Federal Register #SR-SAPPHIRE-2026-33

Proposed Rule Change by MIAX Sapphire, LLC to Amend Options Trading Rules

This notice concerns a proposed rule change by MIAX Sapphire, LLC, published by the Securities and Exchange Commission (SEC), affecting options trading rules and practices. - Government buyer: - Securities and Exchange Commission (SEC) - MIAX Sapphire, LLC (as the exchange proposing the rule change) - OEMs and vendors mentioned: - MIAX Sapphire, LLC - Nasdaq ISE, LLC - Cboe - Products/services requested: - No physical products or services are being procured; the notice pertains to regulatory changes in options trading. - Unique or notable requirements: - Amends Exchange Rule 404 governing option contract series - Modifies Short Term Option Series Program for qualifying securities - Introduces new criteria for Tier 1 and Tier 2 qualifying securities (market capitalization, assets under management, options volume, position limits, Penny Interval Program participation) - Permits additional Tuesday and Thursday expirations for Tier 1 qualifying securities - Permits Monday and Wednesday expirations for Tier 2 qualifying securities - Aims to enhance market transparency, efficiency, and competition - References similar products and practices at other exchanges (Nasdaq ISE, Cboe) - No procurement of goods or services; this is a regulatory notice.

Description

The Securities and Exchange Commission announced the filing and immediate effectiveness of a proposed rule change by MIAX Sapphire, LLC. The rule change amends Exchange Rule 404 concerning the series of option contracts open for trading. It modifies the Short Term Option Series Program with respect to qualifying securities, including permitting additional expirations for certain qualifying securities and establishing criteria for Tier 1 and Tier 2 qualifying securities. The proposal aims to provide investors with more choice and flexibility in trading options and to improve market efficiency and transparency.

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