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Regulatory Alert, Trading Alert

MIAX Emerald

April 23, 2024 | 12:25 PM

MIAX Emerald - Member Guidance for Test Messages and Heartbeat Messages

The intentional misuse of test messages and heartbeat messages supported by the MIAX Emerald MEI protocol for the purposes of masking speculative messaging activity initiated in response to a market data message is not permitted.

Effective immediately, Members are no longer permitted to send test messages between the hours of 9:30 and 4:15 ET.

For more information on test and heartbeat messages, see MIAX Emerald RC 2024-22.

For questions regarding test and heartbeat messages, contact Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.  
 
Direct Regulatory inquiries to Regulatory@miaxglobal.com or (609) 897-7309.