Alerts

Beginning Monday, June 21, 2021, MIAX Pearl Equities will no longer process odd lot sized orders differently than orders that are a round lot or greater in size according to the below rollout schedule.  As a result, odd lot sized orders would be handled in the same manner as orders of a round lot size or higher, and if they are designated displayed, they would stand their ground if locked or crossed by the PBBO.  MIAX Pearl Equities’ related rule filing is available here: SR-PEARL-2020-28. 
 
Rollout Schedule

• June 21, 2021: Symbols starting with letters Y and Z (Match Engine 23) 
• June 22, 2021: Symbols starting with the letters A-M (Match Engines 1-11) 
• June 23, 2021: All remaining symbols (Match Engines 12-22 and 24)

Please review the MIAX Knowledge Center and Interface Specifications for further details.

For questions and to arrange testing, please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.

Regulatory inquiries should be directed to Regulatory@MIAXEquities.com or (609) 897-7309.

To learn more about Pearl Equities please contact Sales@MIAXEquities.com, (609) 897-8177 or visit MIAXEquities.com.


 

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MIAX Pearl Equities Exchange is pleased to announce the launch of the Minimum Execution Quantity (“MEQ”) and the Reserve Quantity order type instructions on July 1, 2021.  The MEQ and Reserve Quantity instructions further expand the MIAX Pearl Equities’ trading platform by adding functionality that would allow market participants better control over their orders and executions.
 
The MEQ instruction would enable a User to specify a minimum share amount at which a non-displayed order will execute.  A non-displayed order to buy (sell) with an MEQ instruction would not execute unless the volume of orders to sell (buy) meets or exceeds the non-displayed order to buy (sell)’s designated minimum quantity condition.  The MEQ instruction would also allow Users to elect that their non-displayed order’s minimum quantity condition be satisfied by each individual order or multiple aggregated orders upon entry. 
 
The Reserve Quantity instruction would enable market participants to specify that a portion of their order be displayed and another portion of their order be non-displayed.
 
Information regarding these mandatory changes to the interface specifications can be found here.  MIAX Pearl Equities’ related rule filings are available here: SR-PEARL-2021-07 and SR-PEARL-2021-09.

For additional detail on the operation the MEQ and Reserve Quantity instructions, please contact Sales at sales@MIAXEquities.com or (609) 897-8177.
 
For questions regarding the MEQ and Reserve Quantity instructions, 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.
 

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As previously announced in the May 27, 2021 Alert, MIAX Pearl Equities (EPRL) published updated MIAX Express Order (MEO) Interface and FIX Order Interface (FOI/FXD) specifications to support Minimum Qty and Reserve orders. 
 
Important Dates:

• The new features are available in EPRL Firm Test Bed (FTB2)
• The new features are targeted to be available in production on July 1, 2021
• All Firms must update to the latest v2.0 interface versions by July 30, 2021.  Note: Prior interface versions will not be supported after the July 30, 2021 mandatory upgrade date.

Please review the MIAX Knowledge Center and Interface Specifications for further details.

For questions and to arrange testing, please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.

Regulatory inquiries should be directed to Regulatory@MIAXEquities.com or (609) 897-7309.

To learn more about Pearl Equities please contact Sales@MIAXEquities.com, (609) 897-8177 or visit MIAXEquities.com.


 

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Full details can be found in the attached press release.

For further information, please visit www.MIAXOptions.com or contact MIAX Trading Operations at TradingOperations@miami-holdings.com.

For corporate communications, contact Andy Nybo at (609) 524-3272 or anybo@miami-holdings.com. 
MIAX Press Release 06022021

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As previously announced in the March 18, 2021 and April 27, 2021 Alerts, MIAX Pearl Equities (EPRL) published updated MIAX Express Order (MEO) Interface and FIX Order Interface (FOI/FXD) specifications to support Minimum Qty and Reserve orders. A new supporting document for Liquidity Indicator Codes is also available.
 
Implementation of these updated specifications are mandatory regardless of a firm's intention to utilize the new order types since there are additional messaging changes.

Important Dates

• The new features are currently available in EPRL Firm Test Bed (FTB2)
• The new features are targeted to be available in production on July 1, 2021
• Firms will have until the evening of July 30, 2021 to upgrade to the above specification versions. Older versions will not be supported beginning Monday, August 2, 2021.

An updated version of the Order Type Combinations Guide that includes Minimum Qty and Reserve orders is published under MIAX Knowledge Center.

Please review the updated EPRL Interface Specifications and the MIAX Exchange Group Connectivity Guide for further details.

For further information or to arrange testing, please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.

Regulatory inquiries should be directed to Regulatory@MIAXEquities.com or (609) 897-7309.

To learn more about Pearl Equities please contact Sales@MIAXEquities.com, (609) 897-8177 or visit MIAXEquities.com.


 

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Full details can be found in the attached press release.

