U.S. Options

Beginning April 1, 2026, the new Purge Liquidity Taker Report will be available for the MIAX Options, MIAX Pearl Options, MIAX Emerald Options and MIAX Sapphire Options exchanges.

1. Purge Liquidity Taker Report Details:
   1. The daily Purge Liquidity Taker Report will provide recipients with liquidity response/taker time details for executions against the recipient firm’s simple order book quotes, when the quoting firm sends a purge message either before or after the executions occurred.
   2. The report includes liquidity taker and purge message timestamps related to:
      1. All trades against a resting quote that occurred within 100 microseconds before receipt of the purge message
      2. All trades against a resting quote that occurred within 200 microseconds after the receipt of the purge message.
   3. Liquidity taker and purge message timestamps are at the outer edge of the exchange network. 
   4. The reports will be available via the MIAX SFTP site.
2. The Purge Liquidity Taker Report will be subject to fees announced in a future alert and pending filings with the Securities and Exchange Commission.
3. The full content, timeframes and data scope of the Purge Liquidity Taker Report can be found in Rule 531 for each exchange.
4. Further details regarding reports can be found at:
   1. MIAX Options Reports
   2. MIAX Pearl Options Reports
   3. MIAX Emerald Options Reports
   4. MIAX Sapphire Options Reports
5. Members can request reports and specifications by contacting Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.