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Notes: Proprietary Information of Miami International Holdings, Inc. Eg: Let us say Firm1 has two connections to cloud1 and Firm1 uses MPID1 and MPID2 on both of these connections. Message Direction: MIAX to Firm Sequenced Pkt; Refer to SesM Protocol Specification Message Type 2 Alphanumeric CR Client Message ID 4 BinaryU Unique message ID sent by the firm in the request MPID 4 Alphanumeric MIAX assigned ID of the Market Maker equote ID 8 BinaryU MIAX assigned ID for complex equote if accepted; Zero if equote was rejected. Exchange, Inc BATS Exchange Inc Priority Quote Width 4 BinaryPrc4U Maximum allowable width for a quote for this Option during regular trading in order to be considered as Priority Quote. It is assigned per trading session and is valid for that session. Must be a multiple of 100 milliseconds. For the handling of any unexecuted portion that was canceled, please refer to the Cancel notification. By default, the full service port group will have the cleanup on disconnect feature enabled. Market Maker firms can cancel or replace an equote using an indicator in the equote message.

Simple Bulk Quotes: MEI provides a simple bulk quote message that can be used to quote with low latency and high throughput. The Priority quote width specified in this message is not applicable to Opening. Please refer to Appendix B for the Excel sheet format and instructions for sending in ARM settings. Each port group can have unique or shared MPIDs. Undefined error Engine Sequence Number 8 BinaryU Unique Sequence number, assigned by the MIAX Matching Engine, for quotes processed successfully and zero if rejected. Both the Bulk Quote Index and the Client Message ID will be reflected in cancel notification and execution notification. Message Direction: Firm to MIAX Unsequenced Pkt; Refer to SesM Protocol Specification Message Type 2 Alphanumeric CE Client Message ID 4 BinaryU Unique message ID assigned by the firm for this request MPID 4 Alphanumeric MIAX assigned ID of the Market Maker method ID 4 BinaryU MIAX method ID is assigned per trading day and is valid only for that day. The limited cancel notifications feature filters out option level cancel notifications due to the following underlying level protections: Firm or Exchange initiated mass cancel, trading halts and ARM protection initiated mass cancels. Flow control: Upon receipt of a simple bulk quote or mass quote cancel request, MEI will not read the firm facing port until it sends out the response.

Positive number represents net credit Negative number represents net debit Price of zero is net neutral transaction for either side. Note: The latest settings at the end of each trading session will be carried over to the next trading session. Size 4 BinaryU Number of contracts. Note: ARM and ARM 2 settings require explicit configuration for each feature. Thus equote provides firms some flexibility and control over the quote. MIAX recommends that the Firms use unique Client Message IDs for all bulk quotes and equotes so as to map execution and cancel notifications back to the corresponding liquidity. MIAX canceling all complex equotes for these strategies. Please refer to the rules for details of ARM. Undefined error This is not a sequenced message If the firm did not get a response due to disconnect, firm is encouraged to send the setting request again after connecting.

This liquidity provides firms with flexibility to interact with complex order markets or to participate in complex order auctions. Security Symbol 6 Alphanumeric Option Security Symbol Expiration Date 8 Alphanumeric Expiration date of the option in YYYYMMDD format Strike Price 4 BinaryPrc4U Explicit strike price of the option. Port Setup: Member firms have flexibility in setting up MEI ports to cater to their architecture. This is a sequenced message and hence these messages can be replayed upon reconnection. MIAX closed for trading of this product; Proprietary Information of Miami International Holdings, Inc. Quotes received at or after this time will be used in MIAX Opening. This is a sequenced message This width is only applicable for the current trading session. Once ARM protection is triggered, it would cancel all simple quotes for both AAPL and AAPL Simple ARM Settings Update Response MIAX uses this format to respond to the firm with a status of their ARM protection settings request. FIX orders are not counted towards ARM protection.

