MIAX Aligns Rules With Amended CTA/CQ Plan
Published Date: 6/23/2026
Notice
Summary
MIAX PEARL is updating its rules to include new definitions and ideas from a big industry plan called the Amended CTA/CQ Plan. They’re also cleaning up and reorganizing an existing rule to make things clearer and easier to follow. These changes take effect right away and mainly affect traders and firms using MIAX PEARL’s platform, with no new fees or costs announced.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Halt Rules Harmonized Across SROs
MIAX Pearl is adopting new rules (Rules 2627 and 2628) that incorporate definitions and concepts from the Amended CTA/CQ Plan and reorganize current Rule 2622. The change is intended to make halt and resumption procedures more consistent across U.S. equity exchanges.
Primary Market Controls Halt Start Time
The Exchange will honor Regulatory Halts declared by the Primary Listing Market and treats the official start time of a Regulatory Halt as the time the Primary Listing Market declares it. This fixed start time is intended to give certainty for reviewing trades that occurred before halt notices reached all venues.
SIP Outage Resume Rules Set
MIAX Pearl adds the category of a "SIP Halt" and adopts defined resumption rules tied to a SIP Halt Resume Time. During Regular Trading Hours the Exchange may resume trading after the Primary Listing Market resumes or notifies that trading may resume; outside Regular Trading Hours the Exchange may resume trading immediately after the SIP Halt Resume Time.
Operational Halts Defined for MIAX Pearl
The Exchange defines "Operational Halts," which are halts that apply only to MIAX Pearl and are discretionary. MIAX Pearl may declare an Operational Halt for Extraordinary Market Activity on the Exchange or when necessary to maintain a fair and orderly market.
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