MIAX Pearl proposes amendment to Rule 2628 to keep 4 a.m. resume after Level 3 halt
The amendment would bind MIAX Pearl and other U.S. equity exchanges, taking effect on Dec 6 2026.
On September 15, 2026, the SEC published a notice (Release No. 34-106375; File No. SR-PEARL-2026-39) that MIAX Pearl, LLC filed a proposed rule change on September 3, 2026 under Section 19(b)(1) of the Securities Exchange Act and Rule 19b-4.
The proposal seeks to amend Rule 2628, which governs market-wide circuit-breaker halts, to replace the language that trading would halt "for the remainder of the trading day" after a Level 3 market-wide circuit-breaker (a 20 % decline in the S&P 500) with explicit language that trading resumes at 4:00 a.m. ET or later on the following trading day.
The amendment is intended to preserve the current 4:00 a.m. ET resumption time when the industry expands to 23 hours per day, 5 days per week (23/5 Trading). Without the change, the earlier opening of overnight sessions at 9:00 p.m. ET could trigger an earlier resume, which the Exchange says is not desired.
MIAX Pearl plans to implement the rule change on December 6, 2026, the date several exchanges intend to launch overnight trading sessions from 9:00 p.m. ET to 4:00 a.m. ET. The filing cites Section 6(b) and Section 6(b)(5) of the Act as statutory authority.
The notice invites comments from interested persons; the proposed rule would become effective immediately upon filing, subject to the Commission's review.
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