This is not a sequenced message If the quote block is rejected, Quote status and Engine Sequence Number must be ignored. When using complex equotes to respond to liquidity seeking events, in order to avoid racecondition issues, firms are advised to wait for responses before sending in cancels or replaces on a connection other than the one through which the original complex equote request was sent. MIAX will use the following priority for ARM settings: o Use MPID s ARM setting for the underlying o If that is not set, use MPID s default setting o If that is not set, use MIAX global default setting Therefore, if a firm deletes a setting, other remaining MPID settings or MIAX settings apply. This certification testing is a manual process. Market Maker will be assigned a unique MPID and that ID will have to be sent in every message. Firms can use this to know which underlying setting did not take into effect in case of an error. Symbol and method management: Firms will get the list of all option symbols and strategies that will be traded via MEI at the start of every session. Replaced equote will have the same equote ID as original.

MEI requires the use of TCP IP protocol in order to provide a guaranteed delivery mechanism for the quote packets. Otherwise, equote will be rejected. ARM 2 Risk protection: provides an additional protection mechanism on top of ARM. Ask A single Bulk quote message can have quotes for any underlying supported by the Engine servicing the connection through which the quote was sent. MIAX will carry over all ARM settings across trading sessions. Client Message ID has to be unique for each firm on each cloud.

Each cloud handles trading for all options for a set of underlying instruments. Port groups: Firms can chose to have MIAX configure their ports into one or more groups. The firm will be notified with a Cancel notification message for any unexecuted part of each equote request. Message formats are designed to use minimal bandwidth. Reserved 16 Alphanumeric Reserved Complex IOC equote will not trade during complex auction events and will be immediately canceled by MIAX Complex AOC equote can only be a response to the auction. If firms desire a different setting, they must reset their ARM 2 settings.

Undefined error If the firm did not get a response due to disconnect, firm is encouraged to send the setting request again after connecting. Use of Product IDs in place of a full canonical symbol is an example. This will require the firm to connect to more than one cloud in order to quote in all underlying instruments they are approved to make markets in. Product ID 4 BinaryU Product ID assigned by MIAX for the current session Price 4 BinaryPrc4U Quote price. MEI Features: MEI messaging and the system architecture is designed for low latency and high throughput messaging. Market Maker firms can cancel complex equotes using an indicator in the complex equote message. While requesting MEI ports, Firms can request MIAX to disable some or all the notifications on each port. Receiving each notification on multiple ports can achieve required resiliency, but result in duplicate notifications. Message This is the format for an equote message that can be sent either to match with orders and quotes on the MIAX book or when responding to a liquidity seeking event.

None of the currently supported equote types are posted to the MIAX BBO. Response This message indicates if the equote was accepted or rejected. Densely packaged quote blocks leads to high throughput and less bandwidth usage. Proprietary Information of Miami International Holdings, Inc. MIAX stops accepting quotes in these classes at the end of this trading session. For example, for underlying AAPL which has security symbols AAPL and AAPL7, ARM protection is both calculated and triggered under the scope of the underlying which includes AAPL and AAPL7.

ARM protection scope encompasses all options of the underlying including those of various security symbols that are mapped to the underlying such as mini options. Message Direction: MIAX to Firm Sequenced Pkt; Refer to SesM Protocol Specification Message Type 2 Alphanumeric QW Notification Time 8 NanoTime Time at which this was generated by MIAX system. Message Direction: Firm to MIAX Unsequenced Pkt; Refer to SesM Protocol Specification Message Type 2 Alphanumeric EQ Client Message ID 4 BinaryU Unique message ID assigned by the firm MPID 4 Alphanumeric MIAX assigned ID of the Market Maker This cannot be changed in a replacement equote. Ultimately, the Firms should consider the functional impact of this approach, or variants like it, and determine if it meets their functional needs. ARM and ARM 2, coupled with atomic immediate quote protection offered for all mass quote cancels, provides one of the industry s best risk protection mechanisms. Underlying Symbol 11 Alphanumeric Underlying sent in the request. ARM 2 is built upon the ARM protection mechanism. MIAX will check the Client Message ID against open equotes for the Product for that MPID and reject duplicates. Once ARM 2 protection is triggered, it would be engaged for both AAPL and AAPL ARM 2 Underlying Level Protection Settings Update Response MIAX uses this format to respond to the firm with a status of their ARM 2 Underlying level protection Settings Update Request.

