U.S. Equities

MIAX Pearl Equities Exchange is pleased to announce the launch of the Minimum Execution Quantity (“MEQ”) and the Reserve Quantity order type instructions on July 1, 2021.  The MEQ and Reserve Quantity instructions further expand the MIAX Pearl Equities’ trading platform by adding functionality that would allow market participants better control over their orders and executions.
 
The MEQ instruction would enable a User to specify a minimum share amount at which a non-displayed order will execute.  A non-displayed order to buy (sell) with an MEQ instruction would not execute unless the volume of orders to sell (buy) meets or exceeds the non-displayed order to buy (sell)’s designated minimum quantity condition.  The MEQ instruction would also allow Users to elect that their non-displayed order’s minimum quantity condition be satisfied by each individual order or multiple aggregated orders upon entry. 
 
The Reserve Quantity instruction would enable market participants to specify that a portion of their order be displayed and another portion of their order be non-displayed.
 
Information regarding these mandatory changes to the interface specifications can be found here.  MIAX Pearl Equities’ related rule filings are available here: SR-PEARL-2021-07 and SR-PEARL-2021-09.

For additional detail on the operation the MEQ and Reserve Quantity instructions, please contact Sales at sales@MIAXEquities.com or (609) 897-8177.
 
For questions regarding the MEQ and Reserve Quantity instructions, please contact Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.

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