U.S. Equities

As previously announced in the July 26, 2023 Alert, MIAX Pearl Equities (EPRL) will roll out 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. Members may elect (per order) that their Displayed Limit Orders be canceled if the order is not setting the NBBO

Please review the updated EPRL Interface Specifications, EPRL Risk Protections Guide and the EPRL Order Type Combinations Guide for further details.

Important Dates:

• These enhancements will be available for use in production on Thursday, August 31, 2023
• These enhancements are available for testing in the MIAX Pearl Equities Firm Test Bed (FTB2)
• Certification is required to upgrade for both the FIX Interface and the MEO Interface

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.