ARM reach a configured threshold within a configurable amount time across the entire trading system environment for a given firm. Message Direction: Firm to MIAX Unsequenced Pkt; Refer to SesM Protocol Specification Message Type 2 Alphanumeric QM Client Message ID 4 BinaryU Unique message ID assigned by the firm MPID 4 Alphanumeric MIAX assigned ID of the Market Maker Quote Count 1 BinaryU Number of quotes in this bulk quote message. Firms can send an Event ID of zero. If the table has to be reloaded, all rows will be resent. Not applicable for equote cancel because equote cancel request will result in entire remaining size to be canceled. Invalid Side Proprietary Information of Miami International Holdings, Inc. Valid Quote Width for Opening This message format will be used to convey to the firms the Valid Quote Width settings applicable to the Opening process of MIAX Options market.

This architecture offers low latency, high throughput, small fault domains and high resiliency. The underlying sets may not be contiguous ranges of underlyings and could be organized in any manner as assigned by the exchange. Underlying Symbol 11 Alphanumeric Stock Symbol for the option. Backup Ports: Firms will be assigned backup MEI ports on backup infrastructure. Cleanup on disconnect feature: Firms opting for port group setup can chose to disable cleanup on disconnect feature for the limited service port group. Quote acknowledgements and Quote Cancel acknowledgements come directly from the engine allowing for enhanced determinism of delivery and processing. Certification for trading via MEI Please contact MIAX Trading Operations to obtain more information about certification testing and the details about the test environment. Size 4 BinaryU Number of times to execute the specified method.

Market Maker for the specified side of that option. When the Market Maker firms are ready with their application, they must certify their application with MIAX. The minimum value of Allowable Engagement Percentage can be found in the MIAX Rule Book and via MIAX Regulatory Circulars. Complex equote can only trade against complex order book and will not leg against simple liquidities. MIAX will not subtract the executed contracts of the pending complex equote from the size in the replace request. MIAX requires that each notification, with the exception of the cancel notification, be received on at least 1 port per cloud. Each message describes a row of the Valid Quote Width table with a low end of the applicable price range and corresponding maximum quote width.

The ARM 2 Firm Level protection settings must be set up manually via coordination with MIAX Trading Operations. BinaryU field that contain transaction time in nanoseconds since past midnight Each place can contain characters or numbers. Quote Ack Time 8 NanoTime Time at which MIAX engine generated this response. However, if reallocation of underlyings to various trading environments is needed, such changes would be communicated to the firms with ample notice prior to the actual implementation. Priority Quote Width is not applicable. There will be no too late to cancel message generated if requested size is less than the executed size. NOT conveyed to firms via MEI.

Start of MIAX Opening process. Note that this message does not report executions. Bid is edging toward the offer, firms can move the offer first and then the bid. The high end of the price range is up to, but not including the low end of next row or infinity for last row. MIAX will not subtract the executed contracts of the pending equote from the size in the replace request. In order to schedule a certification test, please Trading Operations. ARM 2 Underlying Level Protection Settings Update Request Firms can use this message format to set up their ARM 2 Underlying Level protection settings for each session. Market Makers can remove their quote for the option by sending both bid and offer with a zero price and zero size. ARM 2 Underlying Level Protection Settings Notification Simple Quote Protection Trigger Notification Complex Liquidity Protection Trigger Notification ARM 2 Underlying Level Protection Notification ARM 2 Firm Level Protection Notification Complex method Definition Notification Cancel Notification Execution Notification APPENDIX A: CONTACT LIST APPENDIX B: ARM SETTINGS UPLOAD FILE FORMAT APPENDIX C: MESSAGING FOR VALID QUOTE WIDTH FOR OPENING APPENDIX D: MULTIPORT MEI SETUP APPENDIX E: MESSAGES THAT WILL BE DEPRECATED APPENDIX F: REVISION HISTORY Proprietary Information of Miami International Holdings, Inc.

