U.S. Equities

The MIAX Pearl Equities (EPRL) Exchange has published updated Interface Specifications to support the following system enhancements:

1. New NBBO Setter Flag, indicating whether the order has set the NBBO, will be disseminated to the member on the first Working Price update:
   1. Before posting to the order book for the first time; and
   2. Subsequent to a priority losing Order Modification Request
2. New Cancellation Feature available to Displayed Limit Orders which will cancel the order back to the member if the order is not setting the NBBO
   1. Member can opt into this feature on an order-by-order basis

Corresponding Specification Updates:

1. FIX Interface Specification (FOI) – Version 2.4 
   1. Added CancelOrderIfNotNBBOSetter (tag# 9483) to New Order – Single and Execution Report messages
   2. Added NBBOSetter (tag# 9484) to the Execution Report message
   3. Note: This is an optional enhancement and certification is required to upgrade
2. MEO Interface Specification (MEO) – Version 2.5
   1. Added support to “Cancel Order if NOT a NBBO Setter” in the New Order Request using the reserved bits of the Order Instruction field
   2. Added new error code “7” for Cancel/Reduce Size Order Notification.
   3. Added a 1 byte “NBBO Setter” field at the end of Order Price Update Notification message using existing Reserve bytes.
   4. Note: This is an optional enhancement and certification is required to upgrade

Important Dates:

• The above features will be available in the EPRL Firm Test Bed (FTB2) on July 27th, 2023.
• The above features are targeted to be available in production in Q3 2023. The specific production rollout date will be announced in a future alert.

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

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.