MIAX Pearl® Equities Interface Specifications
The MIAX Pearl Equities trading platform is built to meet the high-performance order processing demands unique to the U.S. Equities trading industry. In addition to providing exceptional throughput, ultra-low latency access and best-in-class wire-order determinism, our interface solutions facilitate well-defined and easy-to-implement, industry-accepted approaches to integration with the trading platform. Support is provided by a knowledgeable staff to assist firms with the onboarding process, certification or recertification in the firm test bed environment or to answer questions in the production environment.
FIX ORDER INTERFACE (FOI) GATEWAY and FIX DROP (FXD)
The MIAX Pearl Equities high speed FIX Order Interface gateway conveniently routes orders to our trading engines through a common entry point to our trading platform.
The MIAX Pearl Equities FIX Drop is a messaging interface that provides real-time order updates and trade information corresponding to a firm’s orders.
FIX Order Interface and Drop Interface v2.5b – Current Production Version
FIX Order Interface and Drop Interface v2.6 – Q1 2025 Release: Early and Late Trading Functionality
MIAX EXPRESS ORDERS (MEO)
The MIAX Express Order interface provides a feature-rich binary order interface that provides exceptional determinism, throughput and ultra-low latency to our trading engines. The MIAX Pearl Equities MEO interface is also a gateway interface that conveniently routes orders to the trading engines through a common entry point to our trading platform.
MIAX Express Orders v2.6a – Current Production Version
TOP OF MARKET (TOM) FEED
Get the MIAX Pearl Equities BBO and Trade Report market data via our hyper-fast Top of Market feed.
Top of Market Feed v1.1a - Current Production Version
Top of Market Feed v1.1b – Q1 2025 Release: Early and Late Trading Functionality
DEPTH OF MARKET (DOM) FEED
DOM is a high-speed, real-time feed that publishes all actionable orders, order updates, cancellations and executions: Symbol Update, System State and Security Trading Status messages.
Depth of Market Feed v1.3b - Current Production Version
Depth of Market Feed v1.3c – Q1 2025 Release: Early and Late Trading Functionality
TCP SESSION MANAGEMENT AND TRANSMISSION CHARACTERISTICS
The ESesM – TCP specification defines the session management for TCP connections to our Equities market.
MULTICAST TRANSMISSION CHARACTERISTICS
The MIAX MACH protocol defines the handling of multicast transmissions from our market.
ORDER ENTRY PORT ATTRIBUTES
This specification defines the different attributes that member firms can configure on their FIX Order Interface (FOI) and MIAX Express Orders (MEO) ports.
Order Entry Port Attributes v3.2 - Current Production Version
Order Entry Port Attributes v3.3 – Q1 2025 Release: Early and Late Trading Functionality
ORDER EXECUTION LIQUIDITY INDICATOR CODES
This specification defines the Liquidity Indicator Codes that will be populated in the order execution messages of MIAX Pearl Equities FIX Order Interface (FOI), FIX Drop and MIAX Express Orders (MEO) Interface.
| Exchange Codes | |
|---|---|
| SIP Participant ID | H |
| Market Identifier Code | EPRL |
| Bloomberg Code | VP |