In each connection, firms will only receive the series associated with the Engine that is servicing that connection. Settings changes does not trigger ARM recalculation or ARM protection. This can help in identifying two different quotes for the same product in a single bulk quote message Simple Bulk Quote Response This message format will be used to inform the firm of the status of quotes sent in the bulk quote request. Adjustments: All executions are conveyed to firms via MEI. Product ID 4 BinaryU MIAX Product ID mapped to a given option. Replaced complex equotes will always have new timestamp on the book. Engagement percentage is calculated in order to determine if the MPID should be put on ARM protection for this underlying.

Allowable Engagement Percentage 4 BinaryU Percentage of quote size at which the Market Maker wants MIAX to trigger ARM protection for this underlying. ARM 2 Settings: ARM 2 Underlying Level protections settings can be sent via MEI. See note below on minimum value. This specification is intended for the use for MIAX Market Makers only. ARM 2 protection scope encompasses all options of the underlying including those of various security symbols that are mapped to the underlying such as mini options. Port Grouping: MEI allows firms to define port groups to control the cleanup on disconnect feature.

Message This is the format for a Complex equote message that can be sent either to match with complex book or when responding to a complex auction liquidity seeking event. MIAX may send trade related data following the end of the trading session for various operational reasons as needed. These are slated to be used in the event of failure of primary MEI infrastructure. Note: Upon receipt of an unknown, malformed or illegal application message or session message, MEI will send a SesM Goodbye Packet with a human readable reason text string and MEI will disconnect the line. Refer to Appendix C for an example. Price 4 BinaryPrc4U Price up to which the Market Maker is willing to match. IBM Jan 60 Calls, within the Counting period, triggers ARM protection. Firms can have MIAX setup a limited service port group to not clean up on disconnect.

ARM 2 settings D Delete ARM settings Underlying Symbol 11 Alphanumeric Underlying symbol for which this ARM 2 protection is applicable ARM Threshold Count 4 BinaryU Number of ARM triggers for the Counting Period for the specified underlying that will trigger ARM 2 Underlying level protection. Port Grouping Setup: Separate port groups can be defined for full service ports and limited service ports. Responding to Liquidity seeking events: o Firms can submit multiple complex equotes. MEI supports single sided quotes in bulk quote there by allowing firms to prioritize the important quotes and sides ahead of other quote updates. Not permitted Proprietary Information of Miami International Holdings, Inc. Response This message indicates if the complex equote was accepted or rejected.

Liquidity Type: Member firms are allowed to send FIX orders via the FIX interface. Message Direction: MIAX to Firm Unsequenced Pkt; Refer to SesM Protocol Specification Message Type 2 Alphanumeric AA Client Message ID 4 BinaryU Unique message ID sent by the firm in the request MPID 4 Alphanumeric MIAX assigned ID of the Market Maker Proprietary Information of Miami International Holdings, Inc. Administrative Messages This section consists of administrative messages such as those that are used to send Options Product list and synchronize ARM settings. Single sided quotes enables the firms to prioritize the update of more important quotes and sides ahead of other quotes. Underlying level notifications of these events are conveyed via the quote protection notification. Each group can be configured to cleanup on disconnect. This can be changed in a replacement equote. Product ID 4 BinaryU Product ID mapped to a given option assigned by MIAX for the current session This cannot be changed in a replacement equote.

