U.S. Options

The MIAX Sapphire Options Exchange MIAX Express Order (MEO) Interface Specification has been updated to support the Aggregate Risk Manager (ARM) Origin Multiplier enhancement.
 
MEO Interface Specification v1.3:

1. Aggregate Risk Manager (ARM) Origin Multiplier Functionality
   1. This optional feature allows Market Makers 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 Market Makers to set up ARM profiles so that trades against certain origin types are weighted differently than others in the MM Trade Percentage Calculation.
   2. Note: Current settings will extend to all contra-types at 100% weightings by default for firms using existing application protocols.
2. Updates to the MEO Interface Specification are as follows:
   1. 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

Additional Details:

1. The new features are pending SEC approval and an activation schedule and will be announced in a future alert.
2. The new features will be available in the MIAX Sapphire Option Exchange Firm Test Bed (FTB2) environment on October 20, 2026.
3. Visit MIAX Sapphire Options Interface Specifications for additional details.

For additional information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.