MIAX Sapphire, LLC submitted a proposed rule change to the Securities and Exchange Commission to amend and adopt certain rules regarding Floor Broker error accounts. The changes involve clarifying the definition of "Participant" in Exchange Rule 100 and adopting Exchange Rule 2005, which outlines how to handle errors in brokerage operations on the trading floor. The proposal seeks to improve transparency and ensure that any trade errors are corrected efficiently, promoting fair trading and protecting investors. The new rules aim to apply equally to all relevant brokers and align with practices at other exchanges.
Simple Explanation
MIAX Sapphire wants to fix trading mistakes by changing some rules so everyone plays by the same rules, making sure mistakes are corrected fairly and quickly, just like other trading places do.