MIAX Pearl Immediate Rule Change Alters Equity Member Risk Controls
Equity members of MIAX Pearl Equities must follow the amended limit order and trading collar rules effective immediately, per the SEC filing on Sept. 30, 2026.
The Securities and Exchange Commission published a notice that MIAX Pearl, LLC filed a proposed rule change on September 25, 2026, with immediate effectiveness. The filing, identified as File No. SR-PEARL-2026-41 and appearing in FR Doc No. 2026-20302, amends risk controls for Equity Members of MIAX Pearl Equities.
The amendment revises Limit Order Price Protection under Exchange Rule 2614(a)(1)(ix) and Trading Collars under Exchange Rule 2618(b)(1) to address the upcoming expansion by other national securities exchanges and applicable Securities Information Processors to 23 hours per day, five days per week.
Specifically, the Exchange will limit the reference price used for Limit Order Price Protection to the last trade price received during its Early Trading Session (4:00 a.m. to 9:30 a.m. ET) or Late Trading Session (4:00 p.m. to 8:00 p.m. ET), excluding the anticipated overnight session (9:00 p.m. to 4:00 a.m. ET).
MIAX Pearl states that using overnight prices could introduce material trading risks, including lower liquidity, heightened volatility, and reference prices unrelated to current market conditions, which could lead to improper cancellation or execution of limit orders.
The full text of the proposed rule change is available on the Exchange's website and at its principal office. The Commission is soliciting comments from interested persons.
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