MIAX Emerald delays PRIME rule change to Q2 2027
The delay applies to MIAX Emerald's Rule 515A price-improvement mechanism and affects all market-maker participants, effective immediately.
On August 12, 2026 MIAX Emerald, LLC filed a proposed rule change with the Securities and Exchange Commission to delay implementation of the amendment to Exchange Rule 515A, the MIAX Emerald Price Improvement Mechanism ("PRIME") and its solicitation mechanism. The notice, released August 26, 2026 (Release No. 34-106199; File No. SR-EMERALD-2026-23; FR Doc No: 2026-17670), states that the change becomes effective immediately under Section 19(b)(3)(A)(iii) of the Act.
The Exchange originally planned to implement the functionality in Q3 of 2026 and to publish a Regulatory Circular at least 30 days before the implementation date. It now proposes to push the effective date to Q2 of 2027 to give the Exchange and its Members ample time to complete the required technical changes. A Regulatory Circular will be issued at least 30 days prior to the new implementation date.
The filing cites Section 6(b) of the Act and Section 6(b)(5) as the statutory basis, asserting that the delay furthers the Act's objectives of preventing fraud, promoting fair trade, and protecting investors. The Exchange contends that the postponement imposes no undue burden on intramarket or intermarket competition because it applies uniformly to all Members.
The Commission invites written comments on the proposed rule change through September 21, 2026. Comments may be submitted electronically via the SEC's internet comment form or by email, referencing file number SR-EMERALD-2026-23, or in paper form to the SEC's Secretary in Washington, DC. The Commission may temporarily suspend the rule change within 60 days of filing if it deems such action necessary in the public interest.
The notice also confirms compliance with the requirement to give the Commission written notice at least five business days prior to filing, as mandated by Rule 19b-4(f)(6).
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