10 Apr 2025
📈SEC Notice on MIAX Sapphire Proposed Rule Change for Error Accounts
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Exchange Rule 2005, Error Accounts
Summary
The SEC is publishing a notice regarding MIAX Sapphire's proposed rule change to adopt Exchange Rule 2005, which establishes regulations for Floor Broker error accounts. This aims to improve clarity in exchanges' rule texts and ensure efficient processing of bona fide errors within the options trading framework.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The proposed rule change regarding Error Accounts for Floor Brokers introduces new compliance and regulatory requirements impacting firms engaged in options trading. Participants must establish accounts for handling bona fide errors, ensuring clarity and facilitating error resolution, which has significant operational implications for business practices.