MIAX PEARL, LLC submitted a proposed rule change to the Securities and Exchange Commission to clarify instructions related to new Time-In-Force (TIF) options on its equity trading platform, MIAX Pearl Equities. The proposal includes updates like allowing Limit Orders with new TIF options such as "Day," "Fill-Or-Kill," "Good-til Time," and "Good-til Extended Day," expanding upon existing TIF options. These changes aim to provide consistency and clarity in the rules and align them with other national securities exchanges, without altering any trading functions. The update is anticipated to take effect in the first or second quarter of 2025, pending public comment and potential modifications.
Simple Explanation
MIAX PEARL wants to change some of the rules about how long people's orders last when they try to buy or sell stocks on their system, adding options like "day" or "fill fast." They want these changes to be clearer and more like those in other places where people trade stocks, and they think it might happen sometime in early 2025.