U.S. Options

The MIAX Options Exchange is planning to introduce stock-tied functionality beginning Q3 2018, pending SEC Approval.  In support of this new order type, MIAX Options has published updated Specifications.  

Mandatory Changes:

Firms that subscribe to the following interfaces/feeds are advised to assess their current interface implementations and make appropriate updates as needed:

1.  Clearing Trade Drop (CTD) Specification v2.2:

• Updates to Trade message for Stock-Tied functionality
  • New stock leg specific fields using existing reserved bytes
  • New values for existing option specific fields (e.g. Product ID, Strike Price, Call or Put etc.) to indicate they are “Not Applicable” in a stock leg trade message

2.  Administrative Information Subscriber (AIS) Feed Specification v2.3:

• Updates to Complex Strategy Definition Update message
  • Product ID = 0 for the stock leg in a stock-tied strategy definition message

3.  Complex Top of Market (cTOM) Feed Specification v1.3:

• Updates to Complex Strategy Definition Update message
  • Product ID = 0 for the stock leg in a stock-tied strategy definition message

4.  MIAX Order (MOR) Feed Specification v2.3:

• Updates to Complex Strategy Definition Update message
  • Product ID = 0 for the stock leg in a stock-tied strategy definition message

5.  Top of Market (ToM) Feed Specification v2.2:

• New Trade Condition “P” for a transaction that represents the option portion of an order with a single option leg (buy or sell of a call or put) and stock leg

Optional Changes:

Firms that choose to exercise the Stock-Tied functionality will need to make the following updates and certify their changes in MIAX Firm Test Bed.

1.  FIX Order Interface (FOI) Specification v2.3:

• Updates to New Order – Multileg (MsgType = AB), New Order Cross – Multileg (MsgType = As), Order Cancel/Replace – Multileg (MsgType = AC) and Execution Report – Single or Multileg (MsgType = 8) messages to support Stock-Tied order functionality

2.  FIX Drop Copy (FXD) Specification v2.3:

• Updates to Execution Report (MsgType = 8) and Trade Cancel/Correct (MsgType = UCC) messages to support Stock-Tied order functionality

3.  MIAX Express Interface (MEI) Specification v2.6:

• Updates to Complex eQuote message and eQuote response for Stock-Tied functionality
• A new message for stock leg Execution Notification
• Updates to Complex Strategy Definition Notification message to support stock tied strategy definitions

Minor clarifications in Session Management Protocol specification
 
MIAX MACH Protocol Specification 1.2b:

• Added clarifications around Session Number in Start of Session packet and Heartbeats
• Added clarification that Heartbeats are sent alone and not bundled with application messages

Important Dates:

• The above interface updates will be available in the MIAX Firm Test Bed (FTB2) environment on Monday, June 4, 2018.
• Production rollout is scheduled for 3rd quarter 2018, subject to SEC approval. Specific date will be announced in a future alert.

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

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