MIAX Options will calculate the indicative marking prices (“indicative prices”) for index options on proprietary products at 4:00 PM ET each trading day. The purpose of the indicative prices is to allow alignment of final prices for MIAX traded products with the settlement of related instruments traded on other exchanges. Indicative prices will be sent to the Option Price Reporting Authority (“OPRA”) after 4:15 PM ET on normal trading days and are an indication of price only and apply only to options of single listed exchange proprietary products.

• MIAX SPIKES (“SPIKE”) options

OPRA will disseminate the prices with a message value of “I’” and be used with Category “k” (Long Equity and Index Quote) and “q” (Short Equity and Index Quote) quote messages.

Please refer to the following OPRA Specification Document for more information on indicative messages.

• OPRA Binary Participant Interface Specification Document

Indicative prices should not be considered an actual OPRA NBBO update as they are determined by the Exchange and may differ in value from the disseminated market reflected in the Exchange’s electronic order book.

The indicative price for a given option may differ from the BBO price disseminated at that time when there is a change in the MIAX BBO midpoint as compared to the most recent prior qualified BBO beyond a pre-determined amount.