U.S. Equities

As previously announced in the March 8, 2023 Alert, MIAX Pearl Equities, in coordination with other market centers and the Securities Information Processors (“SIPs”), will participate in the 2023 annual Market Wide Circuit Breaker (“MWCB”) tests.
 
In accordance with MIAX Pearl Rule 2622, Limit Up-Limit Down Plan and Trading Halts, certain MIAX Pearl Equities Members have mandatory participation requirements in the annual MWCB test.

Members must register with Trading Operations at TradingOperations@MIAXEquities.com prior to testing in order to participate in MWCB tests and are required to submit attestations to Regulatory@MIAXEquities.com.

Successful testing includes receiving and processing MWCB halt messages from the SIPs:

• Receive and process resume messages from the SIPs following a MWCB halt
• Receive and process market data from the SIPs relevant to MWCB halts, and
• Send orders following a Level 1 or Level 2 MWCB halt in a manner consistent with their usual trading behavior 

Please refer to MIAX Pearl Equities Regulatory Circular 2023-05 for more information.

Test Dates:

• Saturday, April 1, 2023: SIP Failover / MWCB Level 1 and 2, Test #1
• Saturday, July 22, 2023: SIP Failover / MWCB Level 1 and 2, Test #2
• Saturday, September 9, 2023: Dedicated MWCB Level 1, 2, and 3, Test #3
• Saturday, December 2, 2023: SIP Failover / MWCB Level 1 and 2, Test #4

For questions or to arrange testing, please contact Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.
 
Regulatory inquiries should be directed to Regulatory@MIAXEquities.com or (609) 897-7309.