MIAX Options® Trade Hours of Operation
|
TIME - U.S. ET ZONE |
Description |
|---|---|
|
5:00 AM - 6:59 AM |
Start of System Hours Dissemination of Start of Session message and multicast heartbeats over all market data feeds. Dissemination of symbol reference data over all market data feeds and retransmission services. |
|
7:00 AM |
MIAX Express Interface (MEI) Startup Firms can connect to the MIAX Express Interface (MEI) and download products. |
|
7:30 AM |
Firm Interface Startup Time Firms can connect to the FIX Gateway and conduct pre-market order activity. All order activity during this time period WILL affect the live book. Firms can send messages over MEI. All MEI activity during this period, prior to the Live Quote Window (LQW), will be acknowledged for connectivity verification purposes, but WILL NOT affect the live quote state. |
|
9:15 AM |
Live Quote Window (LQW) Start of Quoting. Quotes entered during LQW WILL be used in Opening process. Note, the LQW for SPIKES Settlement Options on SPIKES Settlement Day is 8:30 AM. Therefore, on SPIKES Settlement Day the start of quoting for SPIKES Settlement Options, i.e., only SPY Options in the expiration used to calculate the SPIKES Settlement, will be one hour prior to Open. |
|
9:30 AM - 4:00 PM |
Trading Session for Equity Options (ends at 1:00 pm on early closing days) MIAX stops accepting Orders and Quotes at the end of the Trading Session. |
|
9:30 AM - 4:15 PM |
Trading Session for Select ETF and Index Options (ends at 1:15 pm on early closing days) MIAX stops accepting Orders and Quotes at the end of the Trading Session. |
|
4:25 PM |
End of Order Cancel Acceptance MIAX will stop accepting cancels for orders (ends at 1:25 pm on early closing days). |
|
4:25 PM - 5:00 PM |
Dissemination of Nothing Done Messages (1:25 pm to 2:00 pm on early closing days) Final trade corrections and clearing adjustments. |
MIAX Pearl® Options Trade Hours of Operation
|
Time - U.S. ET Zone |
Description |
|---|---|
|
5:00 AM - 6:59 AM |
Start of System Hours Dissemination of Start of Session message and multicast heartbeats over all market data feeds. Dissemination of symbol reference data over all market data feeds and retransmission services. |
|
7:00 AM |
MIAX Express Order Interface Startup Firms can connect to the MIAX Express Order Interface (MEO) and download products. Firms may not send any application messages until the Live Order Window (LOW) opens at 7:30 am. |
|
7:30 AM |
Live Order Window (LOW) Firms can connect to the FIX Gateway and MEO Interface to conduct pre-market order activity. All order activity during this time period WILL affect the live book.
Series Assignments Market Makers can send daily Market Maker Series Assignments. |
|
9:00 AM |
Series Assignments MIAX Pearl stops accepting Market Maker Series Assignments. |
|
9:30 AM - 4:00 PM |
Trading Session for Equity Options (ends at 1:00 pm on early closing days) MIAX Pearl stops accepting Orders and Quotes at the end of the Trading Session. |
|
9:30 AM - 4:15 PM |
Trading Session for Select ETF and Index Options (ends at 1:15 pm on early closing days) MIAX Pearl stops accepting Orders and Quotes at the end of the Trading Session. |
|
4:25 PM |
End of Order Cancel Acceptance MIAX Pearl will stop accepting cancels for orders (ends at 1:25 pm on early closing days). |
|
4:25 PM - 5:00 PM |
Dissemination of Nothing Done Messages (1:25 pm to 2:00 pm on early closing days) Final trade corrections and clearing adjustments. |
MIAX Emerald® Options Trade Hours of Operation
|
Time - U.S. ET Zone |
Description |
|---|---|
|
5:00 AM - 6:59 AM |
Start of System Hours Dissemination of Start of Session message and multicast heartbeats over all market data feeds. Dissemination of symbol reference data over all market data feeds and retransmission services. |
|
7:00 AM |
