U.S. Options

The MIAX Sapphire Options Exchange MIAX Express Order (MEO) Interface Specification has been updated to support the Selective Liquidity Auto Purge (SLAP) Functionality enhancement.

1. SLAP Overview:
   1. This optional feature enhances the Mass Cancellation functionality by providing Members with the ability to remove a subset of its orders in the System
   2. This feature requires certification prior to being used in production
   3. With the introduction of a new field “SLAP Codes” in the Bulk Liquidity Message, Members can specify custom SLAP codes, numbered 1 through 8, on some or all of its liquidity, providing more granular control of the Liquidity Mass Cancel Request when attempting to “Selectively Purge” specific liquidity
2. The MEO Interface Specification v1.2 has been updated as follows:
   1. New field “SLAP Codes” in Simple Bulk Liquidity Message (Auto Replace A-R Order, Standard Binary Order – New, Standard Binary 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. Simple Bulk Liquidity Message Response
      2. Liquidity Mass Cancel Response
      3. Liquidity Protection Reset Response
   7. Updated specifications can be found at MIAX Sapphire Options Interface Specifications
3. Important Dates:
   1. An activation schedule for these changes will be announced in a future alert
   2. These changes are currently available in the MIAX Sapphire Options Exchange's Firm Test Bed (FTB2) environment