MIAX Emerald Adds Purge Liquidity Taker Report
Published Date: 2/23/2026
Notice
Summary
MIAX Emerald is rolling out a new optional report called the Purge Liquidity Taker Report for Market Makers. This update tweaks Exchange Rule 531 to help traders get clearer info on liquidity takers. The change is effective immediately, aiming to boost transparency without extra costs right now.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Optional T+1 Purge Report for Market Makers
If you are a Market Maker, the Exchange is offering a new optional "Purge Liquidity Taker Report" that delivers a daily, member-specific report with historical data from the previous trading day (generally on a T+1 basis) after the close of trading. The report is voluntary, available only to subscribing Market Makers, will anonymize other members' data, and is intended to help Market Makers understand and improve quote cancel success and manage exposure.
Microsecond Timing and Execution Details Included
The Report includes microsecond-level timing and execution details for your resting quotes, such as EBBO and ABBO at execution time, execution timestamps, and unique identifiers for resting liquidity, trades, and purge messages. It specifically provides time-difference metrics within 100 microseconds (for purges after an execution) and within 200 microseconds (for purges before the next response), enabling a subscribing Market Maker to calculate how much time a purge missed canceling a quote.
No Fee Today; Fee Proposal May Follow
The Exchange states that there are no extra costs to receive the Report right now, but it intends to submit a separate filing to propose fees for the Report. That means Market Makers can subscribe voluntarily now, but the Exchange may charge for the product in a future separate fee filing.
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