U.S. Equities

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

1. New “Cancel by Order ID” Functionality
   1. Members will be able to submit a new “Cancel by Order ID Request” on a session different than the session via which the order was originally submitted. Members will provide the Exchange Order ID corresponding to the targeted order in the new request
   2. This feature will be available for both the MEO and FOI Interface
   3. Sessions will need to be entitled to use this new feature
2. New Retail Trade Indicator on the MIAX Pearl Equities Depth of Market (DOM) Feed
   1. The DOM Feed will disseminate:
      1. On the Order Execution Message: a “Traded Against Retail” flag if the contra-side trading against the order was Retail
      2. On the Trade Message: a “Retail Trade Indicator” if at least one side of the trade was Retail
3. New “NBBO First Joiner” Flag and Additional Liquidity Indicator
   1. Members will receive a flag when their order has joined the MBBO to the NBBO upon entry.
      1. The flag will be disseminated to the member on the first Working Price update;
         1. Upon posting to the orderbook for the first time; and
         2. Subsequent to a priority losing Order Modification Request
   2. A new “Additional Liquidity Indicator” of “NBBO First Joiner” will be introduced and disseminated at the order’s trade time, if the order meets all applicable criteria
4. New Order Instruction Combination Support
   1. Limit Orders and Midpoint Peg Orders will be able to use the Minimum Quantity Instruction in conjunction with the Post Only Instruction. Currently, attempting to use these two instructions in conjunction results in a rejection of the order
5. Ability to Set Self-Trade Protection at the Session Level
   1. Members will have the ability to set a session-level configuration indicating the:
      1. Self-Trade Protection Scope;
      2. Self-Trade Protection Instruction; and
      3. Self-Trade Protection Group that should be applied to each order received via that session.
   2. The member will be able to override the session’s instructions on an order-by-order basis
   3. This feature will be available for both the MEO and FOI Interface

Corresponding Specification Updates:

1. FIX Interface Specification (FOI) – Version 2.5
   1. New “Cancel by Order ID” Functionality
      1. Added a new field OrderID (tag# 37) and made the existing field OrigClOrdID (tag# 41) conditional on the Order Cancel Request message.
      2. The existing OrigClOrdID (tag# 41) is no longer a required field on the Order Cancel Reject message.
      3. Added notes in the Execution Report message for the ClOrdID and OrigClOrdID fields.
   2. New “NBBO First Joiner” Flag and Additional Liquidity Indicator
      1. Renamed the field “NBBOSetter” (tag# 9484) to “NBBOIndicator” in the Execution Report message and added a new value “F” for this field.
      2. Updated the description of “AdditionalTradeLiquidityIndicator” (tag# 9882) in the Execution Report message to indicate it can have a new value “First Joiner”.
   3. These enhancements are optional, and certification is required to upgrade
2. MEO Interface Specification (MEO) – Version 2.6
   1. New “Cancel by Order ID” Functionality
      1. Added new messages “Cancel Order By Exchange Order ID Request” and “Cancel Order By Exchange Order ID Response”
      2. Added a new error code “8” in the Cancel/Reduce Size Notification and updated the description of existing error code “U”
      3. Added a new error code “X” in the Cancel Order Response
   2. New “NBBO First Joiner” Flag and Additional Liquidity Indicator
      1. Renamed the field “NBBO Setter” to “NBBO Indicator” in the Order Price Update Notification message and added a new value “F” for this field..
      2. Updated the description of “Additional Liquidity Indicator” in the Execution Notification message to indicate it can have a new value “First Joiner”.
   3. These enhancements are optional, and certification is required to upgrade
3. Depth of Market (DOM) Interface Specification – Version 1.3.b
   1. New Retail Indicator
      1. Added the “Traded Against Retail” field in the Order Execution Message using the reserved bits from the existing “Flags” field
      2. Added the “Retail Trade Indicator” field in the Trade Message using the reserved bits from the existing “Flags” field
4. Port Attributes Guide – Version 3.1
   1. Ability to Set Self-Trade Protection at the Session Level
      1. Added section for Self-Trade Protection configuration

Important Dates:

1. The above feature will be available in the EPRL Firm Test Bed (FTB2) on Monday, October 23rd, 2023.
2. The above features are targeted to be available in production in Q1 2024, pending filing with the SEC.
3. The specific production rollout date will be announced with an alert at a later point in time.

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.