MIAX PEARL Aligns Rules for Small Stock Order Priorities
Published Date: 2/24/2026
Notice
Summary
MIAX PEARL is updating its rule about how orders get priority to match new federal rules about reporting small stock trades called odd lots. This change affects traders using MIAX PEARL and helps keep everything fair and clear. The update took effect right away on February 10, 2026, with no extra costs involved.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
MIAX Will Send Odd‑Lot Data to SIPs
MIAX PEARL amended Exchange Rule 2616 to state that, pursuant to Rule 603 of Regulation NMS and the January 15, 2026 Exemptive Order, MIAX Pearl Equities will transmit to the appropriate network processor the data necessary to generate odd‑lot information for each NMS stock. The Exchange filed the change on February 10, 2026 and says this codifies its odd‑lot reporting obligations.
SIPs Will Disseminate Odd‑Lot Depth on a Schedule
The Commission and SIPs will begin disseminating certain odd‑lot data in a phased schedule: starting in May 2026 SIPs will disseminate the BOLO (best odd‑lot order) and best odd‑lot bid and offer priced at or better than the NBBO from each exchange and FINRA; in May 2028 SIPs will begin disseminating odd‑lot quotations priced between each exchange's/FINRA's best odd‑lot bid or offer and the NBBO. MIAX will provide the required data to the SIPs according to those dates.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
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!
2026-10241 — Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Operational Arrangements (Necessary for Securities to Become and Remain Eligible for DTC Services)
The Depository Trust Company (DTC) is updating its rules to make it easier and clearer for agents handling corporate offers like tenders and subscriptions through its automated systems. This change affects companies and agents using DTC services to process these offers and starts right away with no extra costs. It’s all about smoother, faster, and more reliable processing for everyone involved!
2026-10244 — Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule Applicable to Members Concerning Equities Transaction Pricing
Investors Exchange (IEX) is updating its fee schedule starting June 1, 2026. Members who trade stocks will see changes in how they qualify for rebates and fee discounts based on their trading volume. These tweaks aim to make fees fairer and encourage more trading activity on the exchange.
2026-10245 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 3120 To Increase the Position and Exercise Limits for Options on the iShares Bitcoin Trust ETF
BOX Exchange is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF. This change lets bigger players trade more freely and takes effect immediately, matching similar moves by other exchanges. If you trade these options, get ready for bigger opportunities starting now!
2026-10129 — The Goldman Sachs Group, Inc.
Goldman Sachs is asking the SEC for special permission to create investment funds just for its employees, letting them skip some usual rules. This change mainly affects Goldman Sachs workers and could speed up how these funds work without changing important protections. If no one objects by June 12, 2026, the SEC will approve this request.
2026-10168 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 17a-2
The SEC is asking to keep the rules that require underwriters to keep records about certain stock market activities for three years. About 647 companies spend around 3,235 hours and $530,000 yearly to follow these rules. This extension keeps things running smoothly without adding new costs or changes.
Previous / Next Documents
Previous: 2026-03601 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Adopt Future-Option Orders
Cboe Exchange wants to let traders combine VIX options and futures into one order, making trading smoother and more flexible. The SEC is taking extra time—until April 16, 2026—to decide if this change is a go. This affects traders using VIX products and could impact how they manage risk and money.
Next: 2026-03603 — Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the ICC Collateral Risk Management Framework
ICE Clear Credit LLC (ICC) just got the green light from the SEC to update how it manages the money and risks tied to credit default swaps. This means ICC’s members will follow new rules on what kind of collateral they can use to keep things safe and sound. These changes help protect everyone involved and kick in soon, making the whole system stronger without extra costs.