U.S. Options

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 the 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.