MIAX Sapphire Quietly Amends Rule for Faster Order Cancellations After Trades
Published Date: 5/1/2026
Notice
Summary
MIAX Sapphire is updating a rule about how quickly members must cancel certain orders after a trade happens. This change affects traders using the Exchange’s Purge Liquidity Taker Report and aims to keep things running smoothly and fairly. The new timing rules take effect immediately, with no extra fees involved.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Purge Report Window Increased to 500 Microseconds
If you are a Market Maker who subscribes to the Exchange's Purge Liquidity Taker Report, the Exchange changed the timeframe for including data about purge messages from 100 microseconds to 500 microseconds. The change became operative upon filing on April 15, 2026, and the Report will continue to be a historical T+1 product available to subscribing Market Makers.
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Key Dates
Department and Agencies
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MIAX Emerald is updating a rule about how quickly members must cancel certain orders after a trade happens. This change affects traders using the Exchange’s Purge Liquidity Taker Report and aims to keep things running smoothly and fairly. The new timing rules are effective immediately, so members should get ready to adjust their systems without delay.