U.S. Equities

The MIAX Pearl Equities (EPRL) Exchange has published updated Interface Specifications and an updated Port Attributes Guide to support the following system enhancements, targeted to be available in production in the first quarter of 2025 (pending filing with the SEC).

1. Enhancement Details:
   1. Support for Early and Late Trading Hours
      1. MIAX Pearl Equities will introduce an Early Trading Session, during which members will be able to trade beginning at 4:00 AM ET. Members will be able to send orders to the Exchange beginning at 3:30 AM ET.
      2. MIAX Pearl Equities will introduce a Late Trading Session, during which members will be able to trade until 8:00 PM ET following the conclusion of Regular Trading Hours at 4:00 PM ET.
      3. Extended Hours Risk Protection Enhancements:
         1. The Risk Protections currently available on MIAX Pearl Equities will be supported during the Early and Late Trading Sessions. Additionally, two new optional risk protections will be introduced:
            1. Early Trading Session Restriction: Members will be able to restrict trading during the Early Trading Session
            2. Late Trading Session Restriction: Members will be able to restrict trading during the Late Trading Session
         2. An Extended Hours Multiplier will be introduced for Limit Order Price Protection, Trading Collar, and Market Impact Collar, allowing members to adjust the thresholds for these protections during the Early and Late Trading Sessions.
   2. Support for New TIFs and TIF Modification
      1. The following new Time In Force (TIF) instructions will be introduced:
         1. DAY: Order is eligible to post to the book and execute during the Early Trading Session and during the Regular Trading Session
         2. GTX (Good ‘Til Extended Day): Order is eligible to post to the book and execute during the Early Trading Session, Regular Trading Session, and Late Trading Session
         3. GTT (Good ‘Til Time): Order is eligible to post to the book and execute until the expiration time on the order, as entered by the member
            1. Members will have the ability to modify the expiration time of a GTT Order
         4. FOK (Fill Or Kill): Order will either be executed in full or canceled back to the member immediately if not executed in full
      2. Members will have the ability to modify the TIF instruction for a resting order
   3. New “Aggressive Side Purge (ASP) Cancel” Functionality for MEO Interface
      1. Members will be able to submit a new “Aggressive Side Price (ASP) Cancel Request” on their MEO Sessions to request the atomic cancellation of orders for a specified MPID, symbol, side and price range.
      2. Orders with a Limit Price equal to or more aggressive than the price specified in the request will be cancelled. If the Price on the ASP Request is set to zero, all orders for the MPID, Symbol, Side will be cancelled.
      3. Note: Only up to “N” orders will be cancelled per each Aggressive Side Price (ASP) Request. “N" represents the total number of orders to be canceled and will be an Exchange defined value that will be published in a future Regulatory Circular.
   4. New Liquidity Indicators to Support Extended Hours Trading
      1. New Liquidity Indicator Codes will be activated when Early and Late Trading goes live in Production. The new codes are included in the updated Liquidity Indicator Codes Specification.
   5. New “NBBO Setter with Size”, “NBBO Joiner with Size”, and “NBBO First Joiner with Size” Additional Liquidity Indicators
      1. NBBO Setter with Size: Members will receive a flag if their order sets the NBBO upon entry and meets the program size criteria set by the Exchange
         1. Members will have the ability to opt into the “Cancel if Not NBBO Setter with Size” functionality on an order-by-order basis, which will cancel the order back to the Member if it does not meet the criteria for this program.
      2. NBBO First Joiner with Size: Members will receive a flag if their order joins MIAX Pearl Equities BBO to the NBBO upon entry and meets the program size criteria set by the Exchange
      3. NBBO First Joiner with Size: Members will receive a flag if their order joins the NBBO at trade time and meets the program size criteria set by the Exchange
2. Interface Specifications updated to reflect the new functionality:
   1. FIX Interface Specification (FOI) – Version 2.6 – MANDATORY UPGRADE BY FRIDAY, FEBRUARY 28, 2025 – CERTIFICATION REQUIRED
