MIAX Rolls Out a Trade-by-Trade Options Data Report

Miami International Securities Exchange, or MIAX, has filed to add a new historical market-data product called the Trade-by-Trade Report. The May 21 Federal Register notice says the proposal became effective on filing and targets implementation in the second or third quarter of 2026.

The new report would be delivered on a T+1 basis and is designed to show detailed information for every options trade executed on the exchange. According to the filing, that includes identifiers such as trade and transaction IDs, core contract details like underlying symbol, expiry, strike, price and size, plus fields covering side, origin code, open-close status, trade segment, and indicators tied to NBBO or MBBO context.

This is a back-end data product rather than a front-end platform launch, but it is still meaningful for active options participants. The more granular the post-trade record, the easier it becomes to study liquidity, reconstruct fills, test assumptions about execution quality, and compare how different categories of flow interact on the venue.

MIAX also said the product would be broadly comparable to similar exchange offerings, while adding a penny-versus-non-penny class flag.

Why it matters

For traders and analytics teams, better trade-level history can improve strategy testing, venue analysis, and execution review without relying only on higher-level summary feeds.

What to watch next

Watch for MIAX to confirm the launch window and final commercial terms. Adoption will depend on whether firms see enough extra value in the report’s field-level detail to add it to their data stack.