Federal Register #SR-SAPPHIRE-2026-25

SEC Notice: MIAX Sapphire Options Exchange Fee Schedule Amendment

This notice from the Securities and Exchange Commission (SEC) announces the immediate effectiveness of a rule change by MIAX Sapphire, LLC regarding its Options Exchange Fee Schedule. - Government Buyer: - Securities and Exchange Commission (SEC) - OEM/Vendor: - MIAX Sapphire, LLC - Products/Services Requested: - No products or services are being procured; this is a regulatory notice regarding fee schedule amendments - Key Details: - Establishes a monthly firm fee cap for Trading Floor transaction fees - Waives certain Trading Floor transaction fees for members and member organizations trading in their own proprietary accounts that meet a defined monthly threshold - Clarifies the impact of the firm fee cap on fees and rebates for other Trading Floor transactions - Outlines fee and rebate structures for various market participants, including Priority Customers, Professional Customers, Floor Market Makers, Away Market Makers, Broker-Dealers, and Firms - Notable Requirements: - Applies only to qualifying members and member organizations meeting the monthly threshold - No procurement of goods or services; this is a regulatory change affecting fee structures - OEM Highlight: - MIAX Sapphire, LLC is the only OEM/vendor referenced

Description

This notice announces a proposed rule change filed by MIAX Sapphire, LLC with the Securities and Exchange Commission (SEC) to amend the MIAX Sapphire Options Exchange Fee Schedule. The amendment establishes a monthly firm fee cap to waive certain Trading Floor transaction fees for members trading proprietary accounts that meet a defined monthly threshold. The rule change also includes clarifications on the impact of the fee cap on fees and rebates for other Trading Floor transactions. The SEC has approved the rule change with immediate effect.

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