Notice of Proposed Rule Change for MIAX Sapphire Trading Floor Clarifications
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The rule change aims to clarify the processes involved in trading on MIAX Sapphire's floor, ensuring details about how orders are handled are explicit. There is no change in functionality or operations, only enhanced clarity for trading participants and brokers. These adjustments help trading personnel better understand the rules governing their activities and facilitate smoother compliance.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Clarified that orders are executed on the trading floor, not the exchange system.
- Adjusted language to explicitly define post-trade workflows.
- Removed 'electronic' from rule describing transactions by floor clerks.
Obligations
What this law requires
Floor Brokers must announce an agency order they are representing to the trading crowd before submitting the two-sided executed order to the Exchange's System to facilitate post-trade workflows.
Floor Brokers must announce an agency order they are representing to the trading crowd before submitting the two-sided executed order to the Exchange's System to facilitate post-trade workflows.
Floor Brokers must announce an agency order to the trading crowd before submitting the two-sided executed order to the Exchange's System for post-trade validation.
Floor Brokers must make reasonable efforts to ascertain whether each order entrusted to them is for the account of a Priority Customer or a broker-dealer, and if for a broker-dealer, must advise the trading crowd prior to bidding/offering or submitting the executed order into the Exchange's System.
Floor Brokers must advise the trading crowd if an order is for the account of a broker-dealer prior to bidding/offering on behalf of the order or submitting the two-sided executed order into the Exchange's System.