U.S. Options

The MIAX Options Exchange has just released updated Interface Specifications to support the new features listed below.

Summary of updates:

1. Market Maker ARM2 Firm Protections – Optional Change/Requires Firm Certification:

• The MIAX ARM2 Protection mechanism provides additional protections, built upon the existing ARM functionality, for market making firms by preventing automated market reentry for quoting if ARM2 thresholds are exceeded
• Estimated activation date is mid-August 2015, pending SEC approval.
• See the following Interface Specifications:
  • MIAX Express Interface v1.8

2. PRIME Qualified Contingent Cross (QCC) Billing Code Changes – Mandatory Change/Does not require Firm Certification:

• MIAX has added billing codes for PRIME Qualified Contingent Cross executions.
• Activation date is August 1, 2015.
• See the following Interface Specifications:
  • FIX Order Interface v1.13a
  • Clearing Trade Drop v1.8a

3. Last Value Refresh Service for MIAX Feeds – Optional Change/Does not require Firm Certification:

• Provides MIAX Feed Recipients the capability to request a last value refresh for the following content instead of processing a full day gap fill for the same content.
  • Series Updates
  • Top of Market (BBOs)
  • Underlying Trading Status
  • System State
• Estimated activation date is mid-August 2015.
• See the following Interface Specifications:
  • Top of Market Feed v1.8
  • Administrative Information Subscriber Feed v1.1
  • MIAX Order Feed v1.1

4. Drop Copy of FIX Executions – Optional Change/Does not require Firm Certification:

• The MIAX FIX Drop (FXD) provides firms execution reports for their orders entered via the MIAX FIX Order Interface (FOI).
• Cancels and Corrections for related executions will be provided in a future release.
• Estimated activation date is September 1, 2015, pending SEC approval.
• See the following Interface Specification:
  • FIX Drop Copy (FXD) v1.0

Activations for the various functionality listed above will be preceded with a MIAX Regulatory Alert providing notice of production activation dates.

The functionalities listed above will be available for firm testing on both of the MIAX Firm Test Beds (FTB1 & FTB2) the week of August 3, 2015

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

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