The Securities and Exchange Commission (SEC) received a proposed rule change from MIAX PEARL, LLC, which aims to amend certain billing rules to allow members to offer alternative payment instructions apart from their designated clearing account numbers. This flexibility is designed to ease potential operational burdens for members when paying fees to the Exchange or MIAX Pearl Equities. The changes ensure that while members can request alternative payment arrangements, the Exchange retains the right to revert to traditional payment methods if required, ensuring that fees are collected efficiently. The SEC has waived the usual 30-day delay for this proposal, allowing it to become effective immediately upon filing.
Simple Explanation
MIAX PEARL, a place where people trade things like stocks, wants to let people pay them in different ways to make it easier. But they have to be careful that it doesn't get messy, and they can still go back to the old way if needed to keep things running smoothly.