U.S. Equities

Overview:

The MIAX Exchange Group will participate 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 and/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. 

All Exchange designated Members are required to maintain connection to the MIAX Disaster Recovery (DR) environment for a 12-month period after receiving notification for mandatory testing. All Exchanges will operate out of the Chicago (CH4) DR site during the scheduled test.

Designation Standards - Business Continuity and Disaster Recovery Plans Testing Member:

• MIAX Options Exchange MIAX_Options_RC_2024-77
• MIAX PEARL Options Exchange MIAX_PEARL_RC_2024-74
• MIAX Emerald Options Exchange MIAX_Emerald_RC_2024-76
• MIAX Sapphire Options Exchange MIAX_Sapphire_RC_2024-84
• MIAX PEARL Equities Exchange MIAX_PEARL_Equities_RC_2024-16

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

Pre-Testing:

• Availability to the DR environments for each of the MIAX Exchanges will be available:
  • Saturday, September 27, 2025, 8:00 a.m. – 12:00 p.m. EST
    • Application layer connectivity testing
  • Saturday, October 4, 2025, 8:00 a.m. – 12:00 p.m. EST
    • Application layer connectivity testing
  • Monday, October 20, 2025 through Friday, October 24, 2025, 8:00 a.m. – 5:30 p.m. EST
    • Application layer connectivity testing

MIAX Options, MIAX Pearl Options, MIAX Emerald Options, & MIAX Sapphire Options Exchanges BCP Testing Requirements
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 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 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 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 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 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 25-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
Equity 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 in any of the equity symbols listed below

Equities

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

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 confirm with MIAX Trading Operations at TradingOperations@miaxglobal.com