U.S. Options

As previously announced in the October 20, 2026 Alert, the MIAX Options Exchange will roll out the following enhancements:

1. At closing time, for each options series and complex strategy, MIAX Options will begin zeroing out the MIAX Best Bid and Offer (BBO) and sending an Underlying Trading Status Notification
   1. Zeroing out the MIAX BBO
      1. A Top of Market Message will be sent with the following information (Previously Double Sided):
         1. Bid (Offer) Price and Size: 0 (Previously Bid and Offer)
         2. Bid (Offer) Condition: T (Trading Halt) (Previously Bid and Offer)
      2. Note that the outbound condition code sent for these updates to OPRA will also be set to T
      3. Note that MIAX Options will not zero out any option series or complex strategy at closing time that is halted, as those option series and/or complex strategies would have already been zeroed out at the time of the halt following the same handling noted above.
      4. Roll-out schedule:
         1. Day 1: Thursday, November 12, 2026
            1. Cloud 15 (Symbols Z-Z*)
         2. Day 2: Friday, November 13, 2026
            1. Cloud 18 (GOOG, GOOGL)
            2. Cloud 19 (META, SNDK)
            3. Cloud 20 (MU)
         3. Day 3: Monday, November 16, 2026
            1. Cloud 1 (A-A*, except AAPL, AMD, AMZN)
            2. Cloud 2 (B-B*)
            3. Cloud 3 (C-C*)
            4. Cloud 4 (D-F*)
            5. Cloud 5 (G-H*, except GOOG, GOOGL)
            6. Cloud 6 (I-I*)
            7. Cloud 7 (J-L*)
            8. Cloud 8 (M-M*, except META, MU)
         4. Day 4: Tuesday, November 17, 2026
            1. Cloud 9 (N-N*)
            2. Cloud 10 (O-O*)
            3. Cloud 11 (P-R*, except QQQ)
            4. Cloud 12 (S-S*, except SNDK, SPCX, SPY)
            5. Cloud 13 (T-U*, except TSLA)
            6. Cloud 14 (V-Y*)
            7. Cloud 16 (AAPL, AMZN)
            8. Cloud 17 (AMD)
            9. Cloud 21 (QQQ)
            10. Cloud 22 (TSLA)
            11. Cloud 23 (SPCX)
            12. Cloud 24 (SPY)
   2. An Underlying Trading Status Notification will be sent at the closing time indicating that the underlying is Closed
      1. Trading Status: C (Closed) – this is a new enumeration that is being introduced to support this enhancement
      2. Event Reason: A (Automatic/Market driven event)
      3. Roll-out schedule:
         1. This change will follow the same roll-out schedule noted above.
      4. For further details, please refer to the following MIAX Options Interface Specifications:
         1. Administrative Information Subscriber (AIS) v2.6b
         2. MIAX Order Feed (MOR) v2.5c
         3. Top of Market (ToM) v2.5a
         4. Complex Top of Market (cTOM) v1.3b
         5. MIAX Express Interface (MEI) v2.12
            1. Note that the new MEI protocol v2.12 will be available for firms to upgrade to beginning Thursday, November 19, 2026.
   3. FIX Order Interface (FOI), Clearing Trade Drop (CTD) and FIX Drop Copy (FXD) customers are not impacted as a result of the above changes.
2. Updates to handling of PRIME/cPRIME auction responses with a price inferior to the Auction Start Price:
   1. Roll-out schedule:
      1. All Clouds: Wednesday, November 18, 2026
   2. Any auction responses sent to participate in a PRIME or cPRIME auction with a price inferior to the Auction Start Price will begin being accepted; currently, these responses are being rejected by the system.
   3. Cancel Notifications for these responses will be returned at the completion of the auction, consistent with notifications for the unexecuted portions of responses equal to or better than the start price.
   4. There is no interface specification impacts as a result of this change.

These changes are available in the MIAX Exchange's Firm Test Bed 2 (FTB2). 

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.