MIAX Pearl proposes immediate amendment to Clearly Erroneous Executions rule

MIAX Pearl, LLC filed a proposed amendment to Rule 2621 (Clearly Erroneous Executions) on September 18, 2026. The filing, identified as Release No. 34-106482; File No. SR-PEARL-2026-40, is effective immediately, extending the rule's scope to transactions executed during overnight protected hours.

The Securities and Exchange Commission published a notice on September 24, 2026, pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4, to solicit public comment on the proposal. The notice references the Exchange's own statements of purpose and statutory basis, which are available on the Exchange's website and at its principal office.

The amendment is designed to align Rule 2621 with the Commission's August 5, 2026 approval of Overnight Protected Bands for 23/5 Trading. That approval introduced temporary static bands 20% above and below two reference points for the period from 9:00 p.m. ET through 4:00 a.m. ET. MIAX Pearl proposes to add the definition "LULD Protected Hours," encompassing both Regular Trading Hours and the newly defined "Overnight Protected Hours," and to revise the first sentence of Rule 2621(c)(1) to replace "Regular Trading Hours" with "LULD Protected Hours."

Additional revisions would incorporate the "Overnight Percentage Parameter" into Rule 2621(c)(1)(ii), and modify Rule 2621(c)(2) and related paragraphs (c)(2)(i)-(iv), (d)(iii), and (f) to cover NMS stocks not subject to the LULD Plan during Overnight Protected Hours. The language changes replace references to "eligible for review pursuant to paragraph (c)(1)(A)" with "during LULD Protected Hours in NMS Stocks not subject to the LULD Plan."

The proposed rule change is effective upon filing, and the Commission will accept comments until the deadline specified in the notice. The full text of the amendment is posted at https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings.