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Trading Alert, Regulatory Alert, Technical Alert

MIAX Sapphire

April 17, 2024 | 11:59 AM

MIAX Sapphire Options Exchange - Floor Trading Interface Specifications

As previously announced in our March 21, 2024 Alert, MIAX is planning to launch the new MIAX Sapphire Options electronic exchange on August 12, 2024, pending SEC approval. Details on the launch of the MIAX Sapphire trading floor will be announced in a future alert.

In preparation for the future MIAX Sapphire Options Exchange Floor, MIAX has introduced new and updated interface specifications. 

  1. Interface specifications specific for Floor Trading (Available by request by contacting Trading Operations at TradingOperations@miaxglobal.com)
    1. Floor FIX Order Interface (FFOI) to facilitate sending orders from the trading floor
    2. Floor Broker Query Interface (FBQI) to facilitate Floor Broker queries
  2. Interface specifications supporting both Electronic and Floor Trading (Available on the MIAX website at Sapphire Options Interface Specifications)
    1. FIX Order Interface (FOI) v2.0
      1. Added field BillingTradeType (Tag 9463) in New Order Cross (MsgType = s), New Order Cross – Multileg (MsgType = As), and Execution Report (MsgType = 8)
    2. FIX Drop Specification (FXD) v2.0
      1. Added field BillingTradeType (Tag 9463) in Execution Report (MsgType = 8)
      2. Added floor related Liquidity Roles in Additional Billing Parameters
    3. Clearing Trade Drop Specification (CTD) v2.0
      1. Added floor related Member Type and Liquidity Roles in Trade Message.
      2. New Trade Conditions are updated/added for floor related trades.
Additional updates will be provided through future Alerts.

For additional 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.

Sales inquiries should be directed to Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.

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