Technical Alert
MIAX Options
August 16, 2019 | 11:21 AM
MIAX Options Exchange - Activation of enhanced MIAX Order Monitor (MOM) - Effective August 19, 2019
The MIAX Options Exchange will activate enhanced MIAX Order Monitor (MOM) effective Monday, August 19, 2019.
Currently, the MIAX Options Exchange rejects Simple Market limit orders priced through the opposite side of the NBBO by an amount greater than either 50% or $2.50, whichever is less. When the Simple Market NBB is less than or equal to $0.25 the MIAX Exchange accepts any incoming sell limit order.
Beginning Monday, August 19th, for options with a Simple Market National Best Offer (“NBO”) less than or equal to $0.50, the MIAX Options Exchange will reject an incoming buy limit order that has a limit price that is equal to or greater than the NBO price by $0.25.
The current behavior will not change for incoming limit orders to buy options with an NBO greater than $0.50, or for incoming limit orders to sell options with an NBB of any price.
The MIAX PEARL Options and MIAX Emerald Options Exchanges currently support this functionality.
Important Notes:
- This enhancement is currently available in MIAX Firm Test Bed# 2 (FTB2) environment
- This will be the default behavior and therefore, firms are not required to take any action or certify
- All specifications are currently available at MIAX Options Interface Specifications