MIAX Sapphire Options - Market Maker Aggregate Risk Manager Settings And Notification Instruction

The MIAX Sapphire Options system will maintain an MM Counting Program that will count the number of contracts executed by a Market Maker from an MM ARM Eligible Order (“MM ARM Contracts”) within a specified time-period that has been established by the Market Maker or as a default setting. The MM Specified Time Period cannot exceed 15 seconds whether established by the Market Maker or as a default setting. The Market Maker may also establish for each MM Option Class an MM Allowable Engagement Percentage. The Exchange will establish a default MM Specified Time Period and a default Allowable Engagement Percentage on behalf of a Market Maker that has not established an MM Specified Time Period or an MM Allowable Engagement Percentage.
 
The default Market Maker Specified Time Period will be one (1) second and the default Allowable Engagement Percentage will be 105%.
 
Please refer to MIAX Sapphire Options RC 2024-17 for further information.
 
To reset single or aggregate class protections or for questions regarding risk protection features contact Trading Operations Help Desk at TradingOperations@MIAXOptions.com or (609) 897-7302.
 
Please direct questions to the Regulatory Department at Regulatory@miaxglobal.com or (609) 897-7309.