Stock Exchange Tweaks Quarterly Order Review Rules
Published Date: 7/14/2026
Notice
Summary
MIAX PEARL is updating how it reviews Priority Customer Orders every quarter to make sure orders are marked correctly. This change affects traders who place lots of orders and helps keep the market fair and clear. The new rules kicked in right away with no extra costs or delays.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
>390 Orders/Day Means Non-Priority Status
If an account that is not a broker-dealer averages more than 390 orders in listed options per day during any calendar month, those orders must be represented as non-Priority Customer orders for the next calendar month. Priority Customer designation (and the marketplace advantages tied to it) will not apply to such accounts.
Monthly Review Required for Priority Orders
If you are a trading Member on MIAX Pearl, the Exchange now requires you to review how you mark Priority Customer Orders every calendar month and make any required changes within five days after the end of that month. The rule shortens the prior quarterly timing to a monthly review and change process.
Effective Date and Immediate Operative Filing
The Exchange proposed implementing the change on July 1, 2026, and the SEC waived the 30-day operative delay so the proposed rule change became operative upon filing. Members should note the July 1, 2026 implementation timing and that the Commission designated the change operative upon filing.
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