Federal Register #SR-MIAX-2026-25

SEC Notice: MIAX Proposed Rule Change for Monthly Review of Professional Interest Orders

This notice concerns a proposed regulatory change by the Miami International Securities Exchange (MIAX), not a procurement opportunity. - Government buyer: Securities and Exchange Commission (SEC) - No OEMs, vendors, or commercial products/services are mentioned - Subject: MIAX proposes to amend Rule 100 to change the review period for designating Professional Interest orders from quarterly to monthly - Currently, accounts averaging more than 390 orders per day in any month of a quarter are designated as Professional Interest for the next quarter - The amendment would require MIAX Members to conduct this review monthly and update designations within five days after each month - Purpose: To ensure more timely and accurate classification of professional vs. retail trading activity, supporting fair and equitable market practices - No procurement, product, or service requirements are included in this notice

Description

The Miami International Securities Exchange, LLC (MIAX) proposes to amend the quarterly review process of Professional Interest orders by shortening it to a monthly review. Currently, orders for accounts averaging more than 390 orders per day during any month of a calendar quarter must be represented as Professional Interest orders for the next calendar quarter. The proposed change requires Members to conduct a monthly review and make any necessary changes within five days after the end of each calendar month. This amendment aims to ensure more timely and accurate designation of orders, distinguishing professional traders from retail investors, and maintaining fair market practices.

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