U.S. Options

The MIAX PEARL Exchange has published an updated Specification for the MIAX Express Orders (MEO) interface to support enhanced protections.

• MIAX Express Orders (MEO) Specification v1.2
  • Added support for Single Side Liquidity Protection mechanism (Optional change)
    • Added new message types
      • Single Side Liquidity Protection Notification message
      • Single Side Liquidity Protection Reset Request message
      • Single Side Liquidity Protection Reset Response message
    • Added a new reason code in the existing Bulk Liquidity Response message for rejection of Orders due to Single Side Liquidity Protection being in effect
    • Added a new reason code in the existing Cancel Notification message for cancellation of Orders due to Single Side Liquidity Protection trigger
  • Mass Cancel message feature to optionally not block Immediate Orders (Optional change)
    • Firms can specify to block all orders or block all orders except immediate orders
    • In the later type of Mass Cancel request, immediate orders will not require a Reset Message and therefore will not be blocked subsequent to a Mass Cancel
  • Priority Mass Cancel Port (Optional change)
    • Mass Cancels can be submitted over new High Priority Ports with expedited processing by the Matching Engine
  • ARM trigger will not block immediate (such as IOC and ISO) orders (Change to Existing Functionality)

Please review the updated interface specification for further details.  All specifications are currently available at MIAX Options Interface Specifications.

Important Dates:

• These changes will be available on PEARL Firm Test Bed 2 (FTB2) on January 9th, 2018
• The production rollout is scheduled for 1st quarter 2018, subject to SEC approval. Specific activation dates will be announced in a future alert

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