U.S. Options

The MIAX Pearl Options Exchange MEO Interface Specification v2.2 has been updated to support the following enhancements:

1. Selective Liquidity Auto Purge (SLAP) Functionality
   1. This optional feature enhances the Mass Cancellation functionality by providing members the ability to remove a subset of all its orders in the system atomically. 
   2. With the introduction of a new field “SLAP Codes” in the Bulk Liquidity Message, members can specify custom SLAP codes on some or all of its liquidity, providing more granular control of the Liquidity Mass Cancel Request when attempting to “Selectively Purge” specific targeted liquidity.
2. ARM (Aggregate Risk Manager) Origin Multiplier Functionality
   1. This optional feature allows members to configure “ARM Origin Multiplier” for each contra-side origin type. The multiplier will be applied to each ARM-eligible trade size based on the contra-side origin type, allowing members to set up an ARM profile for which trades against certain origin types are weighted differently than others in the ARM Trade Percentage Calculation.
   2. Note that for firms using old application protocols, their current settings will extend to all contra-types at 100% weightings by default.

Updates to the MEO Interface Specification are as follows:

1. SLAP Functionality
   1. New field “SLAP Codes” in Bulk Liquidity Message (Auto Replace A-R Order, Standard Order – New, Standard Order – Cancel/Replace)
   2. New field “SLAP Codes” and new Mass Cancel Scope in Liquidity Mass Cancel Request
   3. Enhanced Liquidity Protection Reset Request message that includes new field “SLAP Codes” and new field “Scope” to specify Liquidity Protection Reset Scope type.
   4. New SLAP Protection Trigger Notification
   5. New cancel reason due to SLAP in Cancel Notification
   6. New status codes subject to SLAP in the following response messages:
      1. Bulk Liquidity Message Response
      2. Liquidity Mass Cancel Response
      3. Liquidity Protection Reset Response
2. ARM Origin Multiplier Functionality
   1. New ARM Settings Update Request
   2. ARM Settings Update Response
   3. New ARM Protection Settings Notification

 Additional Details:

• These new features are pending SEC approval and an activation schedule for these will be announced in a future alert.
• These changes will be available in the MIAX Pearl Options Exchange's Firm Test Bed (FTB2) environment in early August
• Visit Pearl Options Interface Specifications for additional details.

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