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Technical Alert

MIAX Pearl Equities

June 17, 2022 | 11:36 AM

MIAX Pearl Equities Activation of New Liquidity Indicator Codes to Support PAC Routing Strategy on June 27, 2022

As previously announced in the June 8, 2022 Alert, MIAX Pearl Equities members will be able to use a new Route to Primary Auction (PAC) strategy starting on June 27, 2022 on Cloud 23 (Securities Y-ZZZ).  

To support the PAC Routing Strategy, the following Liquidity Indicator Codes will be activated:

  1. Liquidity Code XA: Re-routed by Primary Listing Exchange
  2. Liquidity Code XB: Routed Primary Listing Exchange Execution (Other)
  3. Liquidity Code XC: Routed to NYSE – Opening / Re-Opening Auction
  4. Liquidity Code XD: Routed to NYSE – Closing Auction
  5. Liquidity Code XE: Routed to NYSE – Adds Displayed Liquidity
  6. Liquidity Code XF: Routed to NYSE Arca – Opening / Re-Opening Auction
  7. Liquidity Code XG: Routed to NYSE Arca – Closing Auction
  8. Liquidity Code XH: Routed to NYSE Arca – Adds Displayed Liquidity
  9. Liquidity Code XI: Routed to NYSE American – Opening / Re-Opening Auction
  10. Liquidity Code XJ: Routed to NYSE American – Closing Auction
  11. Liquidity Code XK: Routed to NYSE American – Adds Displayed Liquidity
  12. Liquidity Code XL: Routed to Cboe BZX – Opening / Re-Opening Auction
  13. Liquidity Code XM: Routed to Cboe BZX – Closing Auction
  14. Liquidity Code XN: Routed to Cboe BZX – Adds Displayed Liquidity
  15. Liquidity Code XO: Routed to Nasdaq – Opening / Re-Opening Auction
  16. Liquidity Code XP: Routed to Nasdaq – Closing Auction
  17. Liquidity Code XQ: Routed to Nasdaq – Adds Displayed Liquidity
PAC orders are currently available in the Firm Test Bed (FTB2) environment.

Please review the updated interface specifications, including the updated Liquidity Indicator Codes document, for further details in support of the PAC routing strategy on the MIAX website at MIAX Pearl Equities Exchange Specifications.
                      
For further information or to arrange testing of the PAC Routing Strategy, please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.

To learn more about Pearl Equities, please contact Sales@MIAXEquities.com, (609) 897-8177 or visit MIAXEquities.com.