U.S. Options

As previously announced in the July 21, 2025 Alert, the MIAX Pearl Options Exchange will introduce the Selective Liquidity Auto Purge (SLAP) Functionality. 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.
 
SLAP functionality will be available in production for all firms who upgrade their MEO Interface beginning Friday, September 26, 2025. Certification will be required in order to request an upgrade.
 
The availability date of the previously announced enhancement to the Aggregate Risk Manager (ARM) will be announced in a future alert. This enhancement will allow members to configure “ARM Origin Multiplier” for each contra-side origin type. This enhancement is currently pending SEC approval.
 
Additional Details:

1. As the SLAP and ARM Origin Multiplier enhancements are contained within the same MEO Interface (v2.2) release, firms looking to use the SLAP functionality must additionally code to the new ARM Settings Update Request (Message Type “RS”)
   1. The value for each of the Origin Multiplier fields in the new ARM Settings Update Request (Message Type “RS”) must be set as follows for current production behavior), until the new ARM Origin Multiplier functionality is activated for use in production:
      1. Market Maker Origin Multiplier = 10 (i.e. use original trade size with multiplier 1x)
      2. Away Market Maker Origin Multiplier = 10 (i.e. use original trade size with multiplier 1x)
      3. Broker Dealer Origin Multiplier = 10 (i.e. use original trade size with multiplier 1x)
      4. Firm Origin Multiplier = 10 (i.e. use original trade size with multiplier 1x)
      5. Priority Customer Origin Multiplier = 10 (i.e. use original trade size with multiplier 1x)
      6. Non-Priority Customer Origin Multiplier = 10 (i.e. use original trade size with multiplier 1x)
   2. Attempting to set the Origin Multiplier to any value other than the default (i.e. 10) will result in the ARM Settings Update Request to be rejected with reason code ‘C’ – Enhanced ARM feature is disabled
2. SLAP functionality is now currently available in the MIAX Pearl Options Exchange’s Firm Test Bed (FTB2); ARM Origin Multiplier functionality will be available in FTB2 at a future date.
3. 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.