Federal Register #SR-SAPPHIRE-2026-14

SEC Notice: Proposed MIAX Sapphire Options Exchange Fee Schedule Amendment

This notice outlines a proposed regulatory change by the Securities and Exchange Commission (SEC) concerning the MIAX Sapphire Options Exchange Fee Schedule: - Government Buyer: - Securities and Exchange Commission (SEC) - Key Details: - MIAX Sapphire, LLC proposes to amend its Options Exchange Fee Schedule - Establishes a $0.20 per contract surcharge on certain Floor Market Maker orders (both Penny and non-Penny classes) when the Market Maker is the counterparty to a Priority Customer complex Qualified Floor Order (cQFO) executed by a Floor Broker - Introduces a $0.20 per contract rebate (Floor Broker Enhanced Complex Rebate) to Floor Brokers for these trades, in addition to any existing Floor Broker Breakup Credit - Surcharge and rebate do not apply to cQCC, cC2C, Strategy, or other non-complex transactions - Unique Requirements and Notable Information: - The rule change is intended to incentivize Floor Brokers to increase Priority Customer complex order volume, enhancing trading opportunities and competition - The Trading Floor is located in Miami, Florida - No OEMs, vendors, or product/service procurements are involved, as this is a regulatory action, not a procurement opportunity

Description

This notice announces a proposed rule change by MIAX Sapphire, LLC to amend its Options Exchange Fee Schedule. The amendments include establishing a surcharge on certain Floor Market Maker orders and providing a rebate to Floor Brokers for specific Priority Customer complex orders executed on the Trading Floor. The changes aim to incentivize Floor Brokers to increase Priority Customer complex order volume, thereby enhancing trading opportunities and competition on the Trading Floor. The filing is effective immediately as of April 1, 2026.

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