U.S. Options

The MIAX Options Exchange has just released updated Interface Specifications to support the new features listed below:

1. Update to ARM minimum Allowable Engagement Percentage value – Optional Change/Does not require Firm Certification

• The MIAX Express Interface (MEI) currently allows Market Makers to set the ARM Allowable Engagement Percentage value up to a minimum of 100%. This update will allow the Allowable Engagement Percentage to be set up to a minimum of 50%
• Change is pending SEC approval and activation date will be published via Regulatory circular
• See the following Interface Specification:
  • MIAX Express Interface v1.9

2.  Trade Cancels (busts) and Corrections (adjustments) on FIX Drop (FXD) – Optional Change/Requires Firm Certification

• The MIAX FIX Drop (FXD) currently provides firms execution reports for orders entered via  the MIAX FIX Order Interface (FOI). This update will provide additional FIX messages for cancels and corrections applied to related executions.
• Estimated Activation date is February 2016, pending SEC approval.
• See the following Interface Specification:
  • FIX Drop Copy (FXD) v1.1

3. Support for the IEX Exchange  – Optional Change/Does not require Firm Certification

• The IEX launch as a National Securities Exchange is tentatively scheduled for 2nd quarter 2016, pending SEC approval.  This update supports IEX as an Opening Underlying Market in the MIAX Options interfaces that provide information on all options series traded on MIAX for the current session.
• Estimated activation date for the IEX underlying market indicator is February 2016.
• See the following Interface Specifications:
  • Top of Market Feed v1.9
  • MIAX Options Order Feed v1.2
  • Administrative Information Subscriber Feed v1.2
  • MIAX Express Interface v1.9

4. Support for the recently announced MIAX PEARL Exchange – Optional Change/Does not require Firm Certification

• The MIAX PEARL Exchange launch is currently planned for 3rd quarter 2016, pending SEC approval.  This update supports MIAX PEARL as an execution exchange in the MIAX Options exchange system interfaces that disseminate order executions and trade messages
• Estimated activation date for the MIAX PEARL market indicator is February 2016.
• See the following Interface Specifications:
  • FIX Order Interface v1.13c
  • FIX Drop Copy (FXD) v1.1
  • Clearing Trade Drop v1.8c

Activations for the additional FIX Drop functionality listed above will be preceded with a MIAX Regulatory Alert providing notice of production activation dates.

The functionalities listed above will be available for firm testing on both of the MIAX Firm Test Beds (FTB1 & FTB2) the week of February 15, 2016.

MIAX Options Trading Interface Specifications are located at miaxoptions.com/interface-specifications.  

Contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302 to discuss any specific issues and to arrange interface testing.