EE Quotes Firm 1 MIAX Matching Engines. MBBO does not lock or cross the ABBO. Firm Level ARM 2 protections can be set up by contacting MIAX Trading Operations. Some of the key features of the interface are: MEI uses binary numeric fields, fixed length ASCII fields and variable length bulk messages in order to utilize bandwidth efficiently and assist in achieving low latency. Once ARM 2 is triggered, Firms must call MIAX Trading Operations to reset the ARM 2 trigger for the effected underlyings which in turn will allow the firm to perform a quote reset and resume quoting. Application Messages This section consists of application messages such as Quote, equote messages and notifications. These messages are sent out at the beginning of day.

Event ID must be zero. This can be accomplished within the same quote block. Firms are advised to take that into consideration while deciding on their port set up. MEI connection to that engine. ARM settings D Delete ARM settings Underlying Symbol 11 Alphanumeric Underlying symbol for which this ARM protection is applicable Optional: If this is filled with spaces, this ARM protection setting will be used as a default setting for this MPID. Target Message ID 4 BinaryU Zero if this is a new request. The complex equote cancel response should be deemed as a confirmation.

These backup MEI ports will not accept any messages while operating in the backup mode and are solely used for connection verification while in this mode. Market Makers are only allowed to submit quotes in the products of underlying instruments to which they are assigned. This is ignored for equote cancels. Firms can change their settings for the Underlying Level protections electronically throughout the day. MEI notifications provide current electronic system status allowing the firms to take necessary actions immediately. Firms are encouraged to consider packaging the quote block as densely as possible. Size decrementing: When trades occur against quotes, quote size will automatically be decremented. If firms desire a different setting, they must reset their ARM settings. Simple ARM Settings Update Request Firms can use this message format to set up their ARM protection settings for each session.

When connection1 of Firm1 goes down, it can still use connection2 to submit quotes and cancels. Firms must configure the ARM 2 settings in order for the functionality to operate. Message Direction: MIAX to Firm Unsequenced Pkt; Refer to SesM Protocol Specification Message Type 2 Alphanumeric 2R Client Message ID 4 BinaryU Unique message ID sent by the firm in the request MPID 4 Alphanumeric MIAX assigned ID of the Market Maker Underlying Symbol 11 Alphanumeric Underlying sent in the request. Entire Options list will be disseminated at the start of day. Otherwise, Client Message ID of the pending equote that is being replaced. ARM protections reach a configured threshold within a configurable amount time across the entire trading system environment for a given firm. Upon MEI disconnect, the MIAX Engine cancels all simple quotes, simple equotes and Complex equotes from the system.

Subsequent trades will take the new settings into consideration. Market making members are allowed to send Bulk quotes and Enhanced quotes via the MEI interface. That is, the ARM 2 Underlying Level and Firm Level protections are triggered based on the number of ARM triggers for each underlying the firm trades. For the unexecuted part that gets canceled, please refer to the Cancel notification. Only executions resulting from standard quotes are counted towards ARM protection. ARMs reach a configured threshold within a configurable amount time for a given underlying for a given firm. Max Price: Defined in Technical Circular This can be changed in a replacement equote. Details of the feeds and their content can be obtained by visiting or ing Trading Operations. MEI is a synchronous quoting interface.

When the request is intended to replace a pending complex equote, the quantity specified in the Size field will be the new open contracts after replacement. When the request is intended to replace a pending equote, the quantity specified in the Size field will be the new open contracts after replacement. IP, sequencing of messages, heartbeats and gap fills. ABBO moves into its posted price. Message Direction: MIAX to Firm Sequenced Pkt; Refer to SesM Protocol Specification Message Type 2 Alphanumeric ER Client Message ID 4 BinaryU Unique message ID sent by the firm in the request MPID 4 Alphanumeric MIAX assigned ID of the Market Maker equote ID 8 BinaryU MIAX assigned ID for equote if accepted; Zero if equote was rejected. Such a bad quote block will result in MIAX disconnecting the client session on which such quote was received. Changes to these settings can be made throughout the day.

