MIAX moves AIS origin code rollout to third quarter of 2026

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MIAX AIS code rollout Q3 2026

Highlights

MIAX moved the AIS origin code rollout to the third quarter of 2026 after members completed technical work sooner than expected.
SEC documents show the proposed rule change, filed May 27, 2026, adds origin code data to AIS liquidity seeking notifications with at least 30 days' launch notice.
MIAX states the earlier implementation carries limited competitive impact and the rule is effective immediately, subject to a possible 60-day SEC suspension.

SEC filing sets earlier implementation timeline

Securities and Exchange Commission documents show MIAX filed the proposed rule change on May 27, 2026, and the notice is now published for public comment. The exchange says the update affects the Administrative Information Subscriber, or AIS, feed by adding origin code information to liquidity seeking event notification messages.

MIAX originally filed the underlying feed change on Sept. 11, 2025, and said at that time that the implementation date would be announced later through a Regulatory Circular. A subsequent filing on Feb. 20, 2026, pushed the target to the fourth quarter of 2026 to give members more time to complete technical changes.

The exchange now says those members have completed the necessary work and are ready to receive the new data element on the AIS feed. MIAX says it plans to notify market participants of the actual launch date at least 30 days before the functionality goes live through a Regulatory Circular.

Exchange says change carries limited competitive impact

In its filing, MIAX says the proposal is consistent with the Securities Exchange Act and supports the operation of a free and open market while protecting investors and the public interest. The exchange also says the earlier implementation does not create an unnecessary or inappropriate burden on competition.

The rule change becomes effective immediately under the applicable Exchange Act provision because it does not significantly affect investor protection or the public interest, does not impose a significant burden on competition, and does not become operative for 30 days after filing unless the Commission designates a shorter period. The Commission retains the authority to temporarily suspend the change within 60 days of the filing if it determines that action is necessary in the public interest or for investor protection.

Our earlier coverage of the CFTC’s approval of bitcoin perpetual futures on Kalshi explained how the decision triggered a selloff in major exchange operators’ stocks as investors reassessed competitive risks. The key concern was that perpetual futures could eventually spread beyond crypto into other asset classes, potentially intensifying competition for established venues such as CME and Cboe.

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