Opportunity
Federal Register #SR-PEARL-2026-40
SEC Notice: MIAX PEARL, LLC Proposed Rule Change on Clearly Erroneous Executions
Buyer
Securities and Exchange Commission
Posted
September 29, 2026
Respond By
October 20, 2026
Identifier
SR-PEARL-2026-40
NAICS
523210
This opportunity involves a proposed rule change by MIAX PEARL, LLC, published by the Securities and Exchange Commission (SEC), affecting trading procedures for equities: - Government buyer: - Securities and Exchange Commission (SEC) - MIAX PEARL, LLC (equities trading facility) - No OEMs or commercial vendors are involved, as this is a regulatory notice rather than a procurement - No products or services are being requested; the notice pertains to amendments in trading rules - Key details of the rule change: - Amends Rule 2621 (Clearly Erroneous Executions) to extend restrictions on review to Overnight Protected Hours, in addition to Regular Trading Hours - Aligns with the Commission's approval of Overnight Protected Bands for 23/5 Trading under the Limit Up-Limit Down (LULD) Plan - Clarifies definitions and procedures related to the LULD Plan - Applies numerical guidelines for transactions not subject to the LULD Plan during overnight hours - Notable requirements: - Provides greater certainty to market participants - Will become operative at the commencement of 23/5 Trading - No procurement activity, OEMs, or vendors are referenced
Description
The Securities and Exchange Commission has filed a notice regarding MIAX PEARL, LLC's proposed rule change to amend Rule 2621 concerning clearly erroneous executions. The amendment aims to extend the restrictions on clearly erroneous review to include Overnight Protected Hours in addition to Regular Trading Hours, consistent with the Commission's approval of Overnight Protected Bands for 23/5 Trading. The rule change clarifies definitions and procedures related to the Limit Up-Limit Down Plan and applies numerical guidelines for transactions not subject to the LULD Plan during overnight hours. The proposal is intended to provide greater certainty to market participants and is scheduled to become operative at the commencement of 23/5 Trading on December 6, 2026.