Alerts

As previously announced in the June 8, 2022 Alert, MIAX Pearl Equities members will be able to use a new Route to Primary Auction (PAC) strategy starting on Monday, June 27, 2022 on Cloud 23 (Securities Y-ZZZ).  
 
The PAC routing strategy will be available as follows:

1. Wednesday, June 29th: Clouds 1–5 (Securities A – EZU)    
2. Thursday, June 30th: Clouds 6–15 (Securities F – RZV)
3. Friday, July 1st: Clouds 16–22 & 24 (Securities S – XYLG & SPY)

The PAC routing strategy is currently available in the Firm Test Bed (FTB2) environment.

Please review the updated interface specifications for further details in support of the PAC routing strategy on the MIAX website at MIAX Pearl Equities Exchange Specifications.
                      
For further information or to arrange testing of the PAC Routing Strategy, please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.

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

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As previously announced in the June 8, 2022 Alert, MIAX Pearl Equities members will be able to use a new Route to Primary Auction (PAC) strategy starting on June 27, 2022 on Cloud 23 (Securities Y-ZZZ).  

To support the PAC Routing Strategy, the following Liquidity Indicator Codes will be activated:

1. Liquidity Code XA: Re-routed by Primary Listing Exchange
2. Liquidity Code XB: Routed Primary Listing Exchange Execution (Other)
3. Liquidity Code XC: Routed to NYSE – Opening / Re-Opening Auction
4. Liquidity Code XD: Routed to NYSE – Closing Auction
5. Liquidity Code XE: Routed to NYSE – Adds Displayed Liquidity
6. Liquidity Code XF: Routed to NYSE Arca – Opening / Re-Opening Auction
7. Liquidity Code XG: Routed to NYSE Arca – Closing Auction
8. Liquidity Code XH: Routed to NYSE Arca – Adds Displayed Liquidity
9. Liquidity Code XI: Routed to NYSE American – Opening / Re-Opening Auction
10. Liquidity Code XJ: Routed to NYSE American – Closing Auction
11. Liquidity Code XK: Routed to NYSE American – Adds Displayed Liquidity
12. Liquidity Code XL: Routed to Cboe BZX – Opening / Re-Opening Auction
13. Liquidity Code XM: Routed to Cboe BZX – Closing Auction
14. Liquidity Code XN: Routed to Cboe BZX – Adds Displayed Liquidity
15. Liquidity Code XO: Routed to Nasdaq – Opening / Re-Opening Auction
16. Liquidity Code XP: Routed to Nasdaq – Closing Auction
17. Liquidity Code XQ: Routed to Nasdaq – Adds Displayed Liquidity

PAC orders are currently available in the Firm Test Bed (FTB2) environment.

Please review the updated interface specifications, including the updated Liquidity Indicator Codes document, for further details in support of the PAC routing strategy on the MIAX website at MIAX Pearl Equities Exchange Specifications.
                      
For further information or to arrange testing of the PAC Routing Strategy, please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.

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

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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, June 20, 2022 in observance of Juneteenth National Independence Day.

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

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As previously announced in the June 2, 2022 Alert, MIAX Pearl Equities members will be able to use a new Route to Primary Auction (PAC) strategy. 

Updated Important Dates:

• The PAC routing strategy will now be available only on Cloud 23 (Securities Y-ZZZ) on June 27, 2022. This was previously planned to be available on June 13, 2022. Test Securities and non-Test Securities will be supported on that day. Additional roll out details will be announced via a future alert.
• This feature is currently available for testing in the Firm Test Bed (FTB2) environment. 

Expanded Functionality:

• The PAC routing strategy will be available for Market Orders and displayed Limit Orders that the member wishes to designate for participation in the opening, re-opening (following a regulatory halt, suspension, or pause), or closing process of a primary listing market.
• While resting on the MIAX Pearl Equities order book, orders that have elected the PAC routing strategy will be eligible to route using the price improvement routing strategy. The price improvement routing strategy will route orders to multiple destinations at a single price level simultaneously.
• The PAC routing strategy will be available to be utilized by both the FIX Interface and the binary MIAX Express Orders (MEO) Interface.

