U.S. Options

MIAX Pearl Options Alerts

Find more information on our U.S. options exchanges.

MIAX Options Content.
MIAX Pearl Content.
MIAX Emerald Content.
MIAX Sapphire Content.
All Options Exchanges Content.
Back to MIAX Pearl Options Alerts

Regulatory Alert

MIAX Pearl

May 27, 2022 | 11:09 AM

Pearl Options Exchange - Introducing New Order Protections for Simple Orders Beginning June 1, 2022 and Minor Interface Specification Updates

The MIAX Pearl Options Exchange will introduce new protections for Simple Orders, beginning June 1, 2022.  MIAX Pearl Options has published an updated MIAX Express Orders (MEO) Interface Specification to support the new protections for Simple Orders. 
 
Configurable by Request for FIX Order Interface (FOI) and MIAX Express Orders (MEO):

  1. Managed Protection Override
    • The Managed Protection Override is a setting which, when enabled, allows Members to have their orders cancelled after a risk protection is triggered. If enabled the Managed Protection Override will apply to the risk protection listed below.
      • Max Put Price Protection
  2. MIAX Pearl Order Monitor (“MOM”)
    • Electronic Exchange Members may determine the pre-set value to be used as the threshold setting (“Threshold Setting”) for evaluating market orders to sell in zero bid series.
    • The Exchange will establish a Threshold Setting of $0.10 to be used as the default value.
 MIAX Express Orders (MEO) Interface Specification v2.0d Updates:
  1. Max Put Price Protection
    • The Exchange will determine a maximum trading price limit for a Put option as the strike price plus a pre-set value.
  2. Originator Port Session Entitlement Feature
    • A new feature to allow cancel, execution, order and done-for-day notifications to be sent solely on sourcing port on which the liquidity was originated by the firm. It is highly recommended for Firms to evaluate using this feature to most efficiently receive notifications.
For additional details reference MIAX Pearl Options Regulatory Circular 2022-28 & Regulatory Circular 2022-29.

Important Dates:
  • These features are currently available in Firm Test Bed (FTB2)
  • The rollout for Max Put Price Protection & Managed Protection Override will be available in production beginning June 1, 2022
  • The rollout for MIAX Pearl Order Monitor (“MOM”) will be available in production beginning June 14, 2022 pending notice from the SEC
Please review the interface specifications for further details at Pearl Options Exchange Specifications.

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