Friday, May 08, 2020

UTP Vendor Alert #2020 - 6
Launch of MIAX Pearl, LLC (MIAX) as a New Participant to UTP Plan

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • The UTP Operating Committee has received a request from MIAX Pearl LLC (“MIAX”), to join the UTP Plan. The following Market Center Originator ID will be added as allowable values for UTP Quotation Data Feed (UQDF) and UTP Trade Data Feed (UTDF) data feeds:
    • MIAX Pearl, LLC ("H")
  • Pending SEC approval, MIAX plans to commence quoting and trading of Nasdaq-listed securities under the UTP plan in a phased rollout beginning September 25, 2020.
  • MIAX has tentatively scheduled for testing on select weekends in July, August and September prior to their launch, additional details will be announced shortly.

What changes have been requested by MIAX?

MIAX has notified the UTP SIP of its plans to begin quotation and trading as a national securities exchange for Nasdaq-listed securities. MIAX will be active under the UTP plan, pending SEC approval.

Once activated MIAX’s hours of operation in UTP will be as follows:

Session Start and End Times
Pre-Market Session (order entry only) 7:30 a.m. - 9:30 a.m. ET
Regular Market Session 9:30 a.m. - 4:00 p.m. ET

How will this affect the UTP data feeds?

When MIAX, as a national securities exchange, begins quoting and trading of Nasdaq UTP symbols, quotation and trade data will be disseminated via the following UTP data feeds:

  • UTP Quotation Data Feed (UQDF): UQDF subscribers will receive MIAX BBO quotation via UTP Participant Quotation message format for all Nasdaq-listed securities. MIAX quotes will be identified by the market center originator identifier value of "H" in the UQDF message header. In addition, firms will also see the "H" market center value in the National Best Bid and Offer (NBBO) Appendage and Closing Quote Recap message formats.
  • UTP Trade Data Feed (UTDF): MIAX trade transactions will be disseminated with the “H” market center originator identifier and the sub-market center identifier of “space” via UTDF.

Will MIAX offer any nightly or Saturday testing opportunities?

Yes, the UTP SIP in coordination with MIAX will support the following testing opportunities associated with their activation:

Type of Testing Scheduled Dates Description
Evening Test Transmissions Nightly beginning in June 2020 through production launch Each weeknight between 9:30 pm – 10:30 pm, the test data will be available on the “Test Broadcast” IP Multicast channels. No registration is required to participate in evening testing.
Saturday User Acceptance Test (UAT) Tentative MIAX schedule:
July 11, 18 and 25
August 15 and 29
September 19
MIAX will enter data and process this through the SIP. As it is generated, the UTP SIP will disseminate the data via the UTP data feed production channels.
Tentative Production Launch September 25, 2020 Pending SEC approval, MIAX tentatively plans for a production implementation to begin September 25, 2020.

Who should I contact for additional information?