SEC Delays Okay on Glitch Payouts After Exchange's Tech Meltdown
Published Date: 9/30/2025
Notice
Summary
MIAX Sapphire wants to change a rule to pay members once for problems caused by a system glitch on June 3, 2025. The SEC is taking extra time, now until December 2, 2025, to decide if this rule change is a go. This affects MIAX members who might get money to cover losses from that glitch.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
One‑Time Payment for MIAX Members
MIAX Sapphire proposed a rule change to provide a one-time accommodation payment to Members for claims arising from system difficulties the Exchange experienced on June 3, 2025. If approved, affected MIAX members could receive payments to cover losses tied to that June 3, 2025 operational error.
SEC Decision Deadline Extended to Dec 2, 2025
The Securities and Exchange Commission extended its 45-day review period and set December 2, 2025, as the date by which it will approve, disapprove, or institute proceedings on MIAX Sapphire's proposed rule change. The original 45th day after publication was October 18, 2025, so the decision timeline is delayed until December 2, 2025.
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