Federal Register #SR-MIAX-2026-31

SEC Notice: MIAX Proposed Rule Change to Auction Mechanisms (No Procurement)

This opportunity involves a proposed rule change by the Miami International Securities Exchange, LLC (MIAX) regarding its auction mechanisms for options trading. - Government buyer: - Securities and Exchange Commission (SEC) - Miami International Securities Exchange, LLC (MIAX) is the subject of the rule change - OEMs and vendors: - Miami International Securities Exchange, LLC (MIAX) - Products/services requested: - No products or services are being procured; this is a regulatory notice - Notable requirements: - The rule change amends Exchange Rule 515A, specifically removing the initiating price from Request for Response (RFR) messages in PRIME and cPRIME Auctions - Only option, side, and size will be disseminated in RFR messages - The goal is to encourage more competitive pricing and greater price improvement by preventing responders from anchoring to the initiating price - No purchase quantities, part numbers, or procurement requirements are present

Description

The Securities and Exchange Commission has published a notice regarding a proposed rule change by the Miami International Securities Exchange, LLC (MIAX). The rule change pertains to amendments to Exchange Rule 515A related to PRIME and cPRIME functionalities. The amendment proposes to remove the initiating price detail from the Request for Response (RFR) message in PRIME and cPRIME Auctions to encourage more competitive pricing and greater price improvement. The rule change was filed with immediate effectiveness and aims to enhance competitive dynamics in the auction process.

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