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. |
MIAX Sapphire Options 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.