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

    Date 05/08/2024

    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.
     

  • MIAX Sapphire Order Monitor Protections

    Date 05/08/2024

    Should a Member fail to designate a value for any of the MIAX Sapphire Order Monitor protections, the default value listed below will be applied:

    • Order Size Protection: 10,000 contracts
    • Open Order Protection: 30,000 orders
    • Open Contract Protection: 1,000,000 contracts

  • MIAX Sapphire Options Price Protection Process

    Date 05/08/2024

    Price protection prevents an order from being executed beyond the price designated in the order’s price protection instructions. Market participants may designate price protection instructions on an order-by-order basis within a minimum and maximum number of MPVs, from 0-20, away from the NBBO at the time of receipt, or the SBBO if the ABBO is crossing the SBBO, or the Opening Price for New Opening Orders.
     

  • MIAX Sapphire Options - Member Firm Portal Used As The Approved Electronic Interface For Performing Post-Trade Adjustments

    Date 05/08/2024

    Post-trade adjustments that do not affect the contractual terms of a trade are to be performed by the Exchange Member via an Exchange approved electronic interface, the Member Firm Portal (MFP).

  • MIAX Sapphire Options - Contrary Exercise Advice

    Date 05/08/2024

    MIAX Sapphire Options Exchange Members are required to submit Contrary Exercise Advices electronically to FINRA at EED@finra.org.