U.S. Options

As previously announced in the June 3, 2024 Alert, the MIAX Sapphire Options (SPHR) Exchange will be conducting mock trading on Saturday, June 29, 2024.  

Test Day Timeline:

• 08:30 - Firms can connect to the MIAX Trading System, FIX Order and Binary Order acceptance
• 09:30 - Opening
• 12:00 - Closing

Test Day Details:

1. The MIAX Sapphire Options industry mock trading testing will support all classes currently listed on MIAX Emerald Options 
   1. Below is the Cloud to Symbol Range mapping as well as a list of symbols that will be quoted $0.05 (1,000) x $99.00 (1,000) in all series
      1. Cloud 1:  A-B  (AAPL, AA, BAC)
      2. Cloud 2:  C-F  (CAT, FB)
      3. Cloud 3:   G-K  (HD, IWM)
      4. Cloud 4:  L-N  (MSFT, NFLX)
      5. Cloud 5:  O-R  (PCG, PBR)
      6. Cloud 6:  S  (SNAP, SPY)
      7. Cloud 7:  T-V  (TSLA, UVXY)
      8. Cloud 8:  W-Z  (WFC, WYNN)
2. 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.
3. MIAX is working with FINRA CAT to allow test reporting but it is uncertain if it will be ready for the June 29th mock trading session.

Testing Suggestions:

1. Electronic Exchange Members
   1. Send FIX Order
   2. Cancel FIX Order
   3. Receive Execution
   4. Validate Bust and Correction via the FIX Drop Copy (FXD) and/or Clearing Trade Drop (CTD)
2. Electronic Market Makers
   1. Send Binary Auto Replace Order
   2. Purge Binary Orders
   3. Send Standard Binary IOC Order
   4. Receive Execution
   5. Validate Bust and Correction via the Clearing Trade Drop (CTD)
3. Clearing Firms
   1. Receive Executions
   2. Validate Bust and Correction via the Clearing Trade Drop (CTD)
4. Market Data Subscribers
   1. Validate Market Data is being received
   2. Validate Retransmission Services
5. Away Exchanges
   1. MIAX Sapphire Options is available for Routing

If you have any questions or to coordinate testing and connectivity, please contact Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.

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

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.