MIAX Express Interface (MEI) Startup Firms can connect to the MIAX Express Interface (MEI) and download products. |
| 7:30 AM |
Firm Interface Startup Time Firms can connect to the FIX Gateway and conduct pre-market order activity. All order activity during this time period WILL affect the live book. Firms can send messages over MEI. All MEI activity during this period, prior to the Live Quote Window (LQW), will be acknowledged for connectivity verification purposes, but WILL NOT affect the live quote state. |
|
9:15 AM |
Live Quote Window (LQW) Start of Quoting. Quotes entered during LQW WILL be used in Opening process. |
|
9:30 AM - 4:00 PM |
Trading Session for Equity Options (ends at 1:00 pm on early closing days) MIAX stops accepting Orders and Quotes at the end of the Trading Session. |
|
9:30 AM - 4:15 PM |
Trading Session for Select ETF and Index Options (ends at 1:15 pm on early closing days) MIAX stops accepting Orders and Quotes at the end of the Trading Session. |
|
4:25 PM |
End of Order Cancel Acceptance MIAX will stop accepting cancels for orders (ends at 1:25 pm on early closing days). |
|
4:25 PM - 5:00 PM |
Dissemination of Nothing Done Messages (1:25 pm to 2:00 pm on early closing days) Final trade corrections and clearing adjustments. |
MIAX Sapphire™ Trade Hours of Operation
| Time - U.S. ET Zone | Description |
|---|---|
| 5:00 AM - 6:59 AM | Start of System Hours Dissemination of Start of Session message and multicast heartbeats over all market data feeds. |
| 7:00 AM | MIAX Express Order Interface Startup Firms can connect to the MIAX Express Order Interface (MEO) and download products. Firms |
| 7:30 AM | Live Order Window (LOW) Firms can connect to the FIX Gateway and MEO Interface to conduct pre-market order activity. Series Assignments Market Makers can send daily Market Maker Series Assignments. |
| 9:00 AM | Series Assignments MIAX Sapphire stops accepting Market Maker Series Assignments. |
| 9:30 AM - 4:00 PM | Trading Session for Equity Options (ends at 1:00 pm on early closing MIAX Sapphire stops accepting Orders and Quotes at the end of the Trading Session. |
| 9:30 AM - 4:15 PM | Trading Session for Select ETF and Index Options (ends at 1:15 pm on MIAX Sapphire stops accepting Orders and Quotes at the end of the Trading Session. |
| 4:25 PM | End of Order Cancel Acceptance MIAX Sapphire will stop accepting cancels for orders (ends at 1:25 pm on early closing days). |
| 4:25 PM - 5:00 PM | Dissemination of Nothing Done Messages (1:25 pm to 2:00 pm on early Final trade corrections and clearing adjustments. |
Holiday Calendar
| Holiday | 2025 | 2026 |
|---|---|---|
| New Year’s Day | Wednesday, January 1st | Thursday, January 1st |
| Martin Luther King Jr. Day | Monday, January 20th | Monday, January 19th |
| Washington’s Birthday | Monday, February 17th | Monday, February 16th |
| Good Friday | Friday, April 18th | Friday, April 3rd |
| Memorial Day | Monday, May 26th | Monday, May 25th |
| Juneteenth National Independence Day | Thursday, June 19th | Friday, June 19th |
| Independence Day | Thursday, July 3rd* Friday, July 4th | Friday, July 3rd (Independence Day Observed) |
| Labor Day | Monday, September 1st | Monday, September 7th |
| Thanksgiving Day | Thursday, November 27th Friday, November 28th * | Thursday, November 26th Friday, November 27th ** |
| Christmas | Wednesday, December 24th* Thursday, December 25th | Thursday, December 24th** Friday, December 25th |
*2025: Each market will close early at 1:00 p.m. (1:15 p.m. for eligible options) on Thursday, July 3, 2025, Friday, November 28, 2025 and Wednesday, December 24, 2025. All times are Eastern Time.
**2026: Each market will close early at 1:00 p.m. (1:15 p.m. for eligible options) on Friday, November 27, 2026 and Thursday, December 24, 2026. All times are Eastern Time.
Have any questions or concerns? Contact Us.