Federal Register #SR-PEARL-2026-17

SEC Notice: MIAX PEARL and Cboe EDGX Proposed Rule and Fee Schedule Changes

This notice details proposed rule changes by MIAX PEARL, LLC and Cboe EDGX Exchange, Inc., as published by the Securities and Exchange Commission (SEC): - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - MIAX PEARL, LLC (self-regulatory organization, options exchange) - Cboe EDGX Exchange, Inc. (self-regulatory organization, equities exchange) - Products/Services Requested: - No procurement of products or services; this is a regulatory filing - MIAX PEARL: Optional Purge Liquidity Taker Report subscription for Market Makers, providing latency data on purge messages and quote executions - Not a real-time market data product; available on a T+1 (next trading day) basis - Cboe EDGX: Amendments to equities trading fee schedule (new fee code ZP, modified fee code DX) - Unique or Notable Requirements: - MIAX PEARL proposes increasing the latency measurement window for quote cancellation from 100 to 500 microseconds, enhancing Market Makers' ability to analyze and improve quote cancel success - Cboe EDGX's fee schedule changes are designed to enhance market transparency and competition - No physical products, hardware, or IT services are being procured - Locations: - SEC headquarters at 100 F Street NE, Washington, DC 20549-1090 - No contract value, part numbers, or quantities are associated, as this is not a procurement opportunity

Description

This notice from the Securities and Exchange Commission announces a proposed rule change filed by MIAX PEARL, LLC to amend Exchange Rule 531. The amendment updates the timeframe used by the Exchange for the time difference between the execution of a resting quote and the receipt of a purge message to cancel that quote. The change aims to increase the timeframe from 100 microseconds to 500 microseconds to provide Market Makers with greater insight into their quote cancel success. The report containing this data is optional and available to Market Makers on a T+1 basis.

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