Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a New Version of the Open-Close Report To Be Known as the One-Minute Interval Intra-Day Open-Close Report

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Release No. 34-103906; File No. SR-EMERALD-2025-18]</DEPDOC> <SUBJECT>Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a New Version of the Open-Close Report To Be Known as the One-Minute Interval Intra-Day Open-Close Report</SUBJECT> <DATE>September 8, 2025.</DATE> Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”), <SU>1</SU> <FTREF/> and Rule 19b-4 thereunder, <SU>2</SU> <FTREF/> notice is hereby given that on August 27, 2025, MIAX Emerald, LLC (“MIAX Emerald” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change 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. <FTNT> <SU>1</SU>  15 U.S.C. 78s(b)(1). </FTNT> <FTNT> <SU>2</SU>  17 CFR 240.19b-4. </FTNT> <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD> The Exchange proposes to introduce a new version of the Open-Close Report to be known as the One-Minute Interval Intra-Day Open-Close Report. This proposal is based on recent proposals from other options exchanges that offer substantively similar data products. <SU>3</SU> <FTREF/> <FTNT> <SU>3</SU>   <E T="03">See</E> Securities Exchange Act Release No. 103322 (June 25, 2025), 90 FR 27887 (June 30, 2025) (SR-CboeBZX-2025-079); 103323 (June 25, 2025), 90 FR 27884 (June 30, 2025) (SR-CBOE-2025-042); <E T="03">and</E> 103321 (June 25, 2025), 90 FR 27894 (June 30, 2025) (SR-CboeEDGX-2025-047). </FTNT> The text of the proposed rule change is available on the Exchange's website at <E T="03">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings</E> and at the Exchange's principal office. <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> 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. <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> <HD SOURCE="HD3">1. Purpose</HD> The Exchange proposes to introduce a new version of the Open-Close Report to be known as the One-Minute Interval Intra-Day Open-Close Report, which will be available for purchase by Exchange Members  <SU>4</SU> <FTREF/> and non-Members. <SU>5</SU> <FTREF/> <FTNT> <SU>4</SU>   <E T="03">See</E> Exchange Rule 100. </FTNT> <FTNT> <SU>5</SU>  The Exchange intends to submit a separate rule filing to establish fees for the One-Minute Interval Intra-Day Open-Close Report. </FTNT> By way of background, the Exchange currently offers End-of-Day (“EOD”) and Intra-Day Open-Close Report data products. The EOD Open-Close Report is an end-of-day volume summary of trading activity on the Exchange at the option level by origin (Priority Customer, <SU>6</SU> <FTREF/> Non-Priority Customer, Firm, Broker-Dealer, and Market Maker  <SU>7</SU> <FTREF/> ), 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 Open-Close 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. <FTNT> <SU>6</SU>   <E T="03">See</E> Exchange Rule 100. </FTNT> <FTNT> <SU>7</SU>   <E T="03">Id.</E> </FTNT> The Exchange also offers the Intra-Day Open-Close Report, which provides similar information to that of EOD Open-Close Report, but 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. <SU>8</SU> <FTREF/> The Intraday Open-Close 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). All volume is further broken down into trade size buckets (less than 100 contracts, 100-199 contracts, greater than 199 contracts). The Intra-Day Open-Close Report provides proprietary Exchange trade data and does not include trade data from any other exchange. All Open-Close Report 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. <FTNT> <SU>8</SU>  For example, subscribers to the intra-day product 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.” </FTNT> The Exchange now proposes to offer an Intra-Day Open-Close Report that provides the same data as the existing Intra-Day Open-Close Report, except that it will be produced and updated every one minute during the trading day (the “One-Minute Interval Intra-Day Open-Close Report”). The One-Minute Interval Intra-Day Open-Close Report will be captured in “snapshots” taken every one minute throughout the trading day and would be available to subscribers within five minutes of the conclusion of each one-minute period. <SU>9</SU> <FTREF/> Similar to the existing Intra-Day Open-Close Report, the One-Minute Interval Intra-Day Open-Close 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 One-Minute Interval Intra-Day Open-Close Report provides proprietary Exchange trade data and does not include trade data from any other exchange. <FTNT> <SU>9</SU>  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. </FTNT> The Exchange anticipates a wide variety of market participants would utilize and purchase the One-Minute Interval Intra-Day Open-Close Report, including, but not limited to, individual customers, buy-side investors, and investment banks. The Exchange believes the proposed One-Minute Interval Intra-Day Open-Close Report may also provide helpful trading information regarding investor sentiment that may allow market participants to make better trading decisions throughout the day and may be used to create and test trading models and analytical strategies and provides comprehensive insight into trading on the Exchange. For example, more frequent intra-day open data may allow a market participant to identify new interest or possible risk throughout the trading day, while intra-day closing data may allow a market participant to identify fading interests in a security. The proposed product 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. The Exchange notes that other exchanges recently filed proposals with the Commission to offer substantively similar data products as proposed herein with regard to proprietary data of those exchanges. <SU>10</SU> <FTREF/> <FTNT> <SU>10</SU>   <E T="03">See supra</E> note 3. </FTNT> The Exchange further notes that the data fields themselves that are provided in the existing Intra-Day Open-Close Report are the same as the proposed One-Minute Interval Intra-Day Open-Close Report. The only distinction is that there will be more data reporting intervals provided within the One-Minute Interval Intra-Day Open-Close Report as the data is delivered based on one-minute intervals as opposed to ten-minute intervals. <HD SOURCE="HD3">Implementation</HD> The Exchange will announce via an Exchange Alert the implementation date of the proposed rule change following the operative date of this rule filing. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 22k characters. Full document text is stored and available for version comparison. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━