MIAX Tweaks Trade Clock: Cancellations Get a Speed Boost
Published Date: 5/1/2026
Notice
Summary
MIAX is updating a rule about how it tracks the timing between when a trade hits a resting quote and when a cancel message is received. This change affects traders who use the Purge Liquidity Taker Report and helps keep trade timing clearer and fairer. The new rule is effective immediately, so traders should be ready to follow the updated timing right away.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Purge report window widened to 500 μs
MIAX changed the Purge Liquidity Taker Report 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 gives subscribing Market Makers more timing data to see how much their cancel messages missed executions.
Amendment became effective upon filing
The SEC waived the normal 30-day operative delay and made the proposed rule change operative upon filing, which was filed on April 15, 2026. That means Market Makers could subscribe to and use the Report with the new 500 microsecond timeframe immediately after filing.
Report stays optional and delivered T+1
The Purge Liquidity Taker Report remains an optional product available to Exchange Market Makers and will continue to contain historical data from the previous trading day, generally provided on a T+1 basis. The Exchange did not change the Report's content or its delivery timing aside from the increased 500 microsecond window.
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Key Dates
Department and Agencies
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