Trading Alert
MIAX Options
May 29, 2014 | 07:56 AM
MIAX Options - Price Protection Mechanism Rollout Update
The MIAX Options Exchange is currently rolling out the software to support the MIAX Multi-Tick Price Protection mechanism.
Prior to the completion of the rollout schedule detailed below, orders received with the multi-tick FIX price protection instruction will be accepted and defaulted to a one-tick price protection collar. After the conclusion of the rollout period, MIAX will notify firms via Technical and Trader Alert when they will have the ability to specify the number of price protection ticks on an order by order basis via the MIAX FIX protocol.
The use of the FIX protocol price protection instruction requires mandatory certification.
MIAX Multi Tick Price Protection rollout schedule:
- Day 1: Wednesday, May 28th - Symbols beginning with Z
- Day 2: Thursday, May 29th - Symbols U through Y
- Day 3: Friday, May 30th - Symbols A through H (excluding AAPL)
- Day 4: Monday, June 2nd - Remaining symbols
No action will be required for Member Firms desiring to maintain the current default one-tick price collar protection for all non-Market Maker orders.
For detailed examples of how price protection works in various scenarios, please see Appendix A.
MIAX Options Trading Interface Specifications are located at interface-specifications.
The MIAX Rulebook is located at regulatory.
Please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302 to discuss any specific issues and to arrange interface testing.