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.

 

Holiday Calendar

Holiday

2023

2024

 

New Year’s Day

Monday, January 2nd
(New Year’s holiday observed)

Monday, January 1st

 

Martin Luther King Jr. Day

Monday, January 16th

Monday, January 15th

 

Washington’s Birthday

Monday, February 20th

Monday, February 19th

 

Good Friday

Friday, April 7th

Friday, March 29th

 

Memorial Day

Monday, May 29th

Monday, May 27th

 

Juneteenth National Independence Day

Monday, June 19th

Wednesday, June 19th

 

Independence Day

Monday, July 3rd*
Tuesday, July 4th

Wednesday, July 3rd**
Thursday, July 4th

 

Labor Day

Monday, September 4th

Monday, September 2nd

 

Thanksgiving Day

Thursday, November 23rd
Friday, November 24th*

Thursday, November 28th
Friday, November 29th **

 

Christmas

Monday, December 25th

Tuesday, December 24th**
Wednesday, December 25th

 

*2023: Each market will close early at 1:00 pm (1:15 pm for eligible options) on Monday, July 3, 2023 and Friday, November 24, 2023. All times are Eastern Time. 

** 2024: Each market will close early at 1:00 pm (1:15 pm for eligible options) on Wednesday, July 3, 2024, Friday, November 29, 2024 and Tuesday, December 24, 2024. All times are Eastern Time. 

Have any questions or concerns? Contact Us.