Brokers Get Quiet Order Powers on Trading Floor Sans Fanfare
Published Date: 5/8/2026
Notice
Summary
MIAX Sapphire is updating its rules to let Floor Brokers quickly handle special customer orders on the trading floor without announcing them first, as long as they follow certain rules. This change makes trading smoother and clearer, especially for complex orders. It’s effective immediately and mainly affects brokers and customers using these special order types.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Customer Crosses Allowed Immediately
MIAX Sapphire now allows Floor Brokers to execute Customer Cross Orders on the Miami Trading Floor immediately without announcing them, as long as the execution (i) is at or between the Exchange's best bid and offer, (ii) is not at the same price as a Priority Customer Order on the Simple Order Book, (iii) will not trade at a price inferior to the NBBO, and (iv) no trading interest exists that is subject to the Managed Interest Process. Unlike in the electronic system, such floor-executed orders are validated post-trade and, if invalidated, are returned to the Floor Broker rather than being automatically canceled by the System.
Complex Customer Crosses (cC2C) Executable
Complex Customer Cross Orders (cC2C) with a conforming ratio may be executed on the Trading Floor immediately without announcement if they satisfy Rule 518(c)(1)(iv) and improve the best price on the Strategy Book. cC2C Orders on the Floor must be entered in minimum trading increments of $0.01 and are only available in option classes the Exchange announces to Members.
Qualified Contingent Crosses Executable On-Floor
Qualified Contingent Cross Orders — defined as originating orders of at least 1,000 contracts or 10,000 mini-option contracts paired with contra-side orders for the same quantity — may be executed on the Trading Floor immediately without announcement if the execution is at or between the NBBO, is not at the same price as a Priority Customer Order on the Simple Order Book, and no Managed Interest Process trading interest exists on the Simple Order Book. Like other floor-executed crossing orders, these trades are validated after execution and may be returned to the Floor Broker if invalidated.
Complex Qualified Contingent Crosses (cQCC) On-Floor
Complex Qualified Contingent Cross Orders (cQCC) may be executed immediately on the Trading Floor without announcement if, for each option leg, the execution is not at the same price as a Priority Customer Order on the Simple Order Book and is at or between the NBBO. cQCCs may be entered with or without the stock component; if entered with the stock component, the minimum trading increments applicable under Rule 518(c)(1)(i) or (ii) apply. The Exchange will announce which option classes accept cQCCs, and conforming vs. non-conforming ratios are handled per Exchange Rule 518.
QFOs With ISO Designation Clarified
The Exchange added an explicit rule that a Qualified Floor Order (QFO) with an Intermarket Sweep Order (ISO) designation can be executed on the Trading Floor and entered into the System without protecting away better-priced Protected Bids or Offers because the submitting Member simultaneously transmits the necessary ISOs to clear those prices. The Member submitting the QFO with an ISO designation is responsible for clearing all better-priced interest simultaneously.
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: 2026-09129 — Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the LTSE Fee Schedule To Introduce the LTSE Membership Launchpad Program
The Long-Term Stock Exchange (LTSE) is rolling out the Membership Launchpad Program to give new members a sweet deal: discounted fees on membership, connectivity, and market data for up to a year. This change kicked in on April 9, 2026, making it easier and cheaper for fresh members to join and grow with LTSE. If you’re thinking about joining, now’s the perfect time to jump in and save some cash!
Next: 2026-09131 — Certain Cut-to-Length Carbon-Quality Steel Plate Products From the Republic of Korea: Final Results of Antidumping Duty Administrative Review; 2024-2025
The U.S. Department of Commerce found that Korean companies sold certain steel plates in the U.S. at unfairly low prices from February 2024 to January 2025. Because of this, they’re keeping antidumping duties in place to protect American businesses. These final results take effect on May 8, 2026, and could impact importers and steel buyers with updated costs.