      1. Updated the Hours of Operation for MIAX Pearl Equities to support Early and Late Trading Sessions
      2. Added ExpireTime (tag# 126) to New Order – Single, Order Cancel/Replace Request and Execution Report Messages
      3. Added CancelOrderIfNotNBBOSetterWithSize (tag# 9485) to New Order – Single and Execution Report messages
      4. Added support to modify the TimeInForce and ExpireTime in the Order Cancel/Replace Request
      5. Added new values in TimeInForce (tag# 59): 0 – Day, 4 – FOK, 5 – GTX, 6 – GTT to New Order – Single Report Messages
      6. Added new values ”S” and ”J” to NBBOIndicator (tag# 9484) and updated the description for existing values “Y” and ”F” in the Execution Report message
   2. MEO Interface Specification (MEO) – Version 2.7 - MANDATORY UPGRADE BY FRIDAY, FEBRUARY 28, 2025 – CERTIFICATION REQUIRED
      1. Updated the Hours of Operation for MIAX Pearl Equities to support the Early and Late Trading Sessions
      2. Added a new data type “MilliTime”
      3. Added support for all new TIFs – DAY, FOK, GTT and GTX – and added a new field “Order Expiry Time” in the New Order Request
      4. Added support for “Cancel Order if NOT a NBBO Setter with Size” in the New Order Request using the reserved bits of the Order Instruction field
      5. Added new error codes “@”, “#”, “$” for New Order Response
      6. Updated the error text for error codes “!”, “E” and “p” in the New Order Response
      7. Added support for new fields “Time In Force (TIF)” and “Order Expiry Time” modification in the Modify Order Request
      8. Added new error codes “p”, “@”, “#” and “$” for Modify Order Response
      9. Updated the error text for error code “E” in the Modify Order Response, Cancel Order Response, Cancel Order by Exchange Order ID Response
      10. Added new messages “Aggressive Side Purge (ASP) request” and its response “Aggressive Side Purge (ASP) response” to support atomic cancelling of orders using Symbol, Side and Price range for an MPID
      11. Added a new field “Order Expiry Time” in the New Order Notification
      12. Added new fields “Time In Force (TIF)” and ”Order Expiry Time” in the Modify Order Notification
      13. Added new error codes “9”, “@”, “#” and “$” for Cancel/Reduce Size Order Notification
      14. New message type for an updated version of Order Price Update Notification that contains “Client Order ID” field
      15. Added new values “S” and “J” for the “NBBO Indicator” field in the Order Price Update Notification
   3. Depth of Market Interface Specification (DOM) – Version 1.3c
      1. Updated the Hours of Operation for MIAX Pearl Equities to support the Early and Late Trading Sessions
      2. Updated the Notes section for the field “Market State” in the Security Trading Status Notification message to indicate support for “Early Trading Session” and “Late Trading Session”
   4. Top of Market Interface Specification (TOM) – Version 1.1b
      1. Updated the Hours of Operation for MIAX Pearl Equities to support the Early and Late Trading Sessions
      2. Updated the Notes section for the field “Market State” in the Security Trading Status Notification message to indicate support for “Early Trading Session” and “Late Trading Session”
3. Updated Port Attributes Guide:
   1. Port Attributes Guide – Version 3.3
      1. Added Early and Late Trading Session Restrictions as available Risk Protections
      2. Updated the Limit Order Price Protection and Market Impact Collar Risk Protections to support an Extended Hours Multiplier as a selection
4. Important Dates:
   1. The above features will be available in the EPRL Firm Test Bed (FTB2) beginning Monday, September 23, 2024.
   2. Certification is required to upgrade for both the FIX Interface and the MEO Interface. Please contact Trading Operations to schedule a certification.
   3. The above features are targeted to be available in production in the first quarter of 2025. The specific production rollout date will be announced in a future alert.
   4. The MIAX Pearl Equities Fee Schedule will be updated to reflect the NBBO Setter with Size, NBBO First Joiner with Size, and NBBO Joiner with Size Programs at a future date.

For further information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.

Regulatory inquiries should be directed to Regulatory@miaxglobal.com or (609) 897-7309.

To learn more about MIAX Pearl Equities please contact Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.