U.S. Options

As previously announced in the July 21, 2025 Alert, ARM Origin Multiplier functionality for the MIAX Pearl Options Exchange will be available in production for all firms who upgrade their MEO Interface beginning Friday, December 5, 2025. Certification will be required in order to request an upgrade.

This optional feature allows members to configure an “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.

Additional Details:

1. The ARM Settings Update Request (Message Type “RS”) requires that an Origin Multiplier be applied for all contra-side origin types.
2. Members wishing to only apply an Origin Multiplier to select origin types should set the origin types they do not wish to change to a value of 10 (i.e., use the original trade size with multiplier 1x).
3. Currently, the maximum value allowed for any Origin Multiplier will be 100 (i.e., use the original trade size with multiplier 10x).  Firms who set an Origin Multiplier to a value between 101 and 5000 will be notified by MIAX Trading Operations to update their Origin Multiplier settings to an allowed value.
   • All Origin Multipliers will be able to be set in increments of 1 (i.e., 0.1x).
4. ARM Origin Multiplier functionality is currently available in the MIAX Pearl Options Exchange Firm Test Bed (FTB2).
5. Visit Pearl Options Interface Specifications for additional details.

Please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302 to update configurations and/or schedule testing, and with additional questions.