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Regulatory Alert, Technical Alert, Trading Alert

MIAX Emerald

May 23, 2025 | 04:43 PM

MIAX Options, MIAX Emerald, and MIAX Sapphire Exchanges: Notice of a Potential Regulation SHO Execution Price Issue on Stock-Tied Trades in Limited Circumstances

Please be advised that MIAX has identified a technical issue related to the pricing of the stock leg on stock-tied trades reported to the TRF in limited circumstances.

This issue will be addressed in upcoming releases for each Exchange and announced in Technical Alerts upon completion of the rollout.

ALL of the following criteria must exist for the issue to occur:

  • A stock-tied order must execute upon receipt; and
  • The sell side of the stock leg must be marked “Sell Short,” and
  • The class must be in an SSR (Short Sale Restriction) state.
If the above pre-conditions exist, the MIAX system could possibly trade the stock leg at the National Best Bid price.  Note that even if all of the above criteria are met, only a small percentage of trades are affected.  The MIAX Pearl Options Exchange is not affected by this issue.

If you have any questions please contact Trading Operations at (609) 897-7302 or TradingOperations@miaxglobal.com.

Regulatory inquiries should be directed to Regulatory@miaxglobal.com.