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Regulatory Alert, Technical Alert, Trading Alert

MIAX Pearl Equities

November 13, 2024 | 10:02 AM

MIAX Pearl Equities - Roll Out of Extended Hours Trading & Update to Mandatory FOI and MEO Upgrade Deadline

As previously announced in the September 9, 2024 Alert, the MIAX Pearl Equities (EPRL) Exchange has published updated Interface Specifications to support multiple system enhancements, including Extended Hours Trading on MIAX Pearl Equities.

  1. New Features:
    1. Support for Early and Late Trading Sessions
      1. The Early Trading Session will begin at 4:00 AM ET and end at 9:30 AM ET
      2. The Late Trading Session will begin at 4:00 PM ET and end at 8:00 PM ET on Regular Trading Days
      3. The Late Trading Session will begin at 4:00 PM ET and end at 5:00 PM ET on Early Close Days
    2. New “Aggressive Side Purge (ASP) Cancel” Functionality for the MEO Interface
    3. Support for new Time in Forces (TIF) and TIF Modifications
    4. New Liquidity Indicators to Support Early and Late Trading Sessions
  2. Expected Roll-Out:
    1. Beginning Thursday, February 20, 2025:
      1. Early and Late Trading Sessions: Go-Live for Test Securities Only
        1. New TIFs will only be supported for Test Securities at this time
      2. All other new features will be available at this time
    2. Beginning Tuesday, February 25, 2025:
      1. Early and Late Trading Sessions: Go-Live for All Securities
        1. New TIFs will be supported for All Securities at this time
  3. Mandatory Update Details:
    1. This release necessitates a mandatory upgrade to all FIX and MEO Interfaces to the latest version by Monday, March 31, 2025 (extended from February 28, 2025). All older protocols will not be supported after this date.
    2. Certification is required to upgrade for both the FIX and MEO Interfaces. Please contact TradingOperations@miaxglobal.com to schedule a certification.
    3. The above features are now available for testing in the EPRL Firm Test Bed (FTB2).
      1. FTB2 is now available beginning at 2:00 AM ET until 11:00 PM ET.
      2. FTB2 is now available from 2:00 AM ET until 11:00 PM ET.
        1. The Early Trading Session in FTB2 will begin at 2:00 AM ET and end at 9:30 AM ET.
        2. The Late Trading Session in FTB2 will begin at 4:00 PM ET and end at 11:00 PM ET.
To learn more about MIAX Pearl Equities please contact Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.

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