U.S. Equities

MIAX Pearl Equities (EPRL) has published updated MIAX Express Order (MEO) interface and FIX Order Interface (FOI/FXD) specifications to support Primary Auction (PAC) orders.  PAC Orders are pending filing with the SEC.
 
This is an optional interface upgrade. Only firms that use PAC order functionality will need to upgrade and certify the new interface versions.

The changes planned for each specification are as follows:

• MIAX Express Orders (MEO) – v2.1
  • Added new Routing Strategy for supporting PAC order entry. 
  • Added new Status codes to New Order Response, Modify Order Response and Cancel Order Response messages to support PAC orders.
  • Added a Pending Modification Status field and Pending Reject Reason field at the end of the Modify Order Notification message using existing reserved bytes. The Pending Modification Status field is used to communicate the pending, successful and unsuccessful state of an Order Modify Request. Added a note that the Modify Order Notification will be published unconditionally if a pending Modify request is rejected.
  • Added a Pending Cancel Status and Pending Reject Reason field at the end of Cancel/Reduce Size Order Notification message using existing reserved bytes. The Pending Cancel Status field is used to communicate the pending, successful and unsuccessful state of an Order Cancel Request. Added new Cancel Reason codes and a note that the Cancel/Reduce Order Notification will be published unconditionally if a pending Cancel request is rejected.
• FIX Order Interface (supports both FOI and FXD) – v2.1
  • Added support for PAC orders in New Order – Single message.
  • Added support for Pending Replace state of an order in the Execution Report message.
  • Updated the note for Cancel/Replace Request message that a Pending Replace state is now supported for PAC orders.
  • Updated the note for Order Cancel Reject message that it will also be sent in case a Cancel/Replace request is rejected.

An updated version of the Order Type Combinations Guide that includes Primary Auction (PAC) orders is published under MIAX Knowledge Center.
 
Important Dates

• The above features will be available in EPRL Firm Test Bed (FTB2) on August 16, 2021
• The above features are targeted to be available in production in Nov, 2021, pending filing with the SEC. The specific production rollout date will be announced with an alert at a later date.

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.