U.S. Options

Please be advised the MIAX Options Exchange will introduce a MIAX Allocation Change for Directed Orders in Specific Situations beginning Monday, August 5, 2013.

• MIAX is modifying the Allocation for Directed Orders.
  • The Current Rule provides that the DLMM participation entitlement is equal to the greater of:
    • The proportion of the total size at the best price represented by the size of its quote; or
    • Sixty percent (60%) of the contracts to be allocated if there is only one (1) other Market Maker quotation at the NBBO; or
    • Forty percent (40%) if there are two (2) or more other Market Maker quotes at the NBBO
  • The New Rule provides that the DLMM participation entitlement is equal to the greater of:
    • The pro-rata share; or
    • 40% or 60% of the incoming Directed Order (depending on the number of other Market Makers quoting along with the DLMM, as described above); or
    • One (1) contract
• Target launch date: Monday August 5, 2013
• See Regulatory Circular MIAX_RC_2013_46 for details.
• See Technical Alert Dated July 30, 2013 at alertsfilter/alert/technical-alerts for technical details

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