U.S. Equities

As previously announced in the August 15th and September 14th alerts, the MIAX Pearl Equities (EPRL) Exchange has published updated Interface Specifications to support system enhancements outlined below.

A corresponding Risk Protections Guide and an updated User Manual have been published on the MIAX Pearl Equities website here.
 
These features will be available in production in December 2022. For the specific availability date of each enhancement, please refer to the below.
 
The new features are currently available in the EPRL Firm Test Bed (FTB2).

System Enhancements:

1. New Order Type - Primary Peg Order – Available Monday, December 5, 2022
   • Available to be used via FIX or the MIAX Express Orders (MEO) binary interface, a Primary Peg Order to buy (sell) will be assigned a working price pegged to the National Best Bid (National Best Offer), subject to its limit price.
   • A Primary Peg Order will be non-displayed by default on the MIAX Pearl Equities Book, however the member may elect to have the order be displayed.
   • A member may, but is not required to, select an offset equal to or greater than one minimum price variation (“MPV”) for the security (“Primary Offset Amount”)
     • The Primary Offset Amount for a non-displayed Primary Peg Order may be passive or aggressive.
     • The Primary Offset Amount for a displayed Primary Peg Order must be passive.
2. Enhanced Risk Protections Suite – Available Monday, December 5, 2022
   • The following protections will be added to the MIAX Pearl Equities existing risk protections suite:
     • Per Order Risk Metrics
       • Short Sale Exempt Reject
       • Market Order Reject
       • Average Daily Volume (ADV) Check
       • Regulation SHO Security List Reject
       • Restricted Security List Reject
       • Non-Agency Reject
       • Override Capacity to Agency
     • Cumulative Risk Metrics
       • Maximum Gross Notional Open Value Protection
       • Maximum Net Notional Open Value Protection
       • Order Rate Protection
     • Trade Risk Metrics
       • Market Impact Collar
       • Self-Trade Protection – Parent Group
     • Mass Cancellation Capabilities
       • Purge Group
3. Enhancement for Market Orders with a Primary Auction “PAC” Routing Strategy – Available Friday, December 16, 2022
   • A Market Order with a Primary Auction “PAC” Routing Strategy will now be eligible to be routed to participate in the primary listing market’s closing process if such Market Order is: (i) entered at or after 3:50 p.m. Eastern Time, but before market close, (ii) the primary listing market has declared a regulatory halt; and (iii) the primary listing market is to conduct its closing process according to their applicable rules. MIAX Pearl Equities also routes orders to participate in the primary listing market’s opening process at 8:00:00 a.m. Eastern Time. 

Please review the updated EPRL Interface Specifications and the MIAX Exchange Group Connectivity Guide for further details.

For further information or to arrange testing, please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.

Regulatory inquiries should be directed to Regulatory@MIAXEquities.com or (609) 897-7309.

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