MIAX Pauses SLAP: Traders Get Granular Cancel Delay
Published Date: 2/23/2026
Notice
Summary
MIAX Sapphire is hitting the pause button on a new feature called SLAP that helps traders cancel lots of orders more precisely through their MEO system. This delay means members won’t see the change just yet, giving the Exchange more time to get it right. No extra costs or deadlines are changing for now, so traders can keep doing business as usual.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
SLAP Rollout Delayed to Q2 2026
MIAX Sapphire delayed the planned Selective Liquidity Auto Purge (SLAP) feature from the first quarter of 2026 to the second quarter of 2026. If you are a MIAX Sapphire Member who uses the MEO Interface, you will not see the new mass-cancellation feature until the second quarter of 2026.
At Least 30 Days' Notice Before Launch
The Exchange will send a Regulatory Circular giving market participants at least 30 days' notice before implementing the SLAP feature. That notice requirement means you will have 30 days to complete technical changes after the Circular is issued.
No New Costs or Competitive Burdens
The Exchange states that delaying SLAP will not change costs or impose an undue burden on competition and that the delay will apply equally to all MIAX Sapphire Members. Traders can continue their current operations without new fees or changed deadlines because of this delay.
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