MIAX Rolls Out SLAP to Purge Unwanted Trading Orders
Published Date: 6/4/2026
Notice
Summary
Miami International Securities Exchange (MIAX) is upgrading its mass cancellation rule to add a cool new feature called Selective Liquidity Auto Purge (SLAP). This lets traders cancel specific groups of orders more precisely and quickly, making trading smoother and smarter. The change is effective immediately, helping members save time and avoid costly mistakes during busy market moments.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
New SLAP Risk-Management Tool
MIAX is adding a Selective Liquidity Auto Purge (SLAP) feature that lets Members tag Standard quotes with SLAP codes numbered 1 through 8 so they can mass-cancel specific groups of quotes by MPID and underlying. The Exchange says this gives Market Makers an additional risk-management tool to remove particular quote groups quickly.
SLAP Blocks and Rejects Standard Quotes
When a Member submits a SLAP request, Standard quotes matching the same MPID, underlying, and SLAP code will be removed and new inbound Standard quotes with matching criteria will be blocked until a SLAP reset is submitted. Standard quotes received for the same MPID, underlying, and SLAP code prior to a SLAP reset will be rejected; eQuotes are not eligible for SLAP.
MEI Messages Require SLAP Fields
MIAX modified its MIAX Express Interface (MEI) messages: Members will use a new "SLAP Codes" field in the Simple Bulk Quote Message and a new value "S" in the Mass Liquidity Cancel Request and Liquidity Protection Reset Request messages to support SLAP. The Exchange will implement this functionality in Q3 2026 and will notify participants at least 30 days before the exact date.
Expected Improvement in Market Liquidity
The Exchange states that giving Market Makers this SLAP risk tool should instill confidence and encourage them to provide liquidity, thereby improving market quality for all participants. MIAX says this promotes just and equitable principles of trade and protects investors and the public interest.
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