Miami Exchange Extends Timestamp Loophole to Avoid Costly Overhauls
Published Date: 6/27/2025
Notice
Summary
Miami International Securities Exchange is updating a rule to extend a special exemption on how they track trade times from April 8, 2025, to April 8, 2030. This change affects traders and firms using the Exchange by giving them more time before stricter timestamp rules kick in. No extra costs are expected, just a smoother ride for compliance over the next five years.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
CAT Timestamp Exemption Extended to 2030
If your firm is an Industry Member trading on MIAX or its affiliates (MIAX Pearl, MIAX Emerald, MIAX Sapphire), the Exchange is extending an exemption that lets firms truncate timestamps at the nanosecond level instead of rounding until April 8, 2030. The change replaces the prior expiration date of April 8, 2025 and became operative upon filing on June 17, 2025.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2025-11884 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 4.10 of the Exchange's Compliance Rule To Be Consistent With the Exemptive Relief Granted by the Commission From Certain Provisions Related to Timestamp Granularity
Cboe EDGA Exchange is updating its rules to match a new SEC exemption that extends relaxed timestamp requirements until 2030. This change mainly affects traders and firms reporting trade data, giving them more time to comply without rushing costly system upgrades. The update is effective immediately, keeping things smooth and clear for everyone involved.
Next: 2025-11886 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 4.10 of the Exchange's Compliance Rule Regarding the National Market System Plan Governing the Consolidated Audit Trail To Be Consistent With the Exemptive Relief Granted by the Commission From Certain Provisions Related to Timestamp Granularity
MEMX is updating a rule to extend a special exemption about how precise trade timestamps need to be, pushing the deadline from 2025 to 2030. This change affects traders and firms using the Consolidated Audit Trail system, making compliance easier without extra costs or delays. The update kicks in right away, keeping MEMX’s rules in sync with the latest SEC guidance.