MIAX Sapphire™ Trade Hours of Operation


 

Time -  U.S. ET ZoneDescription
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 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 
days)

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 
early closing days)

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
closing days)

Final trade corrections and clearing adjustments.

 

MIAX Options Holiday Calendar


HOLIDAY20242025
New Year’s DayMonday, January 1st    Wednesday, January 1st
Martin Luther King Jr. DayMonday, January 15thMonday, January 20th
 Washington’s BirthdayMonday, February 19thMonday, February 17th
 Good FridayFriday, March 29thFriday, April 18th
 Memorial DayMonday, May 27thMonday, May 26th
 Juneteenth National Independence DayWednesday, June 19thThursday, June 19th
 Independence DayWednesday, July 3rd*
Thursday, July 4th
Thursday, July 3rd**
Friday, July 4th
 Labor DayMonday, September 2ndMonday, September 1st
 Thanksgiving DayThursday, November 28th
Friday, November 29th*
Thursday, November 27th
Friday, November 28th **
 ChristmasTuesday, December 24th*
Wednesday, December 25th
Wednesday, December 24th**
Thursday, December 25th

 

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

**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.

Have any questions or concerns? Contact Us.