Notice2026-10146
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish the Trade-by-Trade Report
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Published
May 21, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 98 (Thursday, May 21, 2026)</title>
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[Federal Register Volume 91, Number 98 (Thursday, May 21, 2026)]
[Notices]
[Pages 29992-29995]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-10146]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105509; File No. SR-PEARL-2026-22]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Establish the
Trade-by-Trade Report
May 18, 2026.
Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'' or ``Exchange Act'') \1\ and Rule 19b-4
thereunder,\2\ notice is hereby given that on May 5, 2026, MIAX PEARL,
LLC (``MIAX Pearl'' or ``Exchange'') filed with the Securities and
Exchange Commission (``Commission'') a proposed rule change
[[Page 29993]]
as described in Items I and II 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 introduce the ``Trade-by-Trade Report''
(described below).
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings</a> and at the Exchange'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 Exchange Rule 531 to introduce the
Trade-by-Trade Report (referred to herein as the ``Report''), which
will be available for purchase \3\ to Members \4\ and non-Members. The
Report will provide subscribers with comprehensive trade level detail
for each options transaction executed on the Exchange and will be
described under proposed Exchange Rule 531(d)(2). The Report will be
produced and updated at the end of each trading day and be made
available to subscribers overnight, after midnight Eastern Time (i.e.,
T+1), ensuring that the data is strictly historical and cannot be used
to influence intraday trading decisions.
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\3\ The Exchange intends to submit a separate rule filing with
the Securities and Exchange Commission (``Commission'') to establish
fees for the Report.
\4\ See Exchange Rule 100.
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Specifically, each row in the Report will represent one side of a
single trade event, and will include the following information: trade
date, session, trade time, trade ID (a unique identifier for all
executions on the Book \5\), transaction ID (a unique identifier
linking all individual trades executed as part of the same transaction
on the Exchange), underlying symbol, expiration, strike, type (i.e.,
put or call), penny or non-penny class,\6\ trade quantity, trade price,
side (buy or sell), open/close indicator, origin (i.e., away Exchange
Market Maker, broker-dealer, Priority Customer, firm, Market Maker,
non-Priority Customer \7\), market context indicators (e.g., NBBO and
PBBO \8\), and a trade segment code (indicates trade segment, for
example, opening/reopening auction, routed, simple, etc.).\9\
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\5\ See Exchange Rule 100.
\6\ See Exchange Rule 510.
\7\ See Exchange Rule 100 for the definitions of Priority
Customer and Market Maker. The Exchange notes that certain terms are
not specifically defined in the Rulebook, including away Exchange
Market Maker, broker-dealer, firm and non-Priority Customer.
\8\ See Exchange Rule 100.
\9\ The full list of trade segment categories contained in the
Report, along with the description of the rows of information, will
be available to potential subscribers via the Trade-by-Trade Report
specification. Market participants may request access to the
specification via the Exchange's website. See <a href="https://www.miaxglobal.com/company/data/data-products-services/reports">https://www.miaxglobal.com/company/data/data-products-services/reports</a>.
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The Exchange anticipates a wide variety of market participants
would purchase the Report, including, but not limited to, individual
customers, buy-side investors, and investment banks. The Exchange
believes the proposed Report will aid subscribers in performing
detailed transaction-level analysis, compliance checks, and historical
market reconstruction. The Report may also serve as a foundation for
analytics on liquidity, price formation, and trade behavior at in-depth
trade level detail. The proposed Report is a completely voluntary
product, in that the Exchange is not required by any rule or regulation
to make this data available and that potential subscribers may purchase
it only if they voluntarily choose to do so, and are not required to
purchase the Report.
The Exchange notes that Cboe Exchange, Inc. (``Cboe'') offers a
similar report for voluntary purchase by Cboe's Trading Permit Holders
and non-Trading Permit Holders,\10\ which report contains trade-by-
trade level details for executions on Cboe (the ``Cboe Trade-by-Trade
Report'').\11\ The Exchange believes the proposed Report contains
substantively similar trade execution details as the Cboe Trade-by-
Trade Report,\12\ with the only difference being that the proposed
Report identifies whether an option transaction involves a penny or
non-penny class. The Cboe Trade-by-Trade Report also contains
historical data and is made available to subscribers on a T+1
basis.\13\
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\10\ See Cboe Rules, Chapter 1, Section A, Rule 1.1 for the
definition of Trading Permit Holder.
\11\ See Securities Exchange Act Release No. 104415 (December
16, 2025), 90 FR 59603 (December 19, 2025) (SR-CBOE-2025-088)
(providing that ``each row in the [Trade-by-Trade] Report will
represent a single trade event and will include transaction time,
trading floor timestamp, underlying symbol, Options Symbology
Initiative . . . details (e.g., root, expiry, strike, call/put),
trade size, trade price, market context indicators (e.g., National
Best Bid/National Best Offer, local Best Bid/Best Offer), side of
the market (i.e., buy or sell), transaction type (opening or
closing), and origin (i.e., customer, professional customer, broker-
dealer, and market maker), as well as the subscribing Member's
execution IDs for Simple Book trades that will better allow for
accurate linkage and reconstruction of trading activity . . .'')
