Self-Regulatory Organizations; MIAX PEARL, LLC; Order Granting Approval of a Proposed Rule Change To Allow Post Only Orders in Sub-Dollar Securities
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The SEC approved MIAX Pearl's rule change to extend Post Only order functionality to securities priced below $1.00. Previously, Post Only orders in sub-dollar securities could remove liquidity without economic analysis. Now, they will only remove liquidity if the execution value meets or exceeds the value of posting and providing liquidity, using the highest possible fee and rebate. The Exchange also added re-pricing mechanisms to prevent internally crossed markets caused by displayed and non-displayed Post Only orders in sub-dollar securities due to their smaller tick size of $0.0001 and different fee structure. This aligns MIAX Pearl with other exchanges that already offer Post Only for sub-dollar securities and aims to improve liquidity and competition for order flow.
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Key Changes
- Post Only orders now permitted in securities priced below $1.00 per share
- Economic analysis required for sub-dollar Post Only orders: remove liquidity only if execution value >= posting and providing liquidity value
- Analysis uses highest possible fee charged and highest possible rebate paid
+ 3 more changes with Pro