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Technical Alert, Regulatory Alert, Trading Alert

MIAX Options

November 10, 2025 | 10:30 AM

MIAX Options Exchange - Increase Maximum Leg Ratio for Complex Orders Rollout Schedule

As previously announced in the July 24, 2025 Alert, the MIAX Options Exchange will be increasing the Maximum Leg Ratio for Complex orders to 32,767. The rollout schedule for this change is as follows:

  • Day 1 - Monday, November 17, 2025: Symbols beginning with Z (Cloud 21)
  • Day 2 - Tuesday, November 18, 2025: Symbols beginning with letters U – YUMC (Clouds 18 – 20)
  • Day 3 - Wednesday, November 19, 2025: Symbols beginning with letters A – HZO, except AAPL and GOOG (Clouds 1 – 8)
  • Day 4 - Thursday, November 20, 2025: All Remaining Symbols (Clouds 9 – 17 and 22 – 24)
Additional Details:
  1. In conjunction with this change, the Order Quantity multiplied by the highest Option Leg Ratio of the strategy must be less than or equal to 999,999 and the Order Quantity multiplied by the Stock Leg Ratio of the strategy, if present, must be less than or equal to 99,999,999.
  2. This change will apply to all FIX Order Interface (FOI) app protocol versions; no new app protocol is released to support this change.
  3. This change is currently available in the MIAX Options Firm Test Bed (FTB2) environment.
Updated interface specifications can be found at MIAX Options Interface Specifications.

For additional information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.