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MIAX Sapphire

April 15, 2026 | 03:58 PM

MIAX Sapphire Options Exchange - Updated FOI Interface Specification to Support Upcoming Increased Options Leg Ratio Enhancement

The MIAX Sapphire Options Exchange FIX Order Interface (FOI) Specification has been updated to support the increased Options Leg Ratio Functionality enhancement.
  1. The FOI Interface Specification v2.3a has been updated as follows:
    1. “LegRatioQty (tag 623)” for an individual Option leg can be up to 999,999 in the following messages
      1. New Order – Multileg (MsgType = AB)
      2. New Order Cross – Multileg (MsgType = As)
      3. Order Cancel/Replace – Multileg (MsgType = AC)
    2. Updated specifications can be found at MIAX Sapphire Options Interface Specifications
  2. Important Dates:
    1. An activation schedule for these changes will be announced in a future alert
    2. These changes will be available in the MIAX Sapphire Options Exchange's Firm Test Bed (FTB2) environment beginning April 16, 2026
Please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302 to update configurations, arrange interface testing and schedule certification.