MIAX Rule Change Delays PRIME Feature Implementation
The delay affects MIAX members and market makers, with the change taking effect immediately and the new rollout pushed to Q2 2027.
The Securities and Exchange Commission has announced that Miami International Securities Exchange, LLC's proposed rule change to delay implementation of Exchange Rule 515A, the MIAX Price Improvement Mechanism (PRIME) and PRIME Solicitation Mechanism, is effective immediately under Section 19(b)(3)(A)(iii) of the Securities Exchange Act of 1934.
The exchange proposes to move the functionality originally slated for implementation in Q3 of 2026 to Q2 of 2027. The amendment would permit orders for the accounts of Market Makers assigned in the applicable options class to be solicited as a contra party to the Agency Order submitted for execution in a PRIME or cPRIME auction.
MIAX states the delay will give the exchange and its members ample time to complete necessary technical changes and does not impose any undue burden on competition, either intra-market or inter-market. No written comments were solicited or received, and the filing satisfied the required five-business-day notice period.
The Commission invites interested persons to submit written data, views, and arguments concerning the proposal by September 21, 2026. Submissions must reference file number SR-MIAX-2026-35 and may be filed electronically through the SEC's comment portal or by mail to the Commission's Secretary.
Because the proposed change does not significantly affect investor protection, the public interest, or competition, it became effective immediately upon filing on August 12, 2026.
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