Notice2026-03440
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay Implementation of a New Selective Liquidity Auto Purge (“SLAP”) Feature, Which Provides More Granular Mass Cancellation Functionality
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 23, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 35 (Monday, February 23, 2026)</title>
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[Federal Register Volume 91, Number 35 (Monday, February 23, 2026)]
[Notices]
[Pages 8560-8561]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-03440]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104863; File No. SR-SAPPHIRE-2026-05]
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Delay
Implementation of a New Selective Liquidity Auto Purge (``SLAP'')
Feature, Which Provides More Granular Mass Cancellation Functionality
February 18, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on February 6, 2026, MIAX Sapphire, LLC (``MIAX Sapphire'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to delay implementation of the change to Rule
519C to adopt new selective mass order cancellation functionality that
will be available via the MEO Interface.\3\
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\3\ The MIAX Express Order (MEO) Interface a messaging interface
that MIAX Sapphire Members use to submit binary orders for trading
on the Sapphire Options Market. See MIAX Express Orders, Binary
Orders for Trading Options, MEO Interface Specification, version
1.1e (8/13/2024), available online at <a href="https://www.miaxglobal.com/sites/default/files/job-files/Sapphire_MIAX_Express_Orders_MEO_v1.1e_0.pdf">https://www.miaxglobal.com/sites/default/files/job-files/Sapphire_MIAX_Express_Orders_MEO_v1.1e_0.pdf</a>.
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The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings">https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings</a>, and at the Exchange's principal office.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On December 11, 2025, the Exchange filed a proposal to amend
Exchange Rule 519C, Mass Cancellation of Trading Interest, to adopt a
new Selective Liquidity Auto Purge (``SLAP'') feature, which provides
more granular mass cancellation functionality.\4\ The proposal
indicated that the Exchange would announce the implementation date of
the proposed rule change by Regulatory Circular. Additionally, the
proposal stated that the implementation date would be in the first
quarter of 2026. The Exchange has not issued a Regulatory Circular and
now proposes to delay the implementation of this functionality until
the second quarter of 2026.
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\4\ See Securities Exchange Act Release No. 104372 (December 11,
2025), 90 FR 58316 (December 16, 2025) (SR-SAPPHIRE-2025-42).
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The Exchange proposes this delay in order to allow the Exchange and
its Members ample time to complete the necessary technical changes
prior to the implementation of the change. The Exchange proposes to
issue a Regulatory Circular notifying market participants at least 30
days prior to implementing this functionality.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \5\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \6\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in, securities, to remove impediments to and
perfect the mechanisms of a free and open market and a national market
system and, in general, to protect investors and the public interest by
allowing the Exchange and its Members additional time to implement the
proposed change.
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\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange's proposal to
delay the implementation of the proposed functionality does not impose
an undue burden on competition. Delaying the implementation will simply
allow the Exchange and its Members additional time to properly prepare
for, and implement, the proposed functionality.
The Exchange does not believe that the proposed rule change will
impose any burden on intramarket competition as the delay will apply
equally to all Members of the Exchange.
The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition as the proposal is to
delay the implementation of approved functionality which affects MIAX
Sapphire Members only and does not impact intermarket competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(6)
\8\ thereunder, the Exchange has designated this proposal as one that
effects a change that: (i) does not significantly affect the protection
of investors or the public interest; (ii) does not impose any
significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest.
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6).
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At any time within 60 days of the filing of this proposed rule
change, the Commission summarily may temporarily suspend such rule
change if
[[Page 8561]]
it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#7103041d145c121e1c1c141f0502310214125f161e07"><span class="__cf_email__" data-cfemail="a3d1d6cfc68ec0cccecec6cdd7d0e3d0c6c08dc4ccd5">[email protected]</span></a>. Please include
file number SR-SAPPHIRE-2026-05 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-SAPPHIRE-2026-05. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-SAPPHIRE-2026-05 and should be submitted
on or before March 16, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-03440 Filed 2-20-26; 8:45 am]
BILLING CODE 8011-01-P
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