U.S. Options

As previously announced in the Jan 28, 2026 Alert and Apr 15, 2026 Alert, the following functionality for the MIAX Sapphire Options Exchange will be available in production on June 11, 2026.

1. Selective Liquidity Auto Purge (SLAP) Functionality
   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. With the introduction of a new “SLAP Codes” field in the Standard Binary Order – New 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
   3. The SLAP enhancement is contained within the MEO Interface (v1.2) release
   4. This feature requires certification prior to being used in production
2. Increased Options Leg Ratio
   1. This feature supports the increase of the Options leg ratio for Complex orders up to 999,999
   2. Consistent with current handling,
      1. The Order Quantity multiplied by the highest Option Leg Ratio of the strategy must be less than or equal to 999,999
      2. The Order Quantity multiplied by the Stock Leg Ratio of the strategy, if present, must be less than or equal to 99,999,999
   3. This enhancement is contained within the FOI Interface (2.3a) release
   4. Certification is not required to use this feature in production
3. Additional Details
   1. These enhancements are currently available in the MIAX Sapphire Options Exchange's Firm Test Bed (FTB2) environment
   2. Updated specifications can be found at MIAX Sapphire Options Interface Specifications