MIAX PEARL Cleans Up Order Routing Rule Wording
Published Date: 6/5/2025
Notice
Summary
MIAX Pearl is cleaning up its rulebook by removing an unnecessary note that names primary stock markets in its order routing rule. This change affects traders using MIAX Pearl Equities and takes effect immediately, with no extra costs or delays. It’s a simple tweak to keep things clear and efficient for everyone involved.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Rulebook cleanup: remove named exchanges
MIAX Pearl amended Exchange Rule 2617(b)(5)(ii) to remove an unnecessary parenthetical that named specific primary listing equities markets so the rule now simply refers to "primary listing markets." The filing was submitted on May 21, 2025 and applies to MIAX Pearl Equities and Equity Members.
No added costs or competition burden
MIAX Pearl states the proposed change does not impose any burden on competition and does not significantly affect investor protection or the public interest. The Exchange filed the change on May 21, 2025 and the Commission posted a comment deadline of June 26, 2025.
Primary markets tracked in tech specs and alerts
Rather than naming exchanges in the rule text, MIAX Pearl will list primary listing markets in its technical specifications and will add any new primary listing markets to those specifications when they become active. The Exchange also said it would issue a public alert announcing additions to the PAC routing option.
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