U.S. Options

MIAX Sapphire Options Alerts

Find more information on our U.S. options exchanges.

Back to MIAX Sapphire Options Alerts

Regulatory Alert, Trading Alert, Technical Alert

MIAX Sapphire

June 11, 2025 | 09:11 AM

MIAX Sapphire Options Exchange Trading Floor - June 27, 2025 Pre-Test and June 28, 2025 Mock Trading Session

As previously announced in the May 20, 2025 Alert, MIAX Sapphire will conduct a mandatory, in-person, mock trading session on Saturday, June 28, 2025, on the trading floor in preparation for the launch of the trading floor on Tuesday, July 15, 2025, in Miami.

To prepare for the Saturday Mock Trading Test, all firms are encouraged to be onsite any time between 8:30 a.m. and 4:30 p.m. on Friday, June 27, 2025, to (i) setup and test Wi-Fi and telco/carrier/3rd party connectivity access, (ii) work on data center colo equipment, and (iii) receive physical access credentials if you will be positioned as permanent, on-floor staff.

Application level testing such as FFOI/FBQI login and messaging communication will only be supported on Saturday, June 28, 2025 during mock trading activities. Firms and their providers should ensure that they do not connect to the MIAX Sapphire production system as part of their setup activities on Friday.

Saturday, June 28th Test Day Timeline:

  1. 08:30 a.m. – Pre-opening connectivity window opens
  2. 08:45 a.m. – Live Order Window (LOW)
  3. 09:30 a.m. – Opening
  4. 1:00 p.m. – Closing (if all firms have completed testing)
Testing Suggestions:
  1. FFOI Order Entry
    1. QFO
    2. Must Fill Quantity
    3. Complex QFO
    4. With stock
    5. With-out stock
    6. DCP
    7. QCC
    8. Complex QCC
    9. C2C
    10. Complex C2C
    11. Stock-tied FOG
    12. Stock-tied WEX
  2. FBQI Queries
    1. Simple Depth
    2. Simple Top
    3. Complex Market
  3. CTD
    1. Verify trades
    2. Verify corrections
  4. Member Firm Portal (MFP)
    1. Post trade Allocation
    2. Verification of trades
    3. Post trade non-material changes
  5. The following options will have resting liquidity:
    1. AAPL–Dec 19 25-C-100.00
      1. $104.20 - $105.25
    2. AAPL–Dec 19 25-P-100.00
      1. $0.46 - $0.48
    3. SPY–Dec 19 25-C-655.00
      1. $7.20 - $7.25
    4. SPY–Dec 19 25-P-655.00
      1. $60.15 - $62.45

For additional information, 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.

Sales inquiries should be directed to Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.