MIAX Emerald Speeds Up Order Cancellations for Fairer Trades
Published Date: 5/1/2026
Notice
Summary
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.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Purge Report Window Increased to 500μs
MIAX Emerald changed the Purge Liquidity Taker Report rule so the Exchange will include data when a purge message arrives within 500 microseconds (up from 100 microseconds) of a resting quote being executed. This means Market Makers who subscribe will see additional latency details for purges that missed canceling a quote within that 500 microsecond window.
Rule Effective Immediately — Act Now
The Commission waived the 30-day delay and the amended Rule 531 became operative upon filing (filed April 15, 2026). Market Makers should be ready to adjust their systems immediately to account for the new 500 microsecond reporting window.
Optional T+1 Report; Fees Filed Separately
The Purge Liquidity Taker Report is an optional product available to Market Makers and provides historical data from the previous trading day generally on a T+1 basis. The Exchange filed a separate proposed rule change on March 31, 2026 to establish fees for the Report.
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Key Dates
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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.
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