U.S. Options

As previously announced in the July 15, 2024 Alert, the MIAX Sapphire Options (SPHR) Exchange will be conducting the Confidence Test on Saturday, August 10, 2024.

• Additional information on MIAX Sapphire Options can be found in the July 18, 2024 Alert.
• Attached is a full symbol rollout plan for MIAX Sapphire Options.

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 Confidence Test will support symbol IBM only. 
   1. All IBM options will be quoted $0.05 (1,000) x $99.00 (1,000) in all series
2. The MIAX Sapphire Options Confidence test 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. FINRA CAT test reporting will be available for the August 10, 2024 test session.

Test Recommendations:

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.