Following a successful first test with participation from 11 firms sending orders and quotes, those quotes and trades being disseminated over Memoir and OPRA, mass cancel and risk functionality, drop copies, and OCC and CAT records being created, MEMX Options will host the second of three planned pre-launch production tests on Saturday, August 26, 2023. The following details how clients can participate, registration is not required.
Instrument Directory:
The instrument directory for this weekends test.
Order Entry:
Members will be able to use their current Pre-Prod order entry sessions to test. Certification is not required to participate in this weekend’s test but will be required for the final test on September 9, 2023. MEMX will support certifications beginning August 22, 2023.
Market Data:
Market data will be reported down the pre-production lines. All 8 Memoir Stripes will be used for the test.
Drop Copy:
Drop copies will be available to Trading firms and Clearing firms. Firms will need to have EFIDs approved for clearing firms to receive drop copies.
Risk Management:
Risk management will be available for testing. Firms wanting to test this functionality must configure the settings during the week before the test via the User Portal.
Suggested Test Cases:
It is recommended that members interact with the exchange as they do on a normal trading day. This may entail sending single orders, bulk quotes, cancelling and replacing orders, sending mass cancellations, utilizing risk management, receiving drop copies, and receiving Memoir market data, as applicable.
Test Schedule:
| Time (Eastern) | Status |
| 6:30A | Connection Available |
| 9:30A | Orders Accepted |
| 12:00P * | Market Closed for non-ETP based series |
| 12:15P * | Market Closed for ETP based series |
*MEMX may trigger these events earlier which will be dependent on the level of activity.
Future Tests:
- Saturday, September 9, 2023
Third Parties:
External Test Request with OCC
Firms wanting real time or batch DDS test messages out of the industry testing should contact OCC. OCC External testing requests are initiated by submitting an online form.
The form is available on the OCC Website (www.theocc.com) from the ‘Clearing & Services / Certification Testing Services’ menus or directly from the following link: http://www.theocc.com/clearing/certification-testing/default.jsp
MEMX will report the trades on Monday, August 28, 2023, with a trade date of August 26, 2023.
FINRA CAT
FINRA CAT will perform inter-venue linkage and provide feedback for the first two Saturday UAT test dates. Linkage processing will be triggered by the MEMX Options submission to the FINRA CAT Test System, which may be up to the Maximum Submission Dates outlined below. Industry members are encouraged to do the same. Order and Quote Routing Field Mapping between CAT and Exchanges can be found here (MEMX Options, section 11.2): https://www.catnmsplan.com/sites/default/files/2023-07/07.06.2023-Order-and-Quote-Routing-Field-Mapping-Between-CAT-and-Exchanges-and-Display-Facility-v2.7.pdf
| MEMX OP Saturday Test Dates (CAT IM Trade Date for submission) | FINRA CAT Assigned Trade Date | Submissions Due | Maximum Submission Date to Participate in Linkage |
| 8/26/2023 | 8/28/2023 | 8/29/2023 8am | 9/1/2023 |
OPRA
MEMX data will be available over the OPRA production lines under Participant ID “U”. For the test on August 26, 2023, OPRA will run in their 96-line configuration. OPRA will be in their 48-line configuration on September 13, 2023.
Our Market Operations and Member Experience teams are here for any of your questions.
MEMX Market Operations
1-833-415-6677
MEMX Member Experience
1-833-415-6369