U.S. Options

As previously announced in our March 21, 2024 and April 24, 2024 Alerts, MIAX plans to launch MIAX Sapphire (SPHR) electronic exchange functionality on Monday, August 12, 2024, pending SEC approval.

Industry test dates for MIAX Sapphire are currently scheduled for the following dates:

• June 29, 2024
  • All classes currently listed on MIAX Emerald Options
• July 20, 2024
  • All classes currently listed on MIAX Emerald Options
• August 10, 2024
  • This will be the Confidence Test so firms are encouraged to participate in the earlier tests. Only IBM will be listed.

The MIAX Sapphire Options industry mock trading sessions will support the following activity utilizing assigned production network connections:

1.  Open firm participation via each of MIAX SPHR’s technical interfaces:
   1. MIAX Express Order Interface (MEO) for Market Maker binary orders
   2. FIX Order Interface (FOI) for FIX orders
   3. FIX Drop Copy (FXD)
   4. Clearing Trade Drop (CTD) for trade drops
2. MIAX SPHR Market Data Dissemination via each of the MIAX SPHR proprietary data feeds:
   1. Top of Market Data (ToM) Feed
   2. Sapphire Liquidity Feed (SLF)
   3. Complex Top of Market Data (cToM) Feed
3. Dissemination of Quote and Trade data to OPRA (NOTE: OPRA participation has been coordinated for all Mock Trading Sessions)
4. Data generated from the testing sessions will utilize the new OPRA Participant ID code “S” which will be disseminated via OPRA’s Production channels
5. Routing of eligible orders to exchanges at the NBBO via participating exchanges and/or via simulation
6. Firms interested in receiving test data from OCC generated from the Industry Test windows will need to register with OCC one week prior to participation to ensure connectivity and data service setup. OCC will be supporting testing in OCC’s External Test 3 environment for each Industry window. Trades input to MIAX SPHR during the weekend test windows will be played into the environment each following Monday and will be available for registered entities. To register with OCC for participation, please complete the test request form at www.theocc.com/webapps/cert-test-services and indicate your request relates to MIAX Sapphire Industry Testing dates.

While mock trading participation is not required, API certification is mandatory prior to launch for those participants utilizing the MEO, FOI, FXD or CTD interfaces. 

Resources:

• Firms can begin connecting to the production environment on June 17, 2024
• MIAX is currently accepting connectivity requests to both the Production and Firm Test Bed environments
• Access to the Firm Test Bed environment is currently available
• A list of symbols and anticipated timeline for the first three rollout dates is attached  
• An updated Connectivity Guide is available
• MIAX Sapphire Options Interface Specifications 
• MIAX Sapphire Options Exchange User Manual
• Membership Forms 

Additional updates will be provided through future Alerts.

For further information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.

To add MIAX Sapphire Options Alerts to your current e-mail subscriptions, revise your current MIAX e-mail subscriptions or to register a new e-mail address for subscriptions to MIAX Alerts, visit MIAX Email Subscriptions

Regulatory inquiries should be directed to Regulatory@miaxglobal.com or (609) 897-7309.

To learn more about MIAX Sapphire please contact Sales at Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.