MIAX Sapphire Slaps in New 'SLAP' for Liquidity Cleanup
Published Date: 12/16/2025
Notice
Summary
MIAX Sapphire is rolling out a cool new feature called Selective Liquidity Auto Purge (SLAP) that lets traders quickly cancel specific orders instead of all at once. This change helps traders manage their orders smarter and faster using the MIAX Express Order system. The update is already effective as of December 1, 2025, making trading smoother without extra costs.
Analyzed Economic Effects
6 provisions identified: 5 benefits, 1 costs, 0 mixed.
New SLAP codes let Members purge groups
The Exchange adopted a Selective Liquidity Auto Purge (SLAP) feature that lets Members assign one or more SLAP codes numbered 1 through 8 to orders submitted via the MIAX Express Order (MEO) Interface. Members can send a SLAP request to cancel only orders in a chosen SLAP group instead of cancelling all orders at once.
SLAP blocks matching orders until reset
When a Member submits a SLAP request the System removes orders that match the Member ID (MPID), underlying, and SLAP code and then blocks new inbound orders with the same MPID, underlying, and SLAP code until the Member submits a SLAP reset request. The System sends a notification on receipt and a response when processing is complete.
Tool aimed at Market Makers and EEMs
The Exchange says SLAP is an optional risk management tool intended to help Market Makers and Electronic Exchange Members (EEMs) manage order exposure and risk by grouping orders by MPID, underlying, option side, or other criteria with up to eight SLAP codes. The Exchange also states the feature is equally available to all Members.
ISOs and IOC orders can't get SLAP codes
Intermarket Sweep Orders (ISOs) and immediate-or-cancel (IOC) orders are not eligible to receive SLAP codes and thus cannot be selectively purged using SLAP. The rule notes ISOs are immediately executable and IOC orders do not rest on the electronic book.
MEO messages updated for SLAP processing
The Exchange modified MEO Interface messages: the Standard Order--New message gains a SLAP Codes field, the Liquidity Mass Cancel Request adds value 'S' for SLAP and a SLAP Codes field, a new SLAP Protection Trigger Notification message was added, and Liquidity Mass Cancel Response and Liquidity Protection Reset Request messages were enhanced to include SLAP-specific fields. Members may include, change, or remove SLAP codes on orders.
Obligations and timing: no relief, rollout date
The Exchange states SLAP will not relieve Market Makers of continuous quoting obligations under Exchange Rule 605 or obligations under Regulation NMS Rule 602. The change was filed on December 1, 2025 (effective upon filing) and the Exchange proposes to implement SLAP in Q1 of 2026; public comments are requested on or before January 6, 2026.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in