Federal Register #SR-SAPPHIRE-2026-26

SEC Notice of Proposed Rule Change by MIAX Sapphire, LLC to Amend Exchange Rule 100

This notice concerns a proposed regulatory change by the Securities and Exchange Commission (SEC) involving MIAX Sapphire, LLC: - The SEC is reviewing a proposed amendment to Exchange Rule 100 submitted by MIAX Sapphire, LLC - The amendment changes the review period for Professional Interest order designations from quarterly to monthly - Members must now review customer order activity and update designations within five days after each month - The goal is to ensure more timely and accurate order designations, supporting fair competition and investor protection - No procurement of products or services is involved; this is a regulatory update - MIAX Sapphire, LLC is the only organization mentioned, as the subject of the rule change

Description

The Securities and Exchange Commission has published a notice regarding a proposed rule change by MIAX Sapphire, LLC. The rule change involves amendments to Exchange Rule 100, Definitions, specifically to 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 appropriate changes within five days after the end of each calendar month. The change aims to ensure more timely and accurate designation of orders as Professional Interest, promoting fair competition and protecting investors.

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