For further information, please visit www.MIAXOptions.com or contact MIAX Trading Operations at TradingOperations@miami-holdings.com.

For corporate communications, contact Andy Nybo at (609) 524-3272 or anybo@miami-holdings.com. 
MIAX Press Release 05262021

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Please be advised that the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange and MIAX Pearl Equities Exchange will be closed on Monday, May 31, 2021 in observance of Memorial Day.

If you have any questions please contact Trading Operations at TradingOperations@MIAXOptions.com  or (609) 897-7302.

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The MIAX Pearl Equities Exchange will introduce enhanced functionality to the Member Firm Portal beginning May 20, 2021 that will allow Member Firms to submit session configuration modification requests directly via the portal. 

All of the changes listed below must be entered prior to 5:30 PM ET on the day immediately preceding the effective date.  All updates made after 5:30 PM ET on a given day will be effective two trading days later.

MIAX Express Orders (MEO)
Modification Requests for the following will be supported:

Session Protections and Configurations

• MEO Notifications per Session
  • System State Notification (SN)
  • New Order Notification (ON )
  • Modify Order Notification (OM)
  • Cancel Reduce Size Order Notification (XN)
  • Execution Notification (EN)
• MEO Session Configurations
  • Permitted MPIDs for Session
  • Maximum Order Size
  • Market Order Protection
  • Reject ISO
  • Reject Short Sale
  • Maximum Order Notional Value
  • Duplicate Order Count, Duplicate Order Time Window, Duplicate Order Trigger Action
  • Allow Test Symbols
• MEO Session Cumulative Risk Metrics (CRM) - Maximum Gross Notional Trade Value
  • Firm Configuration
  • MPID Configuration
  • Session Configuration
• MEO Session Cumulative Risk Metrics (CRM) - Maximum Net Notional Trade Value
  • Firm Configuration
  • MPID Configuration
  • Session Configuration
• Limit Order Price Protection per Session
• Auto Cancel Protections per Session

FIX Order Interface (FOI) Gateway 
Modification Requests for the following are supported:

FOI Session Protections and Configurations

• FOI Session Configurations
  • Permitted MPIDs for Session
  • Maximum Order Size
  • Market Order Protection
  • ISO Reject
  • Short Sale Reject
  • Maximum Order Notional Value
  • Duplicate Order Count, Duplicate Order Time Window, Duplicate Order Trigger Action
  • Allow Test Symbols
  • Attributable
  • Enable Working Price Update
• FOI Session Cumulative Risk Metrics (CRM) - Maximum Gross Notional Trade Value
  • Firm Configuration
  • MPID Configuration
  • Session Configuration
• FOI Session Cumulative Risk Metrics (CRM) - Maximum Net Notional Trade Value
  • Firm Configuration
  • MPID Configuration
  • Session Configuration
• Limit Order Price Protection per Session
• Auto Cancel Protections per Session

The MIAX Member Firm Portal is an internet-facing portal which provides self-service functions to member firms.  The MFP will be available at all times except during announced maintenance windows. Individuals requesting Member Firm Portal access must be authorized to act on behalf of their organization.

For further information and to request access to the Member Firm Portal, please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.

Regulatory questions should be directed to the Regulatory Department at (609) 897-7309 or Regulatory@MIAXEquities.com.

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Full details can be found in the attached press release.

For further information, please visit www.MIAXOptions.com or contact MIAX Trading Operations at TradingOperations@miami-holdings.com.

For corporate communications, contact Andy Nybo at (609) 524-3272 or anybo@miami-holdings.com. 
MIAX Press Release 05042021

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As previously announced in the March 18, 2021 Alert, MIAX Pearl Equities (EPRL) published updated MIAX Express Order (MEO) Interface and FIX Order Interface (FOI/FXD) specifications to support Minimum Qty and Reserve orders. A new supporting document for Liquidity Indicator Codes is also available.
 
Implementation of these updated specifications are mandatory regardless of a firm's intention to utilize the new order types since there are additional messaging changes.

Important Dates

• Firms will have 2 weeks after the production rollout date for upgrading to the above specification versions. Older versions will not be supported past this date.
• The new features are currently available in EPRL Firm Test Bed (FTB2)
• The new features are targeted to be available in production in July 2021, pending filing with the SEC. The specific production rollout date will be announced with an alert after the approval.

An updated version of the Order Type Combinations Guide that includes Minimum Qty and Reserve orders is published under MIAX Knowledge Center.

Please review the updated EPRL Interface Specifications and the MIAX Exchange Group Connectivity Guide for further details.

For further information or to arrange testing, please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.

Regulatory inquiries should be directed to Regulatory@MIAXEquities.com or (609) 897-7309.

To learn more about Pearl Equities please contact Sales@MIAXEquities.com, (609) 897-8177 or visit MIAXEquities.com.


 

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