MEMX Amends Obvious Error Panel Roster in Rule 20.6
Published Date: 8/21/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Remove 20‑person Obvious Error Roster
The Exchange will remove the rule that required maintaining at least ten market‑maker (MM) representatives and ten non‑market‑maker (Non‑MM) representatives (20 total) to serve on Obvious Error Panels. This change lets MEMX keep a roster sized to its needs rather than a fixed 20‑person minimum, reducing administrative steps for the Exchange and Options Members.
Panel Makeup and Safeguards Stay Intact
Even after removing the minimum roster size, each Obvious Error Panel will still include the Exchange's Chief Regulatory Officer (or designee), one MM Representative, and two Non‑MM Representatives. The rule still bars panelists affiliated with a party to the trade and retains the eligibility criteria for Non‑MM Representatives to promote impartial review.
30‑Day Operative Delay After Filing
The proposed rule change was filed on August 13, 2026 and, by its terms, will not become operative until 30 days after filing. That means the amendment is expected to become operative on September 12, 2026, unless the Commission designates a different operative date.
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