MIAX PEARL Tunes Trading Bots: Wall Street's Quiet Tweak
Published Date: 12/8/2025
Notice
Summary
MIAX Pearl is updating its rules to add a new Origin Multiplier that changes how they calculate trading activity for Electronic Exchange Members (EEMs) and Market Makers (MMs). This tweak affects how risk is managed on the exchange and kicks in right away, helping keep things fair and balanced. If you trade or make markets on MIAX Pearl, this change could impact your trading calculations starting now.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
EEMs Can Set Origin Multipliers
If you are an Electronic Exchange Member (EEM) on MIAX Pearl, you can set an Origin Multiplier that changes how your EEM Trade Percentage is calculated for ARM-E. Multipliers can be 0 to 10, adjustable in 0.1 increments, may be set by MPID or by MPID+class, apply by contra-party origin (Priority Customer, Firm, Broker-Dealer, Market Maker, Non-Member Market Maker, Non-Priority Customer), and default to 1 if you do not set one.
Market Makers Can Set Origin Multipliers
If you are a Market Maker on MIAX Pearl, you can set an Origin Multiplier that changes how your MM Trade Percentage is calculated for ARM-M. Multipliers can be 0 to 10, adjustable in 0.1 increments, may be set by MPID or by MPID+class, apply by contra-party origin (Priority Customer, Firm, Broker-Dealer, Market Maker, Non-Member Market Maker, Non-Priority Customer), and default to 1 if you do not set one.
Origin Codes Provided on MIAX Data Feeds
MIAX Pearl provides the contra-party origin code on the Pearl Liquidity Feed (PLF) in the Order Message and in Clearing Trade Drop (CTD) clearing trade messages. Members and data subscribers can use these origin codes when applying or configuring Origin Multipliers.
Rule Change Operative Immediately Upon Filing
The Commission waived the normal 30-day operative delay and designated the MIAX Pearl rule change operative upon filing. The proposal was filed November 20, 2025 and the waiver designation occurred December 3, 2025, so Members can use the new Origin Multiplier functionality immediately upon filing.
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