U.S. Equities

As previously announced in the October 2, 2023 and November 13, 2023 Alerts, the MIAX Pearl Equities (EPRL) Exchange will be rolling out enhanced functionality. The roll out schedule for the enhanced functionality is detailed below.

Resources:

• An updated User Manual, Risk Protections Guide, Order Types Combinations Guide, and FAQ are available on the MIAX Pearl Equities website here.
• The updated Interface Specifications are available on the MIAX Pearl Equities website here.
• Updated MFP API technical specifications document are available by contacting MIAX Trading Operations.
• All new and enhanced features are optional; however, certification will be required for members who plan on utilizing these features in production by contacting MIAX Trading Operations at TradingOperations@miaxglobal.com 

The roll-out schedule for MIAX Pearl Equities enhanced functionality is as follows:

1. New “Cancel by Order ID” Functionality - Available on Thursday, February 26, 2024
   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 - Available on Thursday, February 26, 2024
   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 Order Instruction Combination Support - Available on Thursday, February 26, 2024
   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
4. Ability to Set Self-Trade Protection at the Session Level - Available on Thursday, February 26, 2024
   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 Interfaces
5. Risk Protections Support via the Member Firm Portal API - Available on Thursday, February 26, 2024
   1. Per Order Risk Metrics (PERM)
      1. Restricted Security List
         1. Add a security to the list
         2. Remove a security from the list
      2. Regulation SHO Restricted Security List
         1. Add a security to the list
         2. Remove a security from the list
   2. Cumulative Risk Metrics (CRM)
      1. Members will be able to update their threshold, as well as reset a triggered protection via a threshold update for the following protections:
         1. Maximum Gross Notional Trade Value
         2. Maximum Net Notional Trade Value
         3. Maximum Gross Notional Open Value
         4. Maximum Net Notional Open Value
         5. Maximum Gross Notional Trade and Open Value
         6. Maximum Net Notional Trade and Open Value
   3. Duplicate and Order Rate Checks
      1. Duplicate Order Check with “Disable” Trigger Action
         1. Members will be able to reset a triggered protection
      2. Order Rate Check with Manual Reset
         1. Members will be able to reset a triggered protection
6. New “NBBO First Joiner” Flag and Additional Liquidity Indicator - Available on Friday, March 1, 2024
   1. Members will receive a flag when their order has joined the MIAX Best Bid and Offer (MBBO) to the National Bed Bid and Offer (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

All new features are currently available for testing 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.