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Trading Alert, Technical Alert

MIAX Pearl

August 17, 2023 | 10:08 AM

MIAX Pearl Options Exchange - Updated Interface Specifications for FOI, FXD, CTD, MEO and ToM (New Message types for BBO messages)

The MIAX Pearl Options Exchange Exchange Interface specifications have been updated for the following changes:

  • Pearl Options – Added MIAX Sapphire Support
    • FIX Order Interface (FOI) v1.1e and
      FIX Drop Copy (FXD) v1.1c:
      • Execution Report (MsgType=8) – Tag #207(SecurityExchange): Added “SPHR” value
    • Clearing Trade Drop (CTD) v1.2d:
      • Trade Message – Execution Exchange Field: Added “S” value
    • NOTE: These changes are applicable on the MIAX Sapphire Options industry test dates and activation date. 
  • Pearl Options: A-R Order canceled due to rejection of an A-R replace request
    • MIAX Express Orders (MEO) v2.1:
      • New cancel reason “G” in Cancel Notification
    • NOTE: These changes are targeted to be live in September, 2023. The specific rollout dates will be announced in a future alert.   
  • ToM Feed v1.2 – Priority Customer Message Types – mandatory change
    • The Pearl Options Exchange will introduce new Top of Market (ToM) message types for single sided ToM Best Bid or Offer (BBO) messages
    • When a new Priority Customer Order is entered and improves the BBO, ToM will publish the following additional message types with the existing BBO information:
      • Simple Top of Market Best Bid or Offer Message – Compact Format
        • “h” = Simple Top of Market on Bid side with Priority Customer Order improves best bid
        • “i” = Simple Top of Market on Offer side with Priority Customer Order improves best offer
      • Simple Top of Market Best Bid or Offer Message – Wide Format
        • “j” = Simple Top of Market on Bid side with Priority Customer Order improves best bid
        • “k” = Simple Top of Market on Offer side with Priority Customer Order improves best offer
    • The new message types will only be sent upon entry of a Priority Customer Order that improves the BBO and not for subsequent order or BBO updates.
    • NOTE: This change is targeted for mid-October, activation date will be announced in a future alert. 
      • The ToM Feed will continue to publish the BBO messages with the existing message types for BBO updates that do not meet any of the above scenarios. The new message types only indicate that a BBO update is due to a Priority Customer Order establishing a new aggressive BBO.
These changes will be available in the Pearl Options Exchanges Firm Test Bed (FTB2) environment in mid-August 2023.

Additional details on updated interface specifications can be found on the miaxglobal.com website at Pearl Options Interface Specifications

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