Futures

MIAX Futures has published updated Interface Specifications for the MIAX Futures Onyx trading platform to support enhancements expected to be implemented into production in Q4 2025. A number of these enhancements will be Mandatory Upgrades as noted below.
 
Updated Interface Specifications:

1. FIX Order Interface Specification (FOI) – Version 1.1 (Optional Upgrade)
   1. FIX Order Interface
      1. New FIX Tag 1598 – SideClearingTradePriceType in New Order Single message (MsgType “D”) and Order Cancel/Replace Request message (MsgType “G”) to support the ability to request clearing at an Alternate Price.
         1. This request will be processed by the MIAX Futures clearing house on a trade-by-trade basis. Currently, only Hard Red Spring Wheat Standard Calendar Spreads are eligible to be priced at an Alternate Price. Please contact the MIAX Futures clearing house for additional details.
      2. New Time-in-Force (“TIF”) Modification Reject Configuration: Firms can request for their FIX session to be configured to reject TIF changes in Order Cancel/Replace requests. The current default system behavior is to ignore TIFs sent through Order Cancel/Replace requests.
   2. FIX Drop
      1. Added the following fields to the Simple Instrument Definition message:
         1. Contract Date
         2. First Trade Date
         3. Last Trade Date
         4. First Notice Date (applicable only to Futures)
         5. Last Notice Date (applicable only to Futures)
         6. First Delivery Date (applicable only to Futures)
         7. Last Delivery Date (applicable only to Futures)
         8. Valuation Date
         9. Strike Price (applicable only to Options on Futures)
         10. Strike Price Currency (applicable only to Options Futures)
         11. Option Type (applicable only to Options on Futures)
         12. Options Expiration Type (applicable only to Options on Futures)
         13. Underlying Futures Instrument ID (applicable only to Options on Futures)
         14. Added Maturity Date
      2. For Complex instruments, added LegMaturityDate field

 

2. Futures Express Interface Specification (FEI) – Version 1.1 (Optional Upgrade)
   1. Added Side Clearing Trade Price Type as Bit 3 in the Additional Order Indicator field in the New Order Request, Modify Order Request, New Order Notification and Modify Order Notification messages to support the ability to request clearing at an Alternate Price.
      1. This request will be processed by the MIAX Futures clearing house on a trade-by-trade basis. Currently, only Hard Red Spring Wheat Standard Calendar Spreads are eligible to be priced at an Alternate Price. Please contact the MIAX Futures clearing house for additional details.

 

3. Depth of Market (DoM) Feed – Version 1.1 (Mandatory Upgrade)
   1. Added the following fields to the Simple Instrument Definition message:
      1. Contract Date
      2. First Trade Date
      3. Last Trade Date
      4. First Notice Date (applicable only to Futures)
      5. Last Notice Date (applicable only to Futures)
      6. First Delivery Date (applicable only to Futures)
      7. Last Delivery Date (applicable only to Futures)
      8. Valuation Date
      9. Strike Price (applicable only to Hard Red Spring Wheat Options on Futures)
      10. Strike Price Currency (applicable only to Options on Futures)
      11. Option Type (applicable only to Options on Futures)
      12. Options Expiration Type (applicable only to Options on Futures)
      13. Underlying Futures Instrument ID (applicable only to Options on Futures)
   2. Replacing the Maturity Month Year field with a Maturity Date field in the Simple and Complex Instrument Definition messages
   3. Added Trade Type and Complex Trade ID fields to the Order Execution message to support net level and component execution reporting for Complex executions
      1. For an Outright Trade between two Simple Orders the following Trade Type will be sent:
         1. “Outright”  Trade Type with an enumeration of O;
            1. Complex Trade ID will be 0
      2. For a Strategy Match Trade between two Complex Orders the following Trade Types will be sent
         1. “Strategy Match: Net Level Trade” Trade Type with an enumeration of S (will be sent before the Component Level Execution Messages)
            1. Complex Trade ID will be 0
         2. “Strategy Match: Component Level Trade” Trade Type with an enumeration of M for each Component of the Strategy in the order of the Strategy Definition
            1. Complex Trade ID will be populated with the Trade ID from the Net Level Complex Trade
      3. For a Complex Trade via Legging/Derived between a Complex Order and Simple Orders the following Trade Types will be sent
         1. “Complex Legging/Derived: Net Level Trade” Trade Type with an enumeration of C (will be sent before the Component Level Execution Messages)
            1. Complex Trade ID will be 0
         2. “Complex Legging/Derived: Component Level Trade” Trade Type with an enumeration of L for each Component of the Strategy in the order of the Strategy Definition
            1. Complex Trade ID will be populated with the Trade ID from the Net Level Complex Trade
   4. Added Instrument Type to the Order Add, Modify Order, Order Cancel, Order Execution, Trade Cancel and Anticipated Opening Price messages
   5. Added Side field to Modify Order and Order Cancel messages

 

4. Top of Market (ToM) Feed – Version 1.1 (Mandatory Upgrade)
   1. Added the same fields to Simple Instrument Definition message as noted above for DoM
   2. Replaced the Maturity Month Year field with a Maturity Date field in the Simple and Complex Instrument Definition messages
   3. Added Trade Type and Complex Trade ID fields to the Last Sale (Trade) message to support net level and component execution reporting for Complex executions

Additional Resources and Important Dates:

1. The changes above will be available in the Firm Test Bed (FTB) environment on Monday, September 8, 2025
2. The changes above will be implemented into Production in Q4 2025. The exact date will be announced in a future alert.
3. Please visit the MIAX Futures Exchange site for the most recent information on the MIAX Futures Onyx Trading Platform. Additional references are available below:
   1. Updated MIAX Futures Onyx Interface Specifications 
   2. MIAX Futures Onyx FAQs
   3. MIAX Futures Exchange Trading Connectivity Guide 
   4. MIAX Futures Onyx Listings  
   5. MIAX Futures Onyx Product Settings
   6. MIAX Futures Onyx User Manual
   7. MIAX Futures Onyx Risk Protection Guide  
   8. MIAX Futures Trading Hours and Holiday Schedule
   9. MIAX Futures Onyx Audit Trail Requirements 

For additional information, please contact MIAX Futures Trading Operations at MIAXFuturesTradingOperations@miaxglobal.com or (609) 897-7303.

To register or to update MIAX Futures Alert subscriptions, visit MIAX Email Subscriptions.