Miami Exchange Tweaks Trading Auction Rules for Speed
Published Date: 8/11/2026
Notice
Summary
MIAX is updating its PRIME rule to improve how members send and respond to special auction messages called RFRs. This change helps traders better match orders and speeds up the process, affecting anyone using MIAX’s PRIME and cPRIME trading tools. The new rule is effective immediately, so members can start benefiting right away without extra costs.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
RFR Messages Will Omit Initiating Price
The Exchange will remove the initiating price from Request for Response (RFR) messages for PRIME and cPRIME auctions so the RFR will only disseminate the option, side, and size. Currently the RFR includes option, side, size, and initiating price via the Administrative Information Subscriber feed; that initiating price will no longer be broadcast.
Exchange Says Change Should Boost Price Improvement
The Exchange states that removing the initiating price from RFR messages will encourage responders to submit more aggressive prices, introduce competitive uncertainty, prevent anchoring to the initiating price, and thereby create greater opportunities for potential price improvement in PRIME and cPRIME auctions.
Rule Change Operative Upon Filing; Q3 Implementation
The Exchange filed the proposed rule change on July 27, 2026, requested waiver of the 30-day operative delay, and the Commission waived that delay so the proposed rule change is operative upon filing. The Exchange also proposes to implement the RFR feed change in Q3 of 2026 and will issue an alert notifying market participants of the exact implementation date.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
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!
2026-16384, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Increase the Discounted External Distribution Fee for the EDGX Top Feed Available Under the Exchange's Existing Small Retail Broker Distribution Program From $750 per Month to $1,250 per Month
Cboe EDGX Exchange is raising the discounted monthly fee for its EDGX Top Data Feed from $750 to $1,250 for small retail brokers. This change affects brokers using the Small Retail Broker Distribution Program and takes effect immediately. If you’re a small broker relying on this data feed, expect to pay more starting now!
2026-16284, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 1900, Interpretation and Policy .06, To Reduce the Waiting Periods for Retaking FINRA Qualification Examinations
MIAX is making it easier and faster for people to retake their FINRA qualification exams by cutting down the waiting times. This change helps securities professionals get back on track quicker without long delays. It kicks in right away, so no more waiting around means smoother career moves and less downtime!
Previous / Next Documents
Previous: 2026-16284, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 1900, Interpretation and Policy .06, To Reduce the Waiting Periods for Retaking FINRA Qualification Examinations
MIAX is making it easier and faster for people to retake their FINRA qualification exams by cutting down the waiting times. This change helps securities professionals get back on track quicker without long delays. It kicks in right away, so no more waiting around means smoother career moves and less downtime!
Next: 2026-16286, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 3100, Interpretation and Policy .06, To Reduce the Waiting Periods for Retaking FINRA Qualification Examinations