Federal Register #SR-EMERALD-2026-20

SEC Notice: MIAX Emerald Rule Change for Professional Interest Order Review

This opportunity involves a proposed rule change by MIAX Emerald, LLC, as published by the Securities and Exchange Commission (SEC): - Government buyer: - Securities and Exchange Commission (SEC) - MIAX Emerald, LLC (self-regulatory organization, not a government agency, but subject to SEC oversight) - No OEMs, vendors, or commercial products are mentioned, as this is a regulatory notice, not a procurement - No products or services are being requested or purchased - Key details of the rule change: - The review period for classifying Professional Interest orders on the MIAX Emerald Exchange is shortened from quarterly to monthly - Exchange Members must now review customer activity monthly and update order designations within five days after each month ends - The change is intended to ensure more timely and accurate classification of orders, supporting fair and efficient market practices - No unique technical or product requirements are present, as this is a process change, not a procurement

Description

MIAX Emerald, LLC filed a proposed rule change with the Securities and Exchange Commission to amend the quarterly review process of Professional Interest orders. The proposal shortens the review and designation period from quarterly to monthly, requiring Members to conduct a monthly review and make any necessary changes within five days after the end of each calendar month. This change aims to ensure that the designation of Professional Interest orders is applied more expeditiously, reflecting customer activity more accurately and maintaining fair market practices. The rule change is effective as of July 1, 2026, and is intended to promote just and equitable principles of trade and protect investors and the public interest.

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