# 2025-22149: MIAX PEARL Tunes Trading Bots: Wall Street's Quiet Tweak

2025-22149, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 517A, Aggregate Risk Manager for EEMs (“ARM-E”), and Rule 517B, Aggregate Risk Manager for Market Makers (“ARM-M”), is a Federal Register notice from Securities and Exchange Commission published 2025-12-08, effective 2025-11-20 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-22149
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-22149
- Title: Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 517A, Aggregate Risk Manager for EEMs (“ARM-E”), and Rule 517B, Aggregate Risk Manager for Market Makers (“ARM-M”)
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 56809
- Published: 2025-12-08
- Effective: 2025-11-20
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

MIAX PEARL Tunes Trading Bots: Wall Street's Quiet Tweak

## 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.

## Effects PRIA read

- EEMs Can Set Origin Multipliers: benefit, medium. 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 Cu…
- Market Makers Can Set Origin Multipliers: benefit, medium. 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-D…
- Origin Codes Provided on MIAX Data Feeds: benefit, low. 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: benefit, low. 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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## Sources
- [2025-22149 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/08/2025-22149/self-regulatory-organizations-miax-pearl-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2025-22149 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-08/pdf/2025-22149.pdf)

## Related
- [Previous: 2025-22148, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Im…](https://policyrisk.com/federal-register/2025-22148)
- [Next: 2025-22150, Performance Review Board Membership](https://policyrisk.com/federal-register/2025-22150)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-22149 (as of 2026-06-08).