U.S. Equities

The MIAX Pearl Equities (EPRL) Exchange has published an updated Risk Protections Guide and User Manual to support system enhancements as detailed below.
 
Enhancement Details:

• Enhancements to the Member Firm Portal (MFP) API
  • The MFP API will be expanded to allow member firms to automate actions for the following risk controls:
    • Per-Order Risk Metrics (PERM)
      • Maximum Order Size
      • Market Order Price Protection
      • Limit Order Price Protection
      • Average Daily Volume (ADV) Check
      • Average Daily Volume (ADV) Check – Symbol Override
      • Maximum Order Notional Value for Limit Orders
      • Maximum Order Notional Value for Market Orders
      • Market Order Reject
      • ISO Reject
      • Short Sale Reject
      • Short Sale Exempt Reject
      • Locate Account Validation List
      • Allow Test Securities
      • Non Agency Reject
      • Override Capacity to Agency
    • Trading Risk Metrics (TRIM)
      • Market Impact Collar
      • Self-Trade Protection
    • Mass Cancel Capabilities
      • Mass Cancel Capability will be supported at the following scopes:
        • Firm
        • Session
        • MPID
        • MPID + Group
• Trading Collar “Custom Dollar Value” functionality will expand to all Order Types
  • As previously announced in the March 5, 2024 Alert, 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, higher, or equal to the MIAX Pearl Equities specified percentages and dollar value on an order-by-order basis. 
• Cumulative Risk Metric (CRM) Protections – Ability to set up Customized Warning Levels
  • MIAX Pearl Equities currently provides members with the ability to limit their notional exposure aggregated across open orders, trades, or both for a Risk Protection Group, for a day, to a specified maximum value.  Warnings are currently only generated if the member’s activity is greater than or equal to 75% or 90% of the threshold.
  • Members will now have the ability to configure up to 3 customized warning levels for a given Risk Protection Group in addition to the warnings above.

Important Dates:

• The above features are available in the EPRL Firm Test Bed (FTB2).
• The above features are targeted to be available in production in Summer 2024.
• 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.