Federal Register #SR-SAPPHIRE-2026-15

SEC Review of MIAX Sapphire, LLC Fee Changes for Liquidity Taker Event Reports

The Securities and Exchange Commission (SEC) is reviewing a proposed rule change from MIAX Sapphire, LLC to amend its fee schedule for Liquidity Taker Event Reports. - Government Buyer: - Securities and Exchange Commission (SEC) - OEM/Vendor: - MIAX Sapphire, LLC (sole OEM and service provider) - Products/Services Requested: - Simple Order Report (annual subscription; fee increasing from $24,000 to $30,000) - Complex Order Report (annual subscription; fee increasing from $24,000 to $30,000) - Resting Simple Order Report (annual subscription; fee increasing from $12,000 to $15,000) - Purge Liquidity Taker Report (new; $30,000 annual or $4,000 monthly subscription) - Notable Requirements: - Discount program for market participants with multiple annual subscriptions - Monthly subscriptions will be discontinued after a sunset period, requiring annual-only subscriptions - Reports provide detailed liquidity response time data for Exchange Members - Transition to semi-annual renewal dates (January 1 and July 1) - No specific purchase quantities; all services are subscription-based

Description

This notice announces a proposed rule change filed by MIAX Sapphire, LLC with the Securities and Exchange Commission (SEC) to amend its fee schedule for liquidity taker event reports. The amendments include increasing annual fees for all liquidity taker event reports, establishing fees for a new Purge Liquidity Taker Report, introducing a discount program for multiple annual subscriptions, and setting a sunset period for monthly subscriptions. The rule change is effective immediately and aims to streamline fee structures and improve transparency for market participants.

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