Note: Times specified in the website are in United States Eastern Time zone. Firms can change their settings electronically throughout the day. Responding to Liquidity seeking events: o Firms can submit multiple equotes. Firms are limited to 2 full service ports and 4 limited service ports per cloud. Firm Interface Start up time Firms are allowed to connect to MEI and send test quotes. MPID1 and MPID2 on that engine. Separate executions will be sent for each such execution. MIAX may in the future allow for the submission by Market Makers of Day equotes, executions of which may be counted towards ARM protection.

The Underlying Level ARM 2 configuration settings work similarly to that of the ARM settings above. MIAX will ignore Event ID. Firms can choose to disable cancel notifications or enable limited cancel notifications on all of their ports. For the most part, the underlying assignments will be static in terms of allocation to a trading environment. Downgraded from older version This is a sequenced message Simple Mass Quote Cancel Request Firms can use this message format to request the cancelation of all simple quotes and equotes for an MPID all simple quotes and equotes for an MPID for all series for an underlying Proprietary Information of Miami International Holdings, Inc. ARM 2 Underlying Level protection settings can be set up by the firms via MEI. Response Simple Mass Quote Cancel Request Simple Mass Quote Cancel Response Mass Liquidity Cancel Request Simple and Complex Mass Liquidity Cancel Response Simple Quote Protection Reset Request Simple Quote Protection Reset Response Liquidity Protection Reset Request Liquidity Protection Reset Response NOTIFICATIONS System State Notification Product Trading Status Notification Underlying Trading Status Notification Quote Width Relief Notification Simple ARM Protection Settings Notification Proprietary Information of Miami International Holdings, Inc. Please refer MIAX rules and circulars for details about priority quote width applicable during Opening. BinaryPrc4U Quote width applicable for this range for Options that are not Long Term Options.

Trading Operations or by visiting MIAX website at Proprietary Information of Miami International Holdings, Inc. Underlying market: Market Code Description Proprietary Information of Miami International Holdings, Inc. Initially, executions of equotes and FIX orders are not counted towards ARM protection. The high end of the applicable price range is up to, but not including the next row s low end applicable price range if provided or infinity for the last row. For executions, please refer to the Execution notification. Only simple quote executions are counted towards ARM protection. ARM triggers are counted in order to determine if they don t exceed the specified ARM 2 Threshold. Any quotes entered before that will be acknowledged and discarded immediately.

ARM Settings: Although the preferred method for setting up the ARM parameters is to use ARM messages supported by the MEI Interface, MIAX will allow Market Maker firms to their ARM settings in an Excel sheet. ID is not unique between Series Product ID. There can be midday changes to this and firms need to be able to process them throughout the trading day. Firms can use the IDs together as a unique ID for each quote. Simple Series Update This is the message format that will be used to disseminate all Option series traded on MIAX for the current session on the cloud associated for this connection. For example, separate port groups can be defined for full service ports and limited service port. This cannot be changed in a replacement equote. Liquidity Messages Simple Bulk Quote Message Firms can use this message format to send up to 50 single sided quotes. MIAX members that are approved as Market Makers use to submit quotes for trading on the MIAX Options Market. Intraday setting changes do not trigger ARM 2 recalculation or ARM 2 Protection.

Some of the messages that are sent over MEI are considered to not be of any value for refreshing after reconnecting and hence those are unsequenced messages. Market Maker for the same product, it will be accepted and the contra side will be canceled. For example, for underlying AAPL which has security symbols AAPL and AAPL7, ARM 2 protection is triggered under the scope of the underlying which includes AAPL and AAPL7. In the interest of achieving the best performance for quoting latency and throughput, firms can consider avoiding the latency of such cancel processing by changing the side being moved into first. The equote cancel response must be deemed as a confirmation. Bulk quote will be rejected if the quote count is different than actual number of quotes in the Bulk quote message. Firms are required to test connectivity to these backup MEI ports every day. Replaced equotes will always have new timestamp on the book. For Opening event, Event ID must be zero.

