National Market System Plans
MIAX PEARL is a participant in the following National Market System Plans:
Options Regulatory Surveillance Authority
The Options Regulatory Surveillance Authority Plan (“ORSA”) provides for the joint surveillance, investigation and detection of insider trading on each of the participating exchanges’ options markets.
Options Price Reporting Authority
The Options Price Reporting Authority Plan (“OPRA”) provides for the collection, consolidation and dissemination of last sale reports, quotation information and other information regarding eligible options contracts. The OPRA Plan also, provides for the distribution and sale of such information.
Options Order Protection and Locked/Crossed Market Plan
The options exchanges currently use a decentralized linkage to route orders through the use of private routing brokers. The Options Order Protection and Locked/Crossed Market Plan enables the Participants to act jointly in establishing a framework for providing order protection and addressing Locked and Crossed Markets in eligible options classes. Each Participant in the Plan is required to establish, maintain and enforce rules, policies and procedures that are reasonably designed to prevent trade throughs and to avoid displaying locked and crossed markets. See Chapter XIV of MIAX PEARL Rules for more information.
Options Listing Procedures Plan
The U.S. options exchanges and OCC are sponsors of the Options Listing Procedures Plan (“OLPP”), a national market system plan, which describes procedures to be followed by the parties in connection with selecting specified underlying interests for listing purposes and requesting a review of such selections. It additionally, describes procedures for selecting options series, determining operational procedures relative to adjustment decisions, and admitting and removing plan sponsors.
Consolidated Audit Trail (CAT)
SEC Rule 613 requires MIAX PEARL and the national securities exchanges to jointly submit a National Market System (NMS) plan detailing how they would develop, implement and maintain a consolidated audit trail that collects and accurately identifies every order, cancellation, modification and trade execution for all exchange-listed equities and options across all U.S. markets. MIAX PEARL is working with the exchanges to develop an NMS plan that meets the requirements of Rule 613.