Federal Register #SR-SAPPHIRE-2026-35

SEC Notice: Proposed Fee Changes and Platform Definition Amendments for MIAX Sapphire and Cboe EDGX Exchanges

This notice from the Securities and Exchange Commission (SEC) details proposed rule changes affecting trading floor fees and platform definitions for major options exchanges. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - MIAX Sapphire, LLC - Cboe EDGX Exchange, Inc. - Services/Rule Changes Requested: - Increase per contract fee for Floor Market Makers on MIAX Sapphire for Qualified Floor Order (QFO) and Complex QFO (cQFO) transactions in non-penny classes from $0.50 to $0.94 - Increase Floor Broker Breakup Credit for QFO and cQFO transactions in non-penny classes from ($0.20) to ($0.25) per contract - Amend Cboe EDGX Exchange's definition of Trading Platform to include decentralized and blockchain-based venues - Unique/Notable Requirements: - Fee changes specifically target non-penny classes to incentivize liquidity and competitiveness - Inclusion of blockchain-based and tokenized trading platforms in official exchange definitions - No physical products or traditional services are being procured; the notice concerns regulatory and fee structure changes for exchange operations. - Other major exchanges referenced for competitiveness: Nasdaq PHLX LLC, NYSE American LLC, NYSE Arca, Inc.

Description

The Securities and Exchange Commission has filed a proposed rule change by MIAX Sapphire, LLC, to amend fees by increasing the floor market maker fee and the floor broker breakup credit for transactions in non-penny classes. The proposal aims to adjust the financial incentives and costs associated with trading on MIAX Sapphire's trading floor. The changes are intