U.S. Options

As previously announced in the June 13, 2022 Alert, MIAX Emerald Options Exchange published updated Interface Specifications to support system enhancements.  These enhancements are now scheduled to be activated per the schedule below:

The Component Price Adjustment algorithm will be active for all symbols beginning July 19, 2022.  The algorithm operates using the following principles (no changes needed by Firms):

• Component Prices will always be within the MIAX BBO (MBBO)
• Component Prices will be optimized, using the mid-point of the National BBO (NBBO) as the starting point

Liquidity Type indicator configurable by request beginning July 22, 2022:

• FIX Interface Specification (FOI) - Version 1.1
  • Added Contra Liquidity Type to Additional Billing Parameters
• FIX Drop Specification (FXD) - Version 1.1
  • Added Contra Liquidity Type to Additional Billing Parameters
• CTD Interface Specification (CTD) - Version 1.2
  • Added Contra Liquidity Type to Additional Billing Parameters section of Trade Message

AutoCancel on System Failures configurable by request beginning July 22, 2022:

• FIX Interface Specification (FOI) - Version 1.1

The following features are expected to be enabled in production in August 2022, pending SEC approval.  Availability of these features will be announced in a future Alert:  

Complex Orders - Auction on Arrival Only (AOAO):

• FIX Interface Specification (FOI) - Version 1.1
  • Updated New Order – Multileg (MsgType = "AB") to support AOAO
    • Added new FIX Value “O” = Auction on Arrival Only to FIX Tag MIAXExecInst (#9018)
  • Updated Execution Report (MsgType = "8") to support AOAO
    • Added new FIX Value “O” = Auction on Arrival Only to FIX Tag MIAXExecInst (#9018)
• FIX Drop Specification (FXD) - Version 1.1
  • Updated Execution Report (MsgType = "8") to support AOAO
    • Added new FIX Value “O” = Auction on Arrival Only to FIX Tag MIAXExecInst (#9018)

Complex Orders - cPRIME Last to Fill:

• FIX Interface Specification (FOI) - Version 1.1
  • Updated New Order Cross – Multileg (MsgType = "As") to support Last to Fill
    • Added new FIX Tag “ExecInst” (#18) with FIX Value “X” = Last to Fill

Complex Orders - Attributable support:

• MIAX Order Feed Interface Specification (MOR) - Version 1.1
  • Updated Complex Order Message (Message Type = “R”) to support Attributable
    • Added Attributed ID Field
• FIX Interface Specification (FOI) - Version 1.1
  • Updated New Order – Multileg (MsgType = "AB") to support Attributable
    • Added new FIX Tag “AttributableOrderIndicator” (#9732) to support Attributable

Simple Orders - ISO PRIME:    

• Top of Market Feed (ToM) - Version 1.2
  • Updated Last Sale Message (Message Type = “T”) and Trade Cancel Message (Message Type = “X”) to support ISO Prime
    • Added new Trade Condition “b” Trade from a ISO Paired PRIME transaction
• FIX Interface Specification (FOI) - Version 1.1
  • Updated New Order Cross – (MsgType = "s") to support ISO Prime
    • Added new FIX Value "f" = Inter-market Sweep Order (ISO) to FIX Tag ExecInst (#18)
• CTD Interface Specification (CTD) - Version 1.2
  • Updated Trade Message (Message Type = "T") to support ISO Prime
    • Added new Trade Condition “b” Trade from a ISO Paired PRIME transaction

These features are currently available in the Firm Test Bed (FTB2) environment

Please review the updated interface specifications for further details on the MIAX website at MIAX Emerald Options Exchange Specifications

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