Federal Register #SR-EMERALD-2026-10

SEC Notice: MIAX Emerald Rule Change for Purge Liquidity Taker Report

This notice from the Securities and Exchange Commission (SEC) addresses a regulatory rule change, not a procurement action. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - Referenced Organization: - MIAX Emerald, LLC (self-regulatory organization) - Products/Services Requested: - No products or commercial services are being procured - The notice discusses the Purge Liquidity Taker Report, an optional daily report for Market Makers on the MIAX Emerald Exchange - Provides latency and execution data related to purge messages and resting quotes - Enhances Market Makers' ability to analyze quote cancellation success - Unique/Notable Requirements: - The rule change increases the data capture window from 100 to 500 microseconds for measuring the difference between execution of a resting quote and receipt of a purge message - The report is optional and provides historical trading data on a T+1 basis - No OEMs, vendors, or contract awards are involved - The notice is regulatory in nature and does not solicit goods or services

Description

This notice pertains to the Securities and Exchange Commission's filing of a proposed rule change by MIAX Emerald, LLC, which is effective immediately. The rule change amends Exchange Rule 531 to update the timeframe used by the Exchange for the time difference between the time the first response that executes against the resting quote was received by the Exchange and the time that the purge message sent by the Recipient Member to cancel that resting quote was received by the Exchange. The amendment increases this timeframe from 100 microseconds to 500 microseconds to provide Market Makers with greater insight into their interactions with the Exchange regarding quote cancellations.

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