U.S. Options

On June 3, 2025, MIAX Sapphire experienced system difficulties as a result of an operational error.  Specifically, because of this operational error, the Exchange’s simulation/testing environment connected to the MIAX Sapphire production ports and injected data into the MIAX Sapphire matching engines.  Upon discovery of this issue, the Exchange immediately halted trading in all symbols at 11:49 AM and immediately published a Trading Alert at 11:53 AM, announcing such trading halt.  In the interest of ensuring fair and orderly markets and for the protection of investors, the Exchange determined that it would bust all trades that occurred between approximately 11:18 AM and 11:33 AM.  These trades were canceled under MIAX Sapphire Rule 523, Authority to Take Action Under Emergency Conditions.  Members were notified at 1:07 PM that all trades during this time period would be canceled.  By 1:54 PM, all impacted Members were provided with specific trade details relating to their busted trades.  The Exchange has fully-remediated this issue and all systems are operating normally.
 
All trade cancels were processed and updated at both the OCC and OPRA.


If you have any questions, please contact Trading Operations at (609) 897-7302 or TradingOperations@miaxglobal.com.

Regulatory inquiries should be directed to Regulatory@miaxglobal.com.