U.S. Equities

As previously announced in the June 2, 2022 Alert, MIAX Pearl Equities members will be able to use a new Route to Primary Auction (PAC) strategy. 

Updated Important Dates:

• The PAC routing strategy will now be available only on Cloud 23 (Securities Y-ZZZ) on June 27, 2022. This was previously planned to be available on June 13, 2022. Test Securities and non-Test Securities will be supported on that day. Additional roll out details will be announced via a future alert.
• This feature is currently available for testing in the Firm Test Bed (FTB2) environment. 

Expanded Functionality:

• The PAC routing strategy will be available for Market Orders and displayed Limit Orders that the member wishes to designate for participation in the opening, re-opening (following a regulatory halt, suspension, or pause), or closing process of a primary listing market.
• While resting on the MIAX Pearl Equities order book, orders that have elected the PAC routing strategy will be eligible to route using the price improvement routing strategy. The price improvement routing strategy will route orders to multiple destinations at a single price level simultaneously.
• The PAC routing strategy will be available to be utilized by both the FIX Interface and the binary MIAX Express Orders (MEO) Interface.

Information regarding updates to the interface specifications in support of the PAC routing strategy can be found here:  https://www.miaxequities.com/interface-specifications/pearl-equities
 
MIAX Pearl Equities’ related rule filings are available here:  www.miaxequities.com/rule-filings/pearl-equities
                      
For additional detail on the PAC routing strategy, please contact Sales at Sales@MIAXEquities.com or (609) -897-8177.
 
For certification of the PAC routing strategy, please contact Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.
 
Regulatory inquiries should be directed to Regulatory@MIAXEquities.com or (609) 897-7309.