U.S. Options

Update:  MIAX Options and MIAX Emerald Exchanges Trading Issue on March 16, 2020

Incident Description:  Trading Disruption

On March 16, 2020, a conflict with multiple system configuration messages caused the MIAX Options and MIAX Emerald Exchanges to send Done-for-Day messages to FIX customers at 1:26 PM ET. For firms that were configured to receive Done-for-Day messages, the Exchanges were unable to send updates through the FIX system for orders that were open at the time of the errant Done-for-Day messages. To minimize the risk to FIX trading participants, the MIAX Options and MIAX Emerald Exchanges halted trading at 1:50 PM ET.

After the halts, all open orders on the books were cancelled and FIX customers were informed of the actions taken. MIAX Emerald reopened for trading at 3:20 PM ET and remained open for the balance of the trading day.  MIAX Options inadvertently reopened trading on four (4) trading clouds for five (5) minutes beginning at 3:20 PM ET.  During that period, eight (8) trades occurred. Trading Operations and Regulatory personnel cancelled those trades. Those clouds were halted at 3:25 PM and the MIAX Options Exchange remained halted for the balance of the trading day. 

Members Affected:  FIX customers with orders open at 1:26 PM ET that had ports configured for Done-for-Day messages.

Corrective Action:  MIAX system configuration messages were adjusted to avoid the conflict that occurred on March 16, 2020 and were effective for the opening of trading on March 17, 2020.

Please contact Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302 if you experience any further issues.

For further questions, please contact MIAX Regulatory at Regulatory@miaxglobal.com or (609) 897-7309.