U.S. Options

The MIAX Options Exchange interface specifications have been updated to support the following enhancements.

1. MEI Interface Specification v2.11, AIS Interface Specification v2.6, and FOI Interface Specification v2.7:
   1. Selective Liquidity Auto Purge (SLAP) Functionality
      1. This optional feature enhances the Mass Cancellation functionality by providing members the ability to remove a subset of its quotes in the system atomically. 
      2. With the introduction of a new field “SLAP Codes” in the Simple Bulk Quote Message, members can specify custom SLAP codes on some or all of its liquidity, providing more granular control of the Mass Liquidity Cancel Request when attempting to “Selectively Purge” specific targeted liquidity.
   2. Aggregate Risk Manager (ARM) Origin Multiplier Functionality
      1. This optional feature allows members to configure “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.
      2. Note that for firms using old application protocols, their current settings will extend to all contra-types at 100% weightings by default.
   3. Quote Width Relief Notification Functionality
      1. This optional feature allows members to subscribe to the “Free Trading Quote Width Relief Notification” to receive a real-time notification in the event MIAX grants relief to the valid quote width parameters during trading hours.
      2. Note that this relief is only applicable for the current trading day.
   4. Mass Cancel Trigger Reason on Line Disconnect
      1. This optional feature allows members to receive a mass cancel trigger reason specific to Line Disconnect.
   5. Liquidity Origin Information Functionality
      1. This optional feature allows members to get the Origin of the liquidity that initiated a Liquidity Seeking Event (LSE).
      2. Note a blank Origin will be sent in the event an LSE is initiated by multiple liquidities with different origin types.
   6. Market Maker on PRIME/cPRIME Contra Functionality
      1. This optional feature allows members to have a Market Maker (MM) on the contra side of PRIME and cPRIME.
2. Updates to the MEI Interface Specification are as follows:
   1. SLAP Functionality
      1. New field “SLAP Codes” in the Simple Bulk Quote Message and Mass Liquidity Cancel Request
      2. New field “SLAP Codes” and new Mass Cancel Scope in the Mass Liquidity Cancel Request
      3. Enhanced Liquidity Protection Reset Request message that includes new field “SLAP Codes”.
      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 Quote Response
         2. Mass Liquidity Cancel Response
         3. Liquidity Protection Reset Response
   2. ARM Origin Multiplier Functionality
      1. ARM Origin Multiplier related fields added, and “Message Type” change to RS in Simple ARM Settings Update Request
      2. ARM Origin Multiplier related fields added in ARM Simple Settings Update Response
      3. ARM Origin Multiplier related fields added, and “Message Type” change to RN in Simple ARM Protection Settings Notification
   3. Quote Width Relief Notification Functionality
      1. Introduction of New Free Trading Quote Width Relief Notification
      2. Quote Width Relief Notification renamed as Opening Quote Width Relief Notification
   4. Mass Cancel Trigger Reason on Line Disconnect
      1. New “Trigger Reason” value to indicate Line Disconnect in Simple Quote Protection Trigger Notification message.
      2. New “Trigger Reason” value to indicate Line Disconnect in Complex Liquidity Protection Trigger Notification message.
3. Updates to the AIS Interface Specification are as follows:
   1. Liquidity Origin Information Functionality
      1. Enhanced Simple Liquidity Seeking Event Notification that includes a new field “Origin” to indicate the origin of the liquidity initiating the Liquidity Seeking Event.
      2. Enhanced Complex Liquidity Seeking Event Notification that includes a new field “Origin” to indicate the origin of the liquidity initiating the Liquidity Seeking Event.
4. Updates to the FOI Interface Specification are as follows:
   1. Market Maker on PRIME/cPRIME Contra Functionality
      1. Enhanced New Order Cross message to have Market Maker (MM) as a valid “CustomerOrFirm” value.
      2. Enhanced New Order Cross – Multileg message to have Market Maker (MM) as a valid “CustomerOrFirm” value.

 Additional Details:

1. These new features are pending SEC approval and an activation schedule for each will be announced in a future alert.
2. These changes will be available in the MIAX Options Exchange's Firm Test Bed (FTB2) environment in June.
3. Visit MIAX 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.