Federal Register #SR-SAPPHIRE-2026-11

MIAX Sapphire Options Exchange Trading Floor Fee Waiver Amendments

This notice details proposed amendments to the MIAX Sapphire Options Exchange Trading Floor non-transaction fee waivers, aiming to incentivize new Floor Broker participation and enhance liquidity on the Miami trading floor. - Government Buyer: - MIAX Sapphire, LLC (Trading Floor Operations) - OEMs and Vendors: - MIAX Sapphire, LLC (operator of the options exchange) - Services and Fees: - Waiver of one-time application and initiation fees for new Floor Broker applications starting March 1, 2026 - Waiver of participant fees for new Floor Brokers for the initial partial month plus three full calendar months, contingent on maintaining a physical presence on the Trading Floor - Conditional waiver of monthly Trading Permit fees for Floor Brokers executing at least 100 contracts average daily volume (ADV) in Qualified Floor Orders or Complex Qualified Floor Orders each month (no defined sunset date) - Establishment of a $500 monthly fee for each designated Floor Market Maker Alternate - Desk and badge fees assessed for additional desks and badges, with no waivers after February 2026 - Data center hosting fees for housing servers and network equipment at the 545Wyn Data Center, with no waivers after February 2026 - Unique Requirements: - Fee waivers are designed to attract new Floor Brokers and are tied to physical presence and trading activity - Ongoing fee waivers for Trading Permit fees require meeting specific trading volume thresholds - No products or equipment are being procured; all changes pertain to fee structures and waivers for exchange participants

Description

MIAX Sapphire, LLC has filed a proposed rule change to amend its Options Exchange Fee Schedule specifically concerning non-transaction fee waivers. The amendment involves updating certain fee waivers for Trading Floor participants, removing expired waiver language, and adjusting fees such as application, initiation, participant, and trading permit fees. The changes aim to clarify fee assessments post the expiration of initial waivers and to incentivize new Floor Brokers to join and increase order flow and liquidity on the Trading Floor.

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