U.S. Options

The MIAX Options Exchange has just released updated Interface Specifications for the MIAX FIX Order Interface (FOI) and Clearing Trade Drop (CTD) to support additional billing parameters for the MIAX Price Improvement Mechanism (PRIME™).

MIAX PRIME provides a fully electronic, price improvement auction open to all members providing Agency Orders an opportunity to receive better executions prices.  A PRIME order consists of a simple paired order of equal size, where the Contra side of the paired order guarantees the Agency side a complete fill at a price no worse that the auction start price (the stop price). 

Note, software changes and recertification are only necessary if you wish to view the additional billing fields.

Summary of updates:

1. Fix Order Interface (FOI v1.11):
    a. Added two new fields to the Additional Billing Parameters defined in Appendix D:
         i. ContraTimeInForce
        ii. ContraLiquidityTimerRole

2. Clearing Trade Drop (CTD v1.6):
    a. Added one new field in the Liquidity information section:
         i. TimeInForce
    b. Added two new fields in the Trade Message Contra Side Clearing information section:
         i. ContraTimeInForce
        ii. ContraLiquidityTimerRole

Interface updates are currently supported and available for testing in the MIAX Firm Test Bed #2 (FTB2) environment.

MIAX Options Trading Interface Specifications are located at interface-specifications.  

Please refer to MIAX_RC_2014_49 for deployment details or view the MIAX Rulebook on our website at regulatory.

Contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302 to discuss any specific issues and to arrange interface testing.