Federal Register #SR-SAPPHIRE-2026-18

SEC Notice: MIAX Sapphire, LLC Rule Change to Exchange Rule 531 (No Procurement)

This notice from the Securities and Exchange Commission (SEC) announces an immediate rule change by MIAX Sapphire, LLC affecting Exchange Rule 531. - Government Buyer: - Securities and Exchange Commission (SEC) - OEM/Vendor Mentioned: - MIAX Sapphire, LLC (self-regulatory organization and exchange operator) - Products/Services Requested: - No products or services are being procured; this is an administrative rule change - Rule Change Details: - Amends Exchange Rule 531 to increase the measurement window for the difference between execution of a resting quote and receipt of a purge message from 100 microseconds to 500 microseconds - Aims to provide Market Makers with greater insight into quote cancellation success - Rule change is effective immediately upon filing - Notable Requirements: - No procurement, purchase quantities, or part numbers involved - No solicitation for bids or proposals; administrative in nature

Description

The Securities and Exchange Commission has published a notice regarding a proposed rule change by MIAX Sapphire, LLC. The proposed 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 and the time that the purge message sent by the Recipient Member to cancel that resting quote was received. The amendment increases this timeframe from 100 microseconds to 500 microseconds to provide Market Makers with greater insight into their interactions with the Exchange. The rule change has been made effective immediately upon filing.

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