(footnote citations omitted).
\12\ See Cboe Data Shop, Enhanced US Option Trade-By-Trade
Execution Detail Specification, v1.0 (dated January 12, 2026),
available at <a href="https://cdn.cboe.com/resources/membership/US-Options-Trade-By-Trade-Execution-Detail-Specification.pdf">https://cdn.cboe.com/resources/membership/US-Options-Trade-By-Trade-Execution-Detail-Specification.pdf</a>.
\13\ See supra note 11.
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Implementation
The Exchange targets a launch date for the Report of the second or
third quarter of 2026 and will issue an alert to announce the date that
the proposed Report will be available to subscribers.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\14\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \15\ 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) \16\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(5)
\16\ Id.
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In adopting Regulation NMS, the Commission granted self-regulatory
[[Page 29994]]
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 proposed
Report 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 the Report. The proposed rule change would benefit investors by
providing access to the Report, which as noted above, may aid
subscribers in performing detailed transaction-level analysis,
compliance checks, and historical market reconstruction. The proposed
Report may also serve as a foundation for analytics on liquidity, price
formation, and trade behavior at in-depth trade level detail.
Additionally, in-depth trade level information regarding opening and
closing activity across different option series may indicate investor
sentiment, which can be helpful trading information.
Importantly, given the proposed Report's similarities to the Cboe
Trade-by-Trade Report,\17\ the Exchange believes that this proposal
does not present any new or novel issues. In terms of utility, the
Exchange believes that the proposed Report is very similar in nature to
the Cboe Trade-by-Trade Report and offers similar data sets, with the
primary difference being that the proposed Report identifies whether an
option transaction involves a penny or non-penny class, while the Cboe
Trade-by-Trade Report appears not to make such identification. As such,
the Exchange believes the utility of these reports is substantially
similar.
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\17\ See supra notes 11 and 12.
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The Exchange believes that both the proposed Report and Cboe Trade-
by-Trade Report provide information regarding options trading activity
on the Exchange, which in turn, may be used by subscribers to create
and test trading models and analytical strategies, and provide
comprehensive insight into trading on the Exchange. Importantly, by
offering the proposed Report, subscribers will have an additional
option for historical trade data and may choose to purchase the data
that best suits their business needs.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in 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 offer a data product that is substantively
similar to that offered by at least one other options exchange.\18\
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\18\ See supra notes 11 and 12.
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The Exchange proposes to introduce the Report in order to keep pace
with changes in the industry and evolving customer needs, and believes
this proposed rule change would contribute to robust competition among
national securities exchanges, by meeting the needs of such customers.
The Exchange has received feedback from customers that additional in-
depth trade level data would be helpful to review.
Moreover, the proposal would enable the Exchange to offer a similar
product as is currently being offered another exchange. The Cboe Trade-
by-Trade Report contains a substantively similar data set as the
proposed Report.\19\ As a result, the Exchange believes this proposed
rule change permits fair competition among national securities
exchanges. Therefore, the Exchange does not believe the proposed rule
change will result in any burden on competition that is not necessary
or appropriate in furtherance of the purposes of the Act. Furthermore,
this product offering is entirely optional and is available to any
market participant who believes this data will be helpful for their
purposes. As such, the Exchange does not believe this proposed rule
change places a burden on intra-market competition.
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\19\ See id.
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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
Because the proposed rule change does not (i) significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days after the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \20\ and Rule 19b-4(f)(6) \21\ thereunder.
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\20\ 15 U.S.C. 78s(b)(3)(A).
\21\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \22\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \23\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposed rule change may become operative immediately upon filing.
The Exchange states that the proposed Report will promote increased
transparency in trading activity and may promote better informed
trading on the Exchange, and that waiver of the operative delay will
allow the Exchange to offer the proposed Report sooner. The Exchange
also states that the proposed data product will promote competition by
allowing the Exchange to offer a similar product to that offered by
another exchange. For these reasons, and because the proposed rule
change raises no new or novel legal or regulatory issues, the
Commission finds that waiver of the operative delay is consistent with
the protection of investors and the public interest. Accordingly, the
Commission waives the 30-day operative delay and designates the
proposed rule change to be operative upon filing.\24\
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\22\ 17 CFR 240.19b-4(f)(6).
\23\ 17 CFR 240.19b-4(f)(6)(iii).
\24\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of this 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 under
Section 19(b)(2)(B) of the Act \25\ to determine whether the proposed
rule change should be approved or disapproved.
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\25\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing,
[[Page 29995]]
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="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#cab8bfa6afe7a9a5a7a7afa4beb98ab9afa9e4ada5bc"><span class="__cf_email__" data-cfemail="2654534a430b45494b4b434852556655434508414950">[email protected]</span></a>. Please include
File Number SR-PEARL-2026-22 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Vanessa Countryman,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.
All submissions should refer to file number SR-PEARL-2026-22. 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 also 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-2026-22 and should be submitted on
or before June 11, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12) and (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-10146 Filed 5-20-26; 8:45 am]
BILLING CODE 8011-01-P
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