Exchange Fixes Monday Options When Earnings Drop Late
Published Date: 5/19/2026
Notice
Summary
MIAX Sapphire is updating its Short Term Option Series Program to clear up how Monday and Wednesday short-term options work when a company announces earnings after the market closes. This change helps traders understand option listings better and keeps things running smoothly. The update is effective immediately and mainly affects traders dealing with these special short-term options.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
How Listings Are Treated If Earnings Hit After Listing
If a Monday or Wednesday short-term expiration is already listed and an earnings announcement is made after the listing becomes available for trading, the Exchange will either delist that expiration if there is no open interest or mark the expiration as 'closing only' if there is open interest. That means you may not be able to open new positions for that expiration, though existing positions can be closed.
No Mon/Wed Short-Term Listings Before After-Hours Earnings
If a company scheduled an earnings announcement after the market close, the Exchange will not list a Monday or Wednesday short-term option expiration for that qualifying stock or ETF. This rule is now codified so traders know these Monday/Wednesday expirations will not be available when an after-hours earnings announcement is scheduled.
Very High Thresholds for Qualifying Securities
To be a 'Qualifying Security' for short-term Monday/Wednesday expirations, an individual stock must have market capitalization greater than $700,000,000,000 and an ETF must have assets under management greater than $50,000,000,000; additionally monthly options volume must be greater than 10,000,000 sides, position limits at least 250,000 contracts, and participation in the Penny Interval Program. These thresholds determine which securities may receive the short-term option listings.
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Key Dates
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Previous / Next Documents
Previous: 2026-09963 — Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Short Term Option Series Program
Miami International Securities Exchange (MIAX) is updating its Short Term Option Series rules to clear up how Monday and Wednesday options work when a company announces earnings after the market closes. This change helps traders understand option expirations better and keeps things running smoothly. The update is effective immediately, so options traders should take note right away!
Next: 2026-09965 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE Arca Options Fee Schedule To Adopt Fees Applicable to Trading Options on MXWLD, MXACW, and MXUSA
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