U.S. Options

As previously announced in the July 3, 2025 Alert, MIAX Sapphire will conduct a mandatory, in-person, final confidence mock trading session on Saturday, September 6, 2025 on the trading floor in Miami, in preparation for the launch of the trading floor on Friday, September 12, 2025.

To prepare for the Final Confidence Test, all firms are encouraged to be onsite any time between 8:30 a.m. and 5:30 p.m. from September 2, 2025 through September 5, 2025 to complete the following:

1. Setup and test:
   1. Wi-Fi Connectivity
   2. Network Connectivity (i.e. telco or managed services)
   3. Application Connectivity (proprietary or third party)
   4. Confirm Firms Data Center Equipment
2. Request security access credentials to the physical trading floor (permanent member firm and on-floor staff only)
3. Receive trading floor badges
4. Please note: Login testing to the FIX Floor Order Interface (FFOI) and Floor Broker Query Interface (FBQI) applications will only be supported from September 2, 2025 through September 5, 2025 between 4:30 p.m. and 5:30 p.m. No messaging support will be permitted. Firms and their third-party vendors can request login access to their ports by contacting MIAX Trading Operations.

Saturday, September 6, 2025 Test Day Timeline (ET):

1. 8:30 a.m. Pre-opening connectivity window opens
2. 9:30 a.m. Opening
3. 1:00 p.m. Closing (if all firms have completed testing)

Testing Suggestions:

1. FFOI Order Entry
   1. QFO
   2. Must Fill Quantity
   3. Complex QFO
   4. With stock
   5. With-out stock
   6. DCP
   7. QCC
   8. Complex QCC
   9. C2C
   10. Complex C2C
   11. Stock-tied FOG
   12. Stock-tied WEX
2. FBQI Queries
   1. Simple Depth
   2. Simple Top
   3. Complex Market
3. CTD
   1. Verify trades
   2. Verify corrections
4. Member Firm Portal (MFP)
   1. Post trade Allocation
   2. Verification of trades
   3. Post trade non-material changes
5. The following options will have resting liquidity:
   1. AAPL–Dec 19 25-C-100.00
      1. $126.00 - $131.00
   2. AAPL–Dec 19 25-P-100.00
      1. $0.05 - $5.05
   3. SPY–Dec 19 25-C-655.00
      1. $14.00 – $19.00
   4. SPY–Dec 19 25-P-655.00
      1. $21.00 - $26.00
6. MIAX Sapphire will submit trade data from the final confidence test to CAT test environment. 
7. The following reports will be available to MIAX Sapphire members upon request:
   1. EOD Clearing Trade Transmission
   2. Traded Against Report

For additional information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.

Regulatory inquiries should be directed to Regulatory@miaxglobal.com or (609) 897-7309.

Sales inquiries should be directed to Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.