U.S. Equities

MIAX Pearl Equities Exchange is pleased to announce the launch of the Route to Primary Auction (“PAC”) routing strategy anticipated in the 4th quarter of 2021.
 
The PAC routing strategy would enable a user to designate that their order be routed to participate in the primary listing market’s auctions.  PAC would be available for displayed Limit Orders that the entering firm wishes to designate for participation in the opening, re-opening (following a regulatory halt, suspension, or pause), or closing process of a primary listing market (Cboe BZX Exchange, Inc. (“BZX”), the New York Stock Exchange LLC (“NYSE”), The Nasdaq Stock Market LLC (“Nasdaq”), NYSE American LLC (“NYSE American”), or NYSE Arca, Inc. (“NYSE Arca”)). Other than routing to the primary listing market’s auctions, the PAC routing strategy will provide users with increased opportunities for “Price Improvement” by applying the PI routing option to the order. The PI routing option would route the order to multiple destinations at a single price level simultaneously.
 
Information regarding changes to the interface specifications can be found in the July 14th Interface Specification Update Alert.
 
For additional detail on the operation of the PAC routing strategy, please contact Sales at Sales@MIAXEquities.com or (609) -897-8177.
 
For questions regarding the PAC routing strategy, please contact Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.
 
Regulatory inquiries should be directed to Regulatory@MIAXEquities.comor (609) 897-7309.