Trading Alert, Technical Alert, Regulatory Alert
MIAX Pearl
March 12, 2026 | 12:55 PM
MIAX Exchange Group - Option Exchanges - Application Message Rate Guidance for eQuotes, IOC and ISO Orders
Effective April 1, 2026, in the interest of protecting the performance profile of the MIAX trading systems and to provide actionable guidelines regarding acceptable application-level messaging activity, members are prohibited from exceeding prescribed message rates for MEI IOC and ISO eQuotes for MIAX Options and MIAX Emerald Options, and for MEO IOC and ISO orders for MIAX Pearl Options and MIAX Sapphire Options, when processed by the exchange applications.
For additional information on Application Message Rate Guidance, please refer to the following Regulatory Circulars:
- MIAX Options RC 2026-34
- MIAX Pearl Options RC 2026-34
- MIAX Emerald Options RC 2026-28
- MIAX Sapphire Options RC 2026-35
Additionally, MIAX now offers a complimentary Message Rate Report to assist in monitoring Firm message rates. Please contact TradingOperations@miaxglobal.com to setup daily delivery of the report.
For questions regarding this guidance, including the related measurement and / or monitoring methodologies, please contact the Regulatory Department at Regulatory@miaxglobal.com or (609) 897-7309.