MIAX Emerald® Options 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. 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.

 

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.

 

MIAX Emerald 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.