Federal Register #SR-SAPPHIRE-2026-12

SEC Notice: MIAX Sapphire Rule 2050 Trading Floor Price Protection Mechanisms

This notice concerns a proposed regulatory rule change, not a procurement opportunity. - Government buyer: Securities and Exchange Commission (SEC) - OEM/vendor mentioned: MIAX Sapphire, LLC - No products or services are being procured; this is a regulatory update - The rule change proposes adoption of Rule 2050 by MIAX Sapphire, LLC - Introduces Trading Floor Price Collar Protection (TFPCP) to prevent trades at extreme or erroneous prices - Applies to Qualified Floor Orders (QFOs) and complex QFOs (cQFOs) - Orders outside a specified price range are invalidated and returned to Floor Brokers - Floor Brokers can customize risk parameters for additional flexibility - The operational site for the rule change is the MIAX Sapphire trading floor in Miami, Florida - The SEC's office in Washington, DC is the contracting/oversight office - No contract value, products, or services are associated with this notice

Description

The Securities and Exchange Commission (SEC) published a notice regarding a proposed rule change by MIAX Sapphire, LLC. The rule change involves adopting Rule 2050, which establishes trading floor order price protection mechanisms and risk controls, specifically the Trading Floor Price Collar Protection (TFPCP) feature. This feature is designed to prevent Qualified Floor Orders (QFOs) and complex QFOs from trading at extreme and potentially erroneous prices by invalidating orders outside a specified price range. The rule change aims to maintain a fair and orderly market and protect investors by mitigating risks associated with erroneous trade validations.

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