Federal Register #SR-SAPPHIRE-2026-31

SEC Notice: MIAX Sapphire and MIAX Emerald Proposed Options Exchange Fee Schedule Amendments

This notice from the Securities and Exchange Commission (SEC) details proposed rule changes by MIAX Sapphire, LLC and MIAX Emerald, LLC, both self-regulatory organizations operating options exchanges. - Government Buyer: - Securities and Exchange Commission (SEC) - Division of Trading and Markets - OEMs and Vendors: - MIAX Sapphire, LLC - MIAX Emerald, LLC - Products/Services Requested: - Fee schedule amendments for MIAX Sapphire Options Exchange: - Reduce initiating and contra-side fees for Professional Customer orders for QCC (Qualified Contingent Cross) and cQCC (complex Qualified Contingent Cross) transactions on Electronic Book and Trading Floor - Reduce rebates for these orders - Establish tiered fee structure for Trading Floor transactions involving Away Market Maker facilitation of customer QFOs (Qualified Floor Orders) or cQFOs (complex Qualified Floor Orders) - Routing fee table amendments for MIAX Emerald Options Exchange: - Add Member orders routed to MX2 LLC and Investors Exchange LLC - Update name change from Nasdaq BX Options to Nasdaq Texas Options - Unique or Notable Requirements: - The changes are intended to align MIAX Sapphire's fees with those of other exchanges - Motivated by business and competitive considerations - No procurement of products or services; these are regulatory fee schedule changes - No specific quantities or part numbers involved - No contract award or solicitation for goods/services is present in this notice.

Description

This notice announces a proposed rule change by MIAX Sapphire, LLC to amend its Options Exchange Fee Schedule. The amendments include reducing initiating and contra-side fees for Professional Customer orders for QCC and cQCC transactions on both the Electronic Book and Trading Floor. Additionally, the proposal reduces rebates applicable to these orders and establishes a tiered fee structure for Trading Floor transactions involving Away Market Maker facilitation of customer QFOs or cQFOs. The changes aim to align fees with those of other exchanges and are intended for business and competitive reasons.

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