Futures

At 1:04 PM EDT, the MIAX Futures Clearing System experienced an issue that impacted the system’s portal user interface which resulted in delays in displaying certain transactions in the portal, including allocations and clearing trades. In addition, the submission of allocations and trade updates through the portal were not reflected immediately upon entry. These symptoms were reported by both internal MIAX Futures system monitoring platforms and by clearing members directly experiencing the issue when using the portal.  

The real-time clearing, margin and risk management processes were not impacted during the disruption to the portal user interface.
 
Through investigation, MIAX Futures technology support staff determined that a manual trade contained an out-of-bounds value which halted the persistence services that support the clearing system portal. Support staff took steps to bypass the specific transaction causing the issue and restore persistence services to normal operations. This was completed at 2:33 PM EDT.
 
Further root-cause analysis identified a software bug, specifically a deficient data-entry validation component, that allowed the submission of the manual trade with the out-of-bounds value through the portal. A software release to address this bug is being prepared and will be deployed to production once testing is completed. In addition, a full review of all data-entry validation rules is being performed to identify and remediate any other deficiencies.

For more information, please contact MIAX Futures Clearing Operations at MIAXFuturesClearingOperations@miaxglobal.com or (612) 321-7146.

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To learn more about MIAX Futures, please contact MIAXFutures@miaxglobal.com.