MIAX Sapphire Launches Optional Purge Liquidity Report for Traders
Published Date: 2/23/2026
Notice
Summary
MIAX Sapphire is rolling out a new optional report called the Purge Liquidity Taker Report for Market Makers. This update changes Exchange Rule 531 to help traders better track certain trading actions. 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.
New Purge Liquidity Taker Report
The Exchange added an optional daily "Purge Liquidity Taker Report" just for Market Makers that provides recipient-specific historical data (generally on a T+1 basis) about executions against quotes and purge messages. The Report includes fields like execution time, symbol, origin type, side, displayed price and size, resting liquidity ID, trade reference number, SBBO and ABBO at execution, purge message times and identifiers, and sizes/types of responses.
Optional Subscription; No Immediate Fee
Receiving the Report is voluntary for Market Makers and no Market Maker is required to subscribe. The Exchange currently offers the Report without an immediate fee but states it intends to submit a separate filing to propose fees for the Report.
Microsecond Timing Data Included
The Report provides precise timing windows for purge-related events: data for purge messages that follow an execution will cover events within 100 microseconds from execution to receipt of the purge message, and data for purge messages sent before the next response will cover events within 200 microseconds from receipt of the purge message to the next execution. The Report is historical (previous trading day) and generally available on a T+1 basis.
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