MIAX PEARL Aligns Rules for Small Stock Order Priorities
Published Date: 2/24/2026
Notice
Summary
MIAX PEARL is updating its rule about how orders get priority to match new federal rules about reporting small stock trades called odd lots. This change affects traders using MIAX PEARL and helps keep everything fair and clear. The update took effect right away on February 10, 2026, with no extra costs involved.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
MIAX Will Send Odd‑Lot Data to SIPs
MIAX PEARL amended Exchange Rule 2616 to state that, pursuant to Rule 603 of Regulation NMS and the January 15, 2026 Exemptive Order, MIAX Pearl Equities will transmit to the appropriate network processor the data necessary to generate odd‑lot information for each NMS stock. The Exchange filed the change on February 10, 2026 and says this codifies its odd‑lot reporting obligations.
SIPs Will Disseminate Odd‑Lot Depth on a Schedule
The Commission and SIPs will begin disseminating certain odd‑lot data in a phased schedule: starting in May 2026 SIPs will disseminate the BOLO (best odd‑lot order) and best odd‑lot bid and offer priced at or better than the NBBO from each exchange and FINRA; in May 2028 SIPs will begin disseminating odd‑lot quotations priced between each exchange's/FINRA's best odd‑lot bid or offer and the NBBO. MIAX will provide the required data to the SIPs according to those dates.
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