Federal Register #SR-MIAX-2026-15

SEC Notice: MIAX and MIAX PEARL Rule Change for Purge Liquidity Taker Report

This notice from the Securities and Exchange Commission (SEC) details a proposed rule change by Miami International Securities Exchange, LLC (MIAX) and MIAX PEARL, LLC regarding Exchange Rule 531. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Miami International Securities Exchange, LLC (MIAX) - MIAX PEARL, LLC - Products/Services Requested: - Purge Liquidity Taker Report - Optional daily report for Market Makers - Provides latency and execution data on resting quotes and purge messages - Timeframe for data reporting increased from 100 microseconds to 500 microseconds - No part numbers or specific quantities provided - Notable Requirements: - The report is optional and available only to Market Makers subscribing to it - The change is intended to improve quote cancel success as market conditions change - No procurement of goods or competitive solicitation is involved - No specific place of performance or delivery location beyond the SEC's federal office

Description

The Securities and Exchange Commission has filed a notice regarding a proposed rule change by the Miami International Securities Exchange, LLC. The rule change involves amendments to Exchange Rule 531, specifically increasing the timeframe for certain data reporting from 100 microseconds to 500 microseconds. This change aims to enhance the usefulness of a report designed to aid Market Makers by improving quote cancel success as market conditions change. The rule change is effective immediately upon filing and is optional for Market Makers who find the data helpful for their business purposes.

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