Options Exchange Tweaks Monday and Wednesday Expirations
Published Date: 5/21/2026
Notice
Summary
MIAX PEARL is updating its Short Term Option Series Program to clear up how Monday and Wednesday options expire when a company announces earnings after the market closes. This change affects traders dealing with certain stocks and ETFs, making option expirations easier to understand and follow. The new rules kick in right away, helping everyone trade smarter without any surprise costs.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
No Monday/Wednesday Listings Before After‑Hours Earnings
For certain individual stocks that qualify, the Exchange will not list a Monday or Wednesday short‑term option expiration on any day when an Earnings Announcement is scheduled to occur after market close. This rule is being codified so members know in advance that such Monday/Wednesday listings will not be available on those days.
Delist or Mark Expirations Closing‑Only After Late Earnings
If a Monday or Wednesday short‑term expiration has already been listed and an Earnings Announcement is made after the listing becomes available for trading, the Exchange will delist that expiration if there is no open interest. If there is open interest, the Exchange will designate that expiration as closing only (no new opening positions allowed).
Which Securities Can Have Short‑Term Mondays/Wednesdays
The Exchange permits certain Qualifying Securities to list up to two Monday and two Wednesday short‑term expirations each quarter (in addition to the Friday weekly expiration) only if they meet eligibility criteria. Qualifying criteria include: for individual stocks a market capitalization greater than $700 billion, or for ETFs Assets Under Management greater than $50 billion; monthly options volume greater than 10 million (sides); a position limit of at least 250,000 contracts; and participation in the Penny Interval Program.
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