U.S. Equities

The MIAX Pearl Equities (EPRL) Exchange has published updated Interface Specifications to support the following system enhancement, targeted to be available in production in the second half of 2024, pending filing with the SEC:

• Trading Collar “Custom Dollar Value” functionality will expand to all Order Types
  • MIAX Pearl Equities’ default behavior is to calculate the Trading Collar price range for a security by applying the numerical guidelines for Clearly Erroneous Executions or a specified dollar value established by the Exchange.  Members may currently override the Exchange’s default behavior for Market Orders only, on an order-by-order basis, by selecting a custom dollar value lower than the Exchange specified percentages and dollar value.
  • The “Custom Dollar Value” functionality will be expanded to include Limit Orders and Pegged Orders, in addition to Market Orders (current behavior), pending filing with the SEC. Members will be able to select a custom dollar value lower (current behavior), higher, or equal to the EPRL- specified percentages and dollar value on an order-by-order basis. 

The following Interface Specifications have been updated to reflect the new functionality:

1. FIX Interface Specification (FOI) – Version 2.5b
   1. Updated the description for the New Order – Single Message field TradingCollarDollarValue (tag# 9478) to incorporate expanding availability of the Trading Collar Custom Dollar Value to all Order Types
2. MEO Interface Specification (MEO) – Version 2.6a
   1. Updated the description for the New Order Request message field Trading Collar Dollar Value to incorporate expanding availability of the Trading Collar Custom Dollar Value to all Order Types
   2. Updated the New Order Response description for error code “o”

Important Dates:

• The above feature will be available in the EPRL Firm Test Bed (FTB2) on Monday, April 15, 2024.
• The above feature is targeted to be available in production in the second half of 2024, pending filing with the SEC.
• The specific production rollout date will be announced in a future alert.

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 MIAX Pearl Equities please contact Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.