U.S. Equities

As previously announced in the December 18, 2024 Alert, MIAX Pearl Equities (EPRL) will roll out Extended Trading Hours beginning in February 2025.

1. Roll Out Process and Important Dates:
   1. Phase I:  No Order Entry Allowed During Extended Trading Hours
      1. Wednesday, February 12, 2025:
         1. All Test Symbols go-live
            1. Depth of Market and Top of Market dissemination begins for Test Symbols during Trading Session transitions
            2. SIP dissemination begins for Test Symbols
      2. Thursday, February 13, 2025:
         1. In addition to Test Symbols, ten non-Test Symbols (listed below) go-live
            1. Depth of Market and Top of Market dissemination continues for Test Symbols and begins for ten non-Test Symbols during Trading Session transitions
            2. SIP dissemination continues for Test Symbols and begins for ten non-Test Symbols
         2. Non-Test Symbols: DNN, FUBO, KULR, MSTU, NVDA, QBTS, RGTI, SOXL, SPXS, TSLZ
      3. Tuesday, February 18, 2025:
         1. All Remaining Symbols go-live
            1. Depth of Market and Top of Market dissemination 
            2. SIP dissemination
   2. Phase II: Order Entry Allowed During Extended Trading Hours
      1. Thursday, February 20, 2025:
         1. FIX version 2.6 and MEO version 2.7 available in production
            1. New Time-in-Force instructions will be supported for Test Symbols only
         2. Liquidity Indicator Codes relating to Extended Trading Hours will begin being disseminated; please refer to the updated Liquidity Indicator Codes Document for these new codes
      2. Tuesday, February 25, 2025:
         1. New Time-in-Force instructions will be supported for all Test and non-Test Symbols
2. Publication of Updated Resource Materials:
   1. In support of Extended Trading Hours, the following materials have been updated:
      1. User Manual
      2. FAQ
      3. Risk Protections Guide
      4. Order Type Combinations Guide
      5. Liquidity Indicator Codes Guide
      6. Member Firm Portal User Manual
3. Mandatory Update Details:
   1. This release necessitates a mandatory upgrade to all FIX and MEO Interfaces to the latest version by Monday, March 31, 2025. All older protocols will not be supported after this date.
   2. Certification is required to upgrade for both the FIX and MEO Interfaces. Please contact TradingOperations@miaxglobal.com to schedule a certification.
   3. The above features are now available for testing in the EPRL Firm Test Bed (FTB2).
      1. FTB2 is now available beginning from 2:00 a.m. ET until 11:00 p.m. ET 
         1. The Live Order Window (“LOW”) will begin at 3:30 a.m. ET
         2. The Early Trading Session in FTB2 will begin at 4:00 a.m. ET
         3. The Late Trading Session in FTB2 will begin at 4:00 p.m. ET and end at 8:00 p.m. ET

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

To learn more about MIAX Pearl Equities please contact Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.