MIAX PEARL Rolls Out New Liquidity Taker Report
Published Date: 2/23/2026
Notice
Summary
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.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
New Purge Liquidity Taker Report
MIAX Pearl established a new optional daily “Purge Liquidity Taker Report” for Market Makers that provides member-specific historical details about executions against resting quotes. The Report includes fields like execution time, symbol, origin type, side, displayed price and size, resting liquidity ID, trade reference number, PBBO and ABBO at execution, purge message identifiers, and time-difference metrics measured in windows of 100 microseconds and 200 microseconds; it is available on a T+1 (next trading day) basis and the change was made operative upon filing (filed February 5, 2026).
Report Is Voluntary; Fees May Be Proposed
The Report is voluntary and no Market Maker is required to subscribe; the Exchange states it intends to submit a separate filing to propose fees for the Report, and Market Makers may begin or stop subscribing at any time. The Exchange will issue an Alert with the implementation date.
Report Provides Historical, Not Real-Time, Data
The Exchange states the Report contains historical data from the previous trading day and will be delivered generally on a T+1 basis; the Report is not a real-time market data product. Any information about other Members in the Report will be anonymized and the Report will be restricted so recipients only receive their own member-specific details.
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Previous: 2026-03440, Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay Implementation of a New Selective Liquidity Auto Purge (“SLAP”) Feature, Which Provides More Granular Mass Cancellation Functionality
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.
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