U.S. Equities

As previously announced in the April 1, 2025 Alert, MIAX Pearl Equities, in coordination with other market centers and the Securities Information Processors (“SIPs”), will participate in the 2025 annual Market Wide Circuit Breaker (“MWCB”) tests.
 
In accordance with MIAX Pearl Equities Rule 2622, Limit Up-Limit Down Plan and Trading Halts, certain MIAX Pearl Equities Members have mandatory participation requirements in the annual MWCB test. MIAX Pearl Equities will notify Equity Members that are required to participate in the annual MWCB test prior to the first annual test date.

Members must register with Trading Operations at TradingOperations@miaxglobal.com prior to testing in order to participate in MWCB tests and are required to submit attestations to Regulatory@miaxglobal.com. Please note, these tests are systematically monitored for exceptions and the results are reviewed on the following Monday and not in real time.

Successful testing includes:

• Receive and process MWCB halt messages from the SIPs:
• Receive and process resume messages from the SIPs following a MWCB halt;
• Receive and process market data from the SIPs relevant to MWCB halts; and
• Send orders following a Level 1 or Level 2 MWCB halt in a manner consistent with usual trading behavior

Please refer to MIAX Pearl Equities Exchange Regulatory Circular 2025-09 for more information.

  Test Dates

• Saturday, September 13, 2025:  Dedicated MWCB Level 1, 2, and 3
• Saturday, December 6, 2025:  SIP Failover / MWCB Level 1 and 2, Test #3

For questions regarding the MWCB test, please contact Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.
 
Regulatory inquiries should be directed to Regulatory@miaxglobal.com or (609) 897-7309.