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Trading Alert

MIAX Options

June 12, 2018 | 03:08 PM

MIAX Options: Introducing Stock-Tied Complex Order Functionality Beginning August 6, 2018

As previously announced in the April 17, 2018 Alert, the MIAX Options Exchange is planning to introduce Stock-Tied complex order functionality beginning August 6, 2018, pending SEC Approval.  Support for Stock-Tied is currently available in the MIAX Firm Test Bed (FTB2) environment.

In support of this new order type, MIAX Options has published updated Specifications.    

Mandatory Changes:

Firms that subscribe to the following interfaces/feeds are advised to assess their current interface implementations and make appropriate updates as needed:

1.  Clearing Trade Drop (CTD) Specification v2.2:

  • Updates to Trade message for Stock-Tied functionality
    • New stock leg specific fields using existing reserved bytes
    • New values for existing option specific fields (e.g. Product ID, Strike Price, Call or Put etc.) to indicate they are “Not Applicable” in a stock leg trade message
2.  Administrative Information Subscriber (AIS) Feed Specification v2.3:
  • Updates to Complex Strategy Definition Update message
    • Product ID = 0 for the stock leg in a stock-tied strategy definition message
3.  Complex Top of Market (cToM) Feed Specification v1.3:
  • Updates to Complex Strategy Definition Update message
    • Product ID = 0 for the stock leg in a stock-tied strategy definition message
4.  MIAX Order (MOR) Feed Specification v2.3:
  • Updates to Complex Strategy Definition Update message
    • Product ID = 0 for the stock leg in a stock-tied strategy definition message
5.  Top of Market (ToM) Feed Specification v2.2:
  • New Trade Condition “P” for a transaction that represents the option portion of an order with a single option leg (buy or sell of a call or put) and stock leg

Optional Changes:

Firms that choose to exercise the Stock-Tied functionality will need to make the following updates and certify their changes in MIAX Firm Test Bed.

1.  FIX Order Interface (FOI) Specification v2.3a:
  • Updates to New Order – Multileg (MsgType = AB), New Order Cross – Multileg (MsgType = As), Order Cancel/Replace – Multileg (MsgType = AC) and Execution Report – Single or Multileg (MsgType = 8) messages to support Stock-Tied order functionality
2.  FIX Drop Copy (FXD) Specification v2.3:
  • Updates to Execution Report (MsgType = 8) and Trade Cancel/Correct (MsgType = UCC) messages to support Stock-Tied order functionality
3.  MIAX Express Interface (MEI) Specification v2.6:
  • Updates to Complex eQuote message and eQuote response for Stock-Tied functionality
  • A new message for stock leg Execution Notification
  • Updates to Complex Strategy Definition Notification message to support stock tied strategy definitions

Minor clarifications in Session Management Protocol specification
 
MIAX MACH Protocol Specification 1.2b:
  • Added clarifications around Session Number in Start of Session packet and Heartbeats
  • Added clarification that Heartbeats are sent alone and not bundled with application messages

Please review the updated interface specification for further details.  All specifications are currently available at MIAX Options Interface Specifications.

Please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302 to discuss any specific issues and to arrange interface testing.