MIAX Updates Quarterly Trader Order Reviews
Published Date: 7/13/2026
Notice
Summary
MIAX Emerald is changing how it reviews certain trader orders every three months. If a trader’s account places lots of orders, they’ll now be marked differently to keep things fair and clear. This update kicks in right away and helps make sure the market runs smoothly without extra costs.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
High‑volume accounts lose retail priority faster
If an account averaged more than 390 orders per day in any calendar month, those orders must be marked as "Professional Interest" for the next calendar month. That designation change takes effect on a monthly cycle (with changes made within five days after the end of the calendar month) instead of the prior quarterly timing, effective July 1, 2026. Priority Customer orders receive execution priority and generally lower or no transaction fees, so accounts reclassified as Professional Interest will no longer receive those marketplace advantages while the classification applies.
Members must review and re-designate monthly
Members (broker‑dealers) must conduct a monthly review of customer activity and make any appropriate changes to order representations within five days after the end of each calendar month instead of at least quarterly. The Exchange says this monthly review replaces the prior quarterly review and the rule change is to be implemented on July 1, 2026.
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Key Dates
Department and Agencies
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