Opportunity
Federal Register #SR-SAPPHIRE-2026-34
SEC Notice: MIAX Sapphire and Cboe BYX Exchange Proposed Rule Changes on Fees and Protocol Migration
Buyer
Securities and Exchange Commission
Posted
September 02, 2026
Respond By
September 23, 2026
Identifier
SR-SAPPHIRE-2026-34
NAICS
523210
This notice from the Securities and Exchange Commission (SEC) covers proposed rule changes by MIAX Sapphire, LLC and Cboe BYX Exchange, Inc. - Government Buyer: - Securities and Exchange Commission (SEC) - Division of Trading and Markets - OEMs and Vendors: - MIAX Sapphire, LLC - Cboe BYX Exchange, Inc. - Products/Services Requested: - Fee schedule amendments for Professional Customer orders involving QCC (Qualified Contingent Cross) and cQCC (complex Qualified Contingent Cross) transactions on MIAX Sapphire - Reduce initiating and contra-side fees to $0.00 per contract side - Lower rebates for electronic exchange members entering such orders - Establish tiered fee structure for Away Market Maker facilitation of customer QFOs (Qualified Floor Orders) or cQFOs (complex Qualified Floor Orders) on the Trading Floor - Order Entry Protocol Migration Program on Cboe BYX Exchange - Fee credits for backup logical ports used during order entry protocol migrations - Credits subject to specific conditions and usage restrictions - Unique or Notable Requirements: - No physical products or purchase quantities are requested; changes pertain to regulatory fee and rebate structures - The amendments are designed to align MIAX Sapphire's fees with other exchanges and improve competitive positioning - Cboe BYX's migration program aims to support members during protocol transitions and enhance market liquidity
Description
MIAX Sapphire, LLC filed a proposed rule change to amend fees and rebates for professional customer orders for QCC and cQCC transactions on its Electronic Book and Trading Floor. The proposal includes reducing initiating and contra-side fees to $0.00 per contract side and reducing rebates for electronic exchange members entering professional customer orders. Additionally, it establishes a tiered fee structure for away market maker facilitation of customer QFOs or cQFOs. The changes aim to align fees with other exchanges and enhance competitive positioning.