BinaryPrc4U Low end of the price range for which this valid width is applicable. Limited service ports are optional. Firms can replay all sequenced messages starting at a specified SesM sequence number. Complex Enhanced Quotes: MEI provides complex enhanced quote entry mechanism. Important: Firms are advised to utilize the default ARM settings published for the given trading session via the ARM Protection Notification message. MIAX will carry over all ARM 2 settings across trading sessions. Hot Topics Membership: Contact Member services for details about membership. ARM Risk protection: Firms can set up their ARM settings at MIAX and MIAX will use those settings every day.

All subsequent firms settings messages received from MEI will overwrite the corresponding manual settings for the current trading session. Data Types The following table describes the data types used in MEI messaging: Note: Time fields in all messages are as per timings of United States Eastern Time zone. MIAX Proprietary Information of Miami International Holdings, Inc. This message indicates if the complex eQuote was accepted or rejected. Underlying Trading Status notification to determine current state of the strategies. ARM Settings: ARM Underlying Level protections settings can be sent via MEI. This message format will be used to notify firms about ARM2 Underlying Level protection events. MIAX is experiencing system issues.

This is not a sequenced message for quote cancels. Otherwise, eQuote will be rejected. Their scope is limited to each field. Period that will trigger ARM2 Firm Level protection. Must be filled with a valid underlying. Zero if this is a new request. ARM settings will persistent across trading sessions. Message ID identifies complex eQuote submitted by the firm for the specific method ID. Message ID against open eQuotes for the Product for that MPID and reject duplicates. Firms can also cancel an eQuote using Simple eQuote message.

The ratio of this individual leg. Firms can submit multiple eQuotes. Simple Quote Protection Reset Request. ARM Firm Level protection will cancel all simple quotes for the firm on all clouds. Renamed FAQs section to Hot Topics. This is a sequenced message. Simple Quotes sent before resetting will be rejected. Each place can contain characters or numbers. MIAX global default settings.

Size field will be the new open contracts after replacement. ARM2 Underlying Level Protection Notification. For this example, both groups are set up to cleanup on disconnect. Simple Quote protection reset is required to start sending simple quotes again. This is not a sequenced message. Rejected records will result in MIAX Operations not loading the file. Makers use to submit quotes for trading on the MIAX Options Market. Complex method leg has wide MBBO. Miami International Securities Exchange, LLC.

Firms can use this message format to send up to 50 single sided quotes. Firm Level ARM2 protections can be set up by contacting MIAX Trading Operations. None of the currently supported eQuote types are posted to the MIAX BBO. MIAX will carry over all ARM2 settings across trading sessions. This is an exchangewide notification and not a symbol or member based notification. Simple Quote protection can be triggered due to any one of the reasons listed in the message below.

IDs together as a unique ID for each quote. Simple Quotes and simple eQuote sent before resetting will be rejected. Please note that there should be no spaces or unreadable characters anywhere in the file. Complex method leg has PRIME Auction. MIAX rules and circulars for details about priority quote width applicable during Opening. Underlying and Firm Trigger notifications.

Firms are allowed to connect to MEI and send test quotes. ARM2 settings in order for the functionality to operate. ARM2 reset will be rejected. Firms will be contacted by MIAX Trading Operations personnel upon such event. MIAX canceling all complex eQuotes for these strategies. Number of times to execute the specified method. Quote protection reset is required to start quoting the effected underlying again.

ARM2 configuration settings work similarly to that of the ARM settings above. Simple Quotes sent for the effected underlying before resetting will be rejected. Therefore, if a firm deletes a setting, other remaining MPID settings or MIAX settings apply. Limited service ports to 4 per cloud. Underlying sent in the request. MPID3 is shared on both groups.

This message format will be used to notify firms about ARM Firm Level protection events. Therefore, Execution ID uniquely identifies each execution. MIAX is not liable for any such delays. Complex method Auction in progress. MEI ports every day. Order and any AOC responses will trade contemporaneously with the Halt. Time at which this was generated by MIAX system. All simple quotes will be canceled due to ARM triggered protection. Replaced complex eQuotes will always have new timestamp on the book.

