U.S. Equities

MIAX Pearl Equities Exchange will complete a technology upgrade of the trading platform servers in NY4 to enhance system performance.
 
This upgrade requires no changes by member firms. Member firms' connectivity, functionality and interfaces will not be impacted or require any updates.
 
The technology upgrade will be completed in phases. For each phase, the cut-over work supporting the technology refresh for the client facing apps will be performed after trading on Friday evenings beginning at 8:30 p.m. ET and connectivity testing will be available the following Saturday for each phase as outlined below.

1. Technology upgrade phases:
   1. Phase One – September 2026 - Internal service systems
   2. Phase Two – October 2026 and November 2026 - Primary hosts for the Matching Engines, Market Data feeds and Retransmission systems, FIX gateways and MEO gateways
   3. Phase Three –  Late November 2026 and early December 2026 - Secondary hosts for Matching Engine, Market Data feeds, FIX and MEO gateways
2. Connectivity testing prior to production activation will be available on the following dates. Firms are strongly encouraged to participate:
   1. Saturday, October 3, 2026 Test Day Timeline (ET):
      1. 8:00 a.m. - 11:00 a.m.
      2. Primary FIX Drop sessions and Market Data Retransmission systems.
   2. Saturday, October 17, 2026 Test Day Timeline (ET):
      1. 8:00 a.m. - 11:00 a.m.
      2. Clouds: 21 and 22 - Primary Matching Engine and Market Data feeds; Primary FIX and MEO sessions
   3. Saturday, October 31, 2026 Test Day Timeline (ET):
      1. 8:00 a.m. - 11:00 a.m.
      2. Primary FIX and MEO sessions
   4. Saturday, November 7, 2026 Test Day Timeline (ET):
      1. 8:00 a.m. - 11:00 a.m.
      2. Primary MEO sessions
   5. Saturday, November 14, 2026 Test Day Timeline (ET):
      1. 8:00 a.m. - 11:00 a.m.
      2. Clouds: 1-16 - Primary Matching Engine and Market Data feeds; Primary MEO sessions
   6. Saturday, November 21, 2026 Test Day Timeline (ET):
      1. 8:00 a.m. - 11:00 a.m.
      2. Clouds: 17-20 and 23-24 - Primary Matching Engine and Market Data feeds
   7. Saturday, December 12, 2026 Test Day Timeline (ET):
      1. 8:00 a.m. - 11:00 a.m.
      2. Clouds: 1-24 - Secondary Matching Engine and Market Data feeds, Secondary FIX and MEO sessions

Please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302 to arrange testing or for additional information on the refresh.