U.S. Options

The MIAX Options Exchange has released the following new features into the MIAX Firm Test Bed.  The estimated activation date for these features is late August, pending SEC approval. 

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

• The MIAX ARM2 Protection mechanism prevents automated market reentry for market maker quotes if ARM2 counting thresholds are exceeded.  ARM2 provides two new counting mechanisms which build upon the existing ARM functionality.  Further details regarding these new mechanisms can be found in the MEI Express Interface v1.8 specification.

2. ARM Reset On Quote – Not a Mandatory Change/Does not require Firm Certification:

• Market Makers will now have the option of electing Reset on Quote (RoQ) at the firm level.  If Reset on Quote is engaged and the Market Maker has requoted an option within the Counting Period, the Counting Period will only look back to the most recent requote.  If Reset on Quote is disengaged, all trades that occurred during the Counting Period are counted regardless of whether or not the Market Maker has requoted that side of that option.
• RoQ configuration defaults to engaged, which is the current MIAX ARM behavior.  Participants desiring to have RoQ set to disengaged as their Firm setting must contact MIAX Trading Operations to make the request.

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

• Provides MIAX Data 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
• Provided for the following MIAX Data Feeds:
  • Top of Market Feed
  • Administrative Information Subscriber Feed
  • MIAX Order Feed

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

• The MIAX FIX Drop (FXD) provides firms with a copy of all real-time trade execution messages based on an EEM’s FIX ports that it is configured to monitor for activity.
• Cancels and Corrections for related executions will be provided in a future release.

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

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

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