This message format is used to inform the firms of the status of their Liquidity Protection Reset request. Single work sheet named ARM settings in an XL workbook. This message indicates if the eQuote was accepted or rejected. ARM Risk protection: provides an additional protection mechanism on top of ARM. This message format will be used to notify the firms of changes to the trading status of an option. Firms can use this message format to set up their ARM protection settings for each session. ARM protection initiated mass cancels. Request to mass cancel all simple liquidities.

Opening process of MIAX Options market. This message format will be used to notify firms of their ARM2 Underlying Level protection settings. Intraday setting changes do not trigger ARM2 recalculation or ARM2 Protection. Complex method leg has Route Timer. Explicit strike price of the option. MIAX uses this format to respond to the firm with a status of their ARM protection settings request. ARM2 is built upon the ARM protection mechanism. ARM2 UNDERLYING LEVEL PROTECTION SETTINGS UPDATE RESPONSE.

MIAX book or when responding to a liquidity seeking event. Simple eQuotes are not cancelled. End of Test Session. MPID is eligible to trade. This cannot be changed in a replacement eQuote. Zero if eQuote was rejected.

This message format will be used to notify firms when an MPID is placed under simple quote protection. Firms can submit multiple complex eQuotes. As of the date of this spec release, there are no default settings for ARM2. MIAX Product ID mapped to a given option. Request to mass cancel all complex liquidities. MPID is eligible for on the engine to which this Mass Liquidity Cancel was submitted. Opening as specified in the rules and regulatory circulars of MIAX Options market.

Simple Quote protection reset sent before manual ARM2 reset will be rejected. This message format is used to notify the firms of the state changes of the system. Changes throughout to reflect latest rules. MEI at the start of every session. Complex AOC eQuote can only be a response to the auction. Only applicable to Complex eQuotes. Refer to MIAX rules as to the details and exceptions to this rule. Underlying Level protections electronically throughout the day.

Initially, executions of eQuotes and FIX orders are not counted towards ARM protection. Membership: Contact Member services for details about membership. This width is only applicable for the current trading session. ARM Protection Notification message. But no cleanup is done for MPID4 and MPID5. Firms must call MIAX Trading Operations to manually reset ARM2 protection. This message format will be used to notify firms of their ARM settings. MIAX assigned ID of the Market Maker. Simple Quotes and Simple eQuote sent before resetting will be rejected.

The following events will not result in Cancel Notification being published. Message ID will be reflected in cancel notification and execution notification. Scenario 1: MEI Port 1 disconnects, no cleanup. This relief is only applicable for the current trading session. When underlying halts, all strategies for that underlying are in a halted state. For this example, the group 2 is set up to not cleanup on disconnect. Simplex Quotes and Simple eQuote sent before resetting will be rejected.

MIAX will populate Quote status of space. Operations to upload their settings and confirm that the file was successfully uploaded. Simple quotes sent before resetting will be rejected. MM for entire series of this underlying. ARM Underlying Level protection settings can be set up by the firms via MEI. Operations in an Excel sheet as indicated below.

Note: Time fields in all messages are as per timings of United States Eastern Time zone. Mass Quote Cancel was submitted. Copyright and page footer updated. NOTE: simple eQuotes will not be canceled due to ARM triggered protection. Stock Symbol for the option. The length of this message is variable based on the number of legs. Counting period, triggers ARM protection. Replaced eQuotes will always have new timestamp on the book.

MEI messaging and the system architecture is designed for low latency and high throughput messaging. This section consists of application messages such as Quote, eQuote messages and notifications. This message might be published more than once per day. Time at which MIAX engine generated this response. Number of quotes in this bulk quote message. This can be changed in a replacement eQuote. If the quote block is rejected, Quote status and Engine Sequence Number must be ignored. Bulk quotes and Enhanced quotes via the MEI interface. Port 2 and 4 are limited service ports.