Federal Register #SR-PEARL-2026-41

SEC notice on MIAX PEARL’s proposed equity-trading risk-control changes

The SEC notice seeks public comment on MIAX PEARL, LLC’s proposed changes to equity-trading risk controls. - Government agency: Securities and Exchange Commission (SEC); this is a regulatory notice, not a procurement opportunity. - Filing entity: MIAX PEARL, LLC. - Proposal: Amend the Limit Order Price Protection and Trading Collar rules that apply to Equity Members. - Key change: Continue using eligible last-trade prices from MIAX PEARL’s Early and Late Trading Sessions, while excluding prices disseminated during the anticipated overnight session as markets and Securities Information Processors move toward 23-hour-per-day, five-day-per-week operations. - Requested action: The SEC invites public comment on whether the proposed rule change is consistent with the Securities Exchange Act. - Products, services, quantities, and part numbers: None; no goods or services are being procured.

Description

MIAX PEARL, LLC proposes amendments to its risk controls for Equity Members, including Limit Order Price Protection and Trading Collars. The changes specify which reference prices will be used as other national securities exchanges and Securities Information Processors expand their hours to 23 hours per day, five days per week. The proposal would maintain the existing approach by using eligible last trade prices from the Exchange’s Early and Late Trading Sessions, rather than prices disseminated during the anticipated overnight session. The Exchange plans to implement the changes on December 6, 2026.

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