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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-16936, Eagle Point Credit Management LLC and Eagle Point Trinity Senior Secured Lending Company
2026-16951, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Regarding Certain Free Trials
Cboe C2 Exchange is changing its free trial offer for certain market data. Instead of letting users pick any six months of past data, everyone will get the same fixed six-month period from July to December 2022. This update starts right away and helps keep things simple for traders and data users.
Previous / Next Documents
Previous: 2026-03439, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Rule 7.35E
NYSE American is updating how it calculates auction prices to better match real market moves during opening, halt, and closing auctions. This change helps traders see clearer, fairer prices when buying or selling stocks on the Exchange. The new rule kicks in right away with no extra fees, making auctions smoother and more transparent for everyone involved.
Next: 2026-03441, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 531 To Establish the New Purge Liquidity Taker Report
MIAX PEARL is rolling out a new optional report called the Purge Liquidity Taker Report for Market Makers. This update changes Exchange Rule 531 and aims to give traders better info on liquidity takers. The change is effective immediately, so Market Makers can start using it right away without extra costs.