U.S. Equities

MIAX Pearl Equities (EPRL) has published updated MIAX Express Order (MEO) Interface and FIX Order Interface (FOI/FXD) specifications to support Minimum Qty and Reserve orders. A new specification document for Liquidity Indicator Codes is also available.

Implementation of these updated specifications are mandatory regardless of a firm's intention to utilize the new order types since there are additional messaging changes.

• MIAX Express Orders (MEO) – v2.0
  • Added new message types for New Order Request, Modify Order Request, New Order Notification and Modify Order Notification to support Minimum Qty and Reserve orders. These messages are similar to corresponding messages in previous version of the interface but have new fields and additional reserved bytes at the end of the message
  • Added new Status codes to New Order Response and Modify Order Response messages to support Minimum Qty and Reserve orders
  • Added a new Reserve Order Replenishment Notification message
  • Added a 3 byte Liquidity Indicator field at the end of the Execution Notification message using existing reserved bytes. This replaces the existing 1 byte Liquidity Indicator field. Added a note to refer to the Liquidity Indicator Codes specification document for the list of codes
• FIX Order Interface (supports both FOI and FXD) – v2.0
  • Added support for Minimum Qty and Reserve orders in New Order – Single, Order Cancel/Replace Request and Execution Report messages
  • Added a note for TradeLiquidityIndicator field in the Execution Report message to refer to the Liquidity Indicator Codes specification document for the list of codes
• Liquidity Indicator Codes – v1.0
  • New specification document that provides the complete list of Liquidity Indicator Codes that can be sent over MIAX Pearl Equities FIX Order Interface (FOI), FIX Drop (FXD) and MIAX Express Orders Interface (MEO). Members are expected to be able to handle and process, as required, liquidity codes listed in this specification over any of their sessions of these interfaces

An updated version of the Order Type Combinations Guide that includes Minimum Qty and Reserve orders is published under MIAX Knowledge Center.

• Firms will have 2 weeks after the production rollout date for upgrading to the above specification versions. Older versions will not be supported past this date.
• The above features will be available in EPRL Firm Test Bed (FTB2) on April 26, 2021
• The above features are targeted to be available in production in July, 2021 pending filing with the SEC. The specific production rollout date will be announced with an alert after the approval.

Please review the updated EPRL Interface Specifications and the MIAX Exchange Group Connectivity Guide for further details.

For further information or to arrange testing, please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.

Regulatory inquiries should be directed to Regulatory@MIAXEquities.com or (609) 897-7309.

To learn more about Pearl Equities please contact Sales@MIAXEquities.com, (609) 897-8177 or visit MIAXEquities.com.