minute Report data for that
same month with just 2.5x times the difference in the costs. In
summary, for each fee for the 1-Minute Report, a participant is able to
receive a greater increase in the amount of data points it receives
relative to the increase in the fee they would pay to receive this
additional data.
The Exchange believes the proposed fees for the 1-Minute Report are
reasonable because the proposed higher pricing is in line with other
exchanges that offer substantively similar open-close report data
products based on the trading activity on those exchanges and the
pricing they charge for similar ten-minute and one-minute open-close
data products.\18\ As noted above, other exchanges charge 4-5x for
their one-minute open-close data products compared to the 10-minute
version, while the Exchange proposes to charge 3x the amount for a
monthly subscription to the 1-Minute Report as compared to the 10-
Minute Report, i.e., $6,000 per month vs. $2,000 per month.
Accordingly, the Exchange believes the proposed pricing for the 1-
Minute Report is reasonable.
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\18\ See supra note 10.
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Furthermore, proposing fees that are excessively higher than
established fees for similar data products offered by other exchanges
\19\ would simply serve to reduce demand for the Exchange's data
product, which as noted, is entirely optional. Like the Exchange's 10-
Mintue Report and similar data products offered at other exchanges, the
1-Minute Report provides insight into trading on a specific market and
may likewise aid in assessing investor sentiment. Similarly, market
participants may be able to
[[Page 7321]]
analyze option trade and volume data, and create and test trading
models and analytical strategies using only the 10-Minute Report data.
As such, if a market participant views the 10-Minute Report data as a
more attractive offering for its specific business needs, then such
market participant can merely choose to purchase the 10-Minute Report
for the lower price.
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\19\ See supra note 10.
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The Exchange also believes the proposed fees are reasonable as they
would support the introduction of a new market data product that is
designed to aid investors by providing further insight into trading on
the Exchange. The Exchange believes the 1-Minute Report provides a
valuable tool that subscribers can use to gain comprehensive insight
into the trading activity in a particular series, but also emphasizes
such data is not necessary for trading. The Exchange believes that
market participants may find it beneficial to receive additional data
based on these shorter intervals as opposed to the existing 10-Minute
Report data intervals. While use cases are the same as the existing 10-
Minute Report, the increased frequency provides more current
information and more data reporting intervals throughout the day to
gain knowledge of the trading activity by origin. The Exchange also
believes the proposed fees are equitable and not unfairly
discriminatory as the fees would apply equally to all users who choose
to purchase such data. The Exchange believes the proposal does not
differentiate between subscribers that purchase the 1-Minute Report and
would allow any interested market participant to purchase such data
based on their business needs.
Lastly, the Exchange believes that the discount for qualifying
academic purchasers for the historical 1-Minute Report data is
reasonable because academic institutions are not able to monetize
access to the data as they do not trade on the data sets. The Exchange
believes the proposed discount will allow for more academic
institutions to purchase the historical 1-Minute Report data, and, as a
result, promote research and studies of the options industry to the
benefit of all market participants. The Exchange believes the proposed
markup for the academic discount for qualifying academic purchasers of
historical 1-Minute Report data is in line with the markup charged by
other exchanges that offer academic discounts for their versions of the
one-minute open-close data product.\20\ Similar to other exchanges that
charge between 1.5-1.66x for the academic discount for historical
requests for one-minute intra-day open-close data as compared to
academic discount for historical requests for the ten-minute version,
the Exchange proposes to charge 1.5x the amount for qualifying academic
purchasers who purchase historical 1-Minute Report data as compared to
the academic discount for the 10-Minute Report, i.e., $4,500 per year
for the first year vs. $3,000 per year for the first year.
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\20\ See supra note 12.
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The Exchange believes that the proposed academic discount for
historical request of 1-Minute Report data is equitable and not
unfairly discriminatory because it will apply equally to all academic
institutions that submit an application and meet the accredited
academic institution and academic use criteria. As stated above,
qualified academic purchasers will subscribe to the data set for
educational use and purposes and are not permitted to use the data for
commercial or monetizing purposes, nor can they qualify if they are
funded by an industry participant. As a result, the Exchange believes
the proposed discount is equitable and not unfairly discriminatory
because it maintains equal treatment for all industry participants or
other subscribers that use the data for vocational, commercial or other
for-profit purposes.
As noted above, the Exchange anticipates a wide variety of market
participants may subscribe to the 1-Minute Report, including but not
limited to individual customers, buy-side investors and investment
banks. The Exchange reiterates that the decision as to whether or not
to purchase the 1-Minute Report is entirely optional for all potential
subscribers. Indeed, no market participant is required to purchase the
1-Minute Report and the Exchange is not required to make the 1-Minute
Report available to market participants. Rather, the Exchange is
voluntarily making 1-Minute Report data available, as requested by
customers, and market participants may choose to receive (and pay for)
this data based on their own business needs. Potential purchasers may
request the data at any time if they believe it to be valuable or may
cancel and decline to purchase such data at any time.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Rather, the Exchange
believes that the proposal will promote competition by permitting the
Exchange to make available a data product for purchase that is similar
to those offered by other competitor options exchanges.\21\
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\21\ See supra notes 4 and 10.
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The Exchange also does not believe the proposed fees would cause
any unnecessary or inappropriate burden on intermarket competition as
other exchanges are free to introduce their own comparable reports that
includes additional data points with lower prices to better compete
with the Exchange's offerings. The Exchange operates in a highly
competitive environment, and its ability to price the various versions
of the open-close reports is constrained by competition among exchanges
who choose to adopt similar products.\22\ The Exchange must consider
this in its pricing discipline in order to compete for subscribers of
the Exchange's market data via the open-close reports. For example,
proposing fees that are excessively higher than fees for potentially
similar data products may simply serve to reduce demand for the
Exchange's reports, which as discussed, market participants are under
no obligation to utilize. In this competitive environment, potential
purchasers are free to choose which, if any, similar product to
purchase to satisfy their need for market information. As a result, the
Exchange believes this proposed rule change permits fair competition
among national securities exchanges.
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\22\ Id.
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The Exchange does not believe the proposed rule change would cause
any unnecessary or inappropriate burden on intramarket competition.
Particularly, the proposed fees apply uniformly to any purchaser in
that the Exchange does not differentiate between the different market
participants that may purchase the report. The proposed fees are set at
a reasonable level that would allow any interested market participant
to purchase such data based on their business needs.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
[[Page 7322]]
19(b)(3)(A)(ii) of the Act,\23\ and Rule 19b-4(f)(2) \24\ thereunder.
At any time within 60 days of the filing of the proposed rule change,
the Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
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\23\ 15 U.S.C. 78s(b)(3)(A)(ii).
\24\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#0a787f666f27696567676f647e794a796f69246d657c"><span class="__cf_email__" data-cfemail="7200071e175f111d1f1f171c0601320117115c151d04">[email protected]</span></a>. Please include
file number SR-PEARL-2026-05 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-PEARL-2026-05. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-PEARL-2026-05 and should be submitted on
or before March 10, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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\25\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-03025 Filed 2-13-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on February 17, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.