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MIAX Options Exchange - Roll Out Schedule For August 2026 Enhancements

Date 21/07/2026

As previously announced in the March 30, 2026 Alert, the MIAX Options Exchange will roll out the following functionality in August 2026:

  1. Available Tuesday, August 25, 2026
    1. Quote Width Relief Notification Functionality
      1. This optional feature allows members to subscribe to the “Free Trading Quote Width Relief Notification” to receive a real-time notification when MIAX grants relief to the valid quote width parameters during trading hours.
      2. This relief is only applicable for the current trading day.
      3. This enhancement is contained within the MEI Interface (v2.11) release.
      4. This feature requires certification prior to being used in production.
    2. Mass Cancel Trigger Reason on Line Disconnect
      1. This optional feature allows members to receive a mass cancel trigger reason specific to Line Disconnect available in the “Simple Quote or Complex Liquidity Protection Trigger Notification”.
      2. This enhancement is contained within the MEI Interface (v2.11) release.
      3. This feature requires certification prior to being used in production.
    3. Administrative Information Subscriber (AIS) Feed Update
      1. This enhancement allows members to identify the Origin of the liquidity that initiated a Liquidity Seeking Event (LSE) via the new “Origin” field in both the Simple and Complex Liquidity Seeking Event Notifications.
      2. Note that a blank Origin will be sent in the event an LSE is initiated by multiple liquidities with different origin types.
      3. This enhancement is contained within the AIS Interface (v2.6) release.
      4. On the date of activation, the updated Simple and Complex Liquidity Seeking Event Notifications with the new Origin field will replace the current version of each of these messages.
  2. Available Monday, August 31, 2026
    1. Selective Liquidity Auto Purge (SLAP) Functionality
      1. This optional feature enhances the Mass Cancellation functionality by providing members the ability to remove a subset of its quotes in the system atomically. 
      2. With the introduction of a new field “SLAP Codes” in the Simple Bulk Quote Message, members can specify custom SLAP codes on some or all of its liquidity, providing more granular control of the Mass Liquidity Cancel Request when attempting to “Selectively Purge” specific targeted liquidity.
      3. This enhancement is contained within the MEI Interface (v2.11) release.
      4. This feature requires certification prior to being used in production.
    2. Aggregate Risk Manager (ARM) Origin Multiplier Functionality
      1. This optional feature allows members to configure an “ARM Origin Multiplier” for each contra-side origin type. The multiplier will be applied to each ARM-eligible trade size based on the contra-side origin type, allowing members to establish a custom ARM profile individually weighted by contra-side origin type. 
      2. Members wishing to only apply an Origin Multiplier to select origin types should set the origin types they do not wish to change to a value of 10 (i.e., use the original trade size with multiplier 1x).
      3. Note that for firms using old application protocols, their current settings will extend to all contra-types at 100% weightings by default.
      4. This enhancement is contained within the MEI Interface (v2.11) release.
      5. This feature requires certification prior to being used in production.
    3. As the SLAP and ARM Origin Multiplier enhancements are contained within the same MEI Interface (v2.11) release, firms looking to use the SLAP functionality must additionally code to the new ARM Settings Update Request (Message Type “RS”) or vice versa.
  3. Postponed to a Future Release
    1. Market Maker on PRIME/cPRIME Contra Functionality
      1. This optional feature would allow a Market Maker (MM) origin on the contra side of PRIME and cPRIME via the “CustomerOrFirm” field in the enhanced New Order Cross and New Order Cross Multileg messages.
      2. This enhancement will be removed from the FOI Interface (v2.7) release.This feature activation will be announced at a future date.

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

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