MIAX Updates Data Feed with Trading Origin Tracking Codes
Published Date: 9/25/2025
Notice
Summary
Miami International Securities Exchange (MIAX) is updating its market data feed to add an origin code to liquidity seeking event notifications. This change helps subscribers better track where trading interest comes from in real time. The update is effective immediately and aims to improve data clarity without extra cost to users.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
AIS Feed Adds Origin Code
MIAX will add a new Origin field to liquidity seeking event notifications on the Administrative Information Subscriber (AIS) market data feed. The Origin values will be mapped from FIX New Order / FIX New Order Cross messages and use these codes: "0" = Priority Customer; "1" = Firm; "2" = Broker/Dealer; "4" = Market Maker; "5" = Non-Member Market Maker; "8" = Non-Priority Customer; blank = Not Applicable.
AIS Feed Monthly Fee Unchanged
The Exchange states it will not change the monthly fee charged to subscribers for the AIS Feed as part of this change; subscribers will continue to be charged the same monthly fee for the AIS Feed.
Implementation Timing and Notice
The Exchange will announce the implementation date in a Regulatory Circular published no later than 90 days after the publication of the approval order in the Federal Register. The implementation date itself will be no later than 90 days following publication of that Regulatory Circular.
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Key Dates
Department and Agencies
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