MIAX Options Exchange - New Component Price Adjustment (CPA) Algorithm For Complex Orders Beginning May 6, 2021

MIAX Options Exchange is implementing a new Component Price Adjustment algorithm for Complex Orders beginning May 6, 2021 to be completed for trading in all products on May 10, 2021.

This new Component Price Adjustment algorithm works on the following principles:

Component Prices will always be within the MIAX BBO (MBBO)
Component Prices will be optimized, using the mid-point of the National BBO (NBBO) as the starting point

Important dates:

The new CPA is currently available in Firm Test Bed (FTB2)
Symbols beginning with Z will be available for trading on Thursday, May 6, 2021
Symbols beginning with U-Z and Symbols APPL, AMZN, GOOG, GOOGL, SPIKE & SPY will be available for trading on Friday, May 7, 2021
All remaining symbols will be available in production on Monday, May 10, 2021

Note, this change does not require any application development updates by member firms. Please review the MIAX Options Exchange Interface Specifications for further details.