U.S. Options

Overview:

As previously announced in the April 3, 2025 Alert, the MIAX Exchange Group is participating in the 2025 SIFMA BCP Testing on Saturday, October 25, 2025. All Members that are required to test with MIAX Options, MIAX Pearl Options, MIAX Emerald Options, MIAX Sapphire Options or MIAX Pearl Equities Exchanges in accordance with Regulation Systems Compliance and Integrity (Regulation SCI) have been notified. However, all Members are encouraged to test. 

MIAX is providing access to Pre-Testing sessions on the following dates:

• Access to application layer connectivity testing in the DR environments for each MIAX exchange will be available on the following dates and times:
  • Saturday, September 27, 2025, 8:00 a.m. – 12:00 p.m. EDT
  • Saturday, October 4, 2025, 8:00 a.m. – 12:00 p.m. EDT
  • Monday, October 20, 2025 through Friday, October 24, 2025, 8:00 a.m. – 5:30 p.m. EDT

To coordinate testing, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.


MIAX Options, MIAX Pearl Options, MIAX Emerald Options, & MIAX Sapphire Options Exchanges BCP Testing Requirements
Option exchange members mandated to participate in accordance with Regulation SCI are obligated, at a minimum, to demonstrate the following:

Electronic Exchange Members (EEM)

• Send at least two orders in any of the options listed below
• Receive at least one execution confirmation in any of the options listed below

Market Makers (MM)

• MIAX Options Exchange:
  • Send at least one two-sided quote in any of the options listed below
  • Receive at least one execution confirmation in any of the options listed below
• MIAX Pearl Options Exchange:
  • Send at least one two-sided order in any of the options listed below
  • Receive at least one execution confirmation in any of the options listed below
• MIAX Emerald Options Exchange:
  • Send at least one two-sided quote in any of the options listed below
  • Receive at least one execution confirmation in any of the options listed below
• MIAX Sapphire Options Exchange:
  • Send at least one two-sided quote in any of the options listed below
  • Receive at least one execution confirmation in any of the options listed below

Options

1. AAPL–Dec 19 25-C-100.00
2. AAPL–Dec 19 25-P-100.00
3. BAC–Nov 21 25-C-30.00
4. BAC–Nov 21 25-P-30.00
5. GE–Jan 16 26-C-80.00
6. GE–Jan 16 26-P-80.00
7. MSFT--Dec 19 25-C-315.00
8. MSFT–Dec 19 25-P-315.00
9. SPY–Dec 19 25-C-655.00
10. SPY–Dec 19 25-P-655.00

MIAX Pearl Equities Exchange BCP Testing Requirements
MIAX Pearl Equities members mandated to participate in accordance with Regulation SCI are obligated, at a minimum, to demonstrate the following:

• Send at least two orders in any of the equity symbols listed below
• Receive at least one execution confirmation in any of the equity symbols listed below

Equities

1. Symbol - NTGR
2. Symbol - ZVZZT
3. Symbol - NTEST

For test day support, to coordinate participation, or to arrange connectivity testing, 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

October 25, 2025 Test Day Timeline:

• 08:30 - Firms can connect to the Trading Systems and enter Orders and Quotes
• 09:15 - Live Quote Window will open
• 09:30 - Opening
• 13:00 - Closing

Test Completion:

• Once a firm has completed testing, please notify MIAX Trading Operations at TradingOperations@miaxglobal.com