Federal Register #SR-SAPPHIRE-2026-28

SEC Notice: MIAX Sapphire, LLC Proposed Rule Change to Options Regulatory Fee

This notice from the Securities and Exchange Commission (SEC) addresses a proposed rule change by MIAX Sapphire, LLC regarding its Options Regulatory Fee (ORF): - Government buyer: - Securities and Exchange Commission (SEC) - MIAX Sapphire, LLC (self-regulatory organization, not a government agency) - No OEMs, vendors, or commercial products are mentioned, as this is a regulatory notice - No products or services are being requested or procured - Key details of the rule change: - Amends the MIAX Sapphire Options Exchange Fee Schedule - Sets the new ORF rate at $0.0220 per contract side - Applies to options transactions clearing in the customer range at The Options Clearing Corporation (OCC) - Fee is assessed to members for executions on the exchange - Clarifies the ORF collection methodology, including adjustments and clearing instructions - Removes obsolete rule text - Ensures regulatory fees collected cover a material portion of the exchange's regulatory costs, with ongoing monitoring - No procurement, contract, or acquisition activity is involved in this notice

Description

The Securities and Exchange Commission has issued a notice regarding a proposed rule change by MIAX Sapphire, LLC to amend the exchange's options regulatory fee (ORF). The rule change sets the ORF rate effective July 1, 2026, to $0.0220 per contract side and clarifies the ORF collection methodology. The fee applies to options transactions that clear in the customer range at The Options Clearing Corporation and is assessed to members for executions on the exchange. The proposal aims to ensure regulatory fees cover a material portion of regulatory costs and provides greater clarity to market participants.

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