30 Jul 2025
📈MIAX Pearl Introduces Selective Liquidity Auto Purge Feature
Self-Regulatory Organizations: MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 519C, Mass Cancellation of Trading Interest, To Adopt a New Selective Liquidity Auto Purge (“SLAP”)
Summary
MIAX Pearl, LLC proposes a new Selective Liquidity Auto Purge (SLAP) feature to enhance order cancellation functionality in trading. This feature allows Members to group orders and tailor cancellations based on individual risk strategies, thereby improving trading efficacy and risk management in the market environment.
Agencies
- Securities and Exchange Commission
Business Impact
$$ - Med
The proposed rule change introduces a Selective Liquidity Auto Purge (SLAP) feature, allowing Members more granular control over order cancellations via the MEO interface. This has significant implications for trading strategies and risk management, providing businesses the ability to tailor their responses to market conditions.