Information regarding updates to the interface specifications in support of the PAC routing strategy can be found here:  https://www.miaxequities.com/interface-specifications/pearl-equities
 
MIAX Pearl Equities’ related rule filings are available here:  www.miaxequities.com/rule-filings/pearl-equities
                      
For additional detail on the PAC routing strategy, please contact Sales at Sales@MIAXEquities.com or (609) -897-8177.
 
For certification of the PAC routing strategy, 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 18, 2022 Alert, MIAX Pearl Equities Exchange will introduce new functionality to accept additional order instruction combinations prior to the Exchange’s opening process being complete and trading during a halt.  MIAX Pearl Equities will accept orders with a Post Only instruction and a time-in-force of Regular Hours Only (RHO), and orders with a Minimum Execution Quantity (MEQ) instruction and a time-in-force of RHO beginning at 7:30 a.m. Eastern Time.  The Exchange will also begin to accept and retain these order instruction combinations during a trading halt.  These orders will queue and be submitted in time priority to the Exchange’s order book when the opening or re-opening process is complete.

Important Dates:

• These features are currently available in the Firm Test Bed (FTB2) environment
• These features will be available in production beginning June 27, 2022 (previously announced as June 13, 2022)

The MIAX Pearl Equities interface specifications may be found on the MIAX website EPRL Interface Specifications and MIAX Pearl Equities’ related rule filings at SR-PEARL-2022-14.

For additional detail on the operation of Post Only and MEQ orders, please contact Sales at sales@MIAXEquities.com, (609) -897-8177 or visit MIAXEquities.com.

Please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302 with any questions regarding these changes.

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

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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) 955-2091 or anybo@miami-holdings.com. 
MIAX Press Release 06082022

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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) 955-2091 or anybo@miami-holdings.com. 
MIAX Press Release 06062022

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Beginning June 13, 2022, MIAX Pearl Equities members will be able to use a new Route to Primary Auction (PAC) strategy

• The PAC routing strategy will be available for Market Orders and displayed Limit Orders that the member wishes to designate for participation in the opening, re-opening (following a regulatory halt, suspension, or pause), or closing process of a primary listing market.
• While resting on the MIAX Pearl Equities order book, orders that have elected the PAC routing strategy will be eligible to route using the price improvement routing strategy. The price improvement routing strategy will route orders to multiple destinations at a single price level simultaneously.
• The PAC routing strategy will be available to be utilized by both the FIX Interface and the binary MIAX Express Orders (MEO) Interface.
• The PAC routing strategy will be available only on Cloud 23 (Securities Y-ZZZ) on June 13, 2022. Test Securities and non-Test Securities will be supported on that day. Additional roll out details will be announced via a future alert.

This feature is currently available for testing in the Firm Test Bed (FTB2) environment. 

Information regarding updates to the interface specifications in support of the PAC routing strategy can be found here:  https://www.miaxequities.com/interface-specifications/pearl-equities
 
MIAX Pearl Equities’ related rule filings are available here:  www.miaxequities.com/rule-filings/pearl-equities
                      
For additional detail on the PAC routing strategy, please contact Sales at Sales@MIAXEquities.com or (609) -897-8177.
 
For certification of the PAC routing strategy, 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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The Participants have determined to delay the full Customer Account Information System (“CAIS”) compliance deadline from July 11, 2022, to a date projected to be in Q4 2022, which new date will be subsequently announced.

Please refer to the following Regulatory Circulars for more information.

• MIAX Options RC 2022-32
• MIAX Pearl Options RC 2022-31
• MIAX Emerald Options RC 2022-29
• MIAX Pearl Equities RC 2022-02

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

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FINRA is proposing to amend the Code to align the Code with the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act of 2021.

Please refer to the following Regulatory Circulars for more information.

• MIAX Options RC 2022-31
• MIAX Pearl Options RC 2022-30
• MIAX Emerald Options RC 2022-28
• MIAX Pearl Equities RC 2022-04

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

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