U.S. Equities

MIAX Pearl Equities (EPRL) has published updated Interface Specifications to support the activation of:

1. The following Liquidity Codes:
   1. Liquidity Code “RT”: Removes Retail Liquidity, Displayed Order
   2. Liquidity Code “Rt”: Removes Retail Liquidity, Non-Displayed Order
2. The following Additional Liquidity Indicators:
   1. Additional Liquidity Indicator “1”: NBBO Setter
   2. Additional Liquidity Indicator “2”: NBBO Joiner

 These codes will be disseminated beginning Monday, July 3, 2023.

Specification Updates:

• MIAX Express Orders (MEO) – Version 2.4a
  • Updated with new liquidity program details  
• FIX Interface Specification (FOI) – Version 2.3b and FIX Interface Specification (FOI) – Version 2.3c
  • Updated with new liquidity program details
• Liquidity Codes Document – Version 2.5
  • Updated with new codes

The updated Specifications and Liquidity Codes Document can be found here.

Important Testing Dates:

• The above features are currently available in the EPRL Firm Test Bed (FTB2).

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

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

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