U.S. Options

The MIAX Options Exchange will introduce modifications to the following functionality beginning in October 2017.  The exact dates will be announced in future Alerts.

Opening 

• MIAX is modifying the Opening to enhance the speed of the opening. In a given class, once all opening requirements are met, the Exchange will open all options in the class which do not have any locking or crossing events. Once all of those options are open, the Exchange will open the remaining options, using the current methodology. There is no direct impact on Members.

Complex Order Pricing

• MIAX is modifying the methodology used to determine the individual component prices resulting from the net price of a complex trade.  The change is being made to optimize the component prices to the prevailing market.

Route Message

• MIAX will include the expected price to which an order will be routed in the Route Notification message broadcast over its Administrative Information Subscriber (AIS) feed.  The expected price is the ABBO at the start of the route timer. There is no direct impact on Members.  This additional information will provide further clarity and transparency in the Route Notification message. This change is subject to SEC approval.

All interface specifications are currently available at MIAX Options Interface Specifications.

The above updates are currently available in the MIAX Firm Test Bed #2 (FTB2) environment.

Please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302 to discuss any specific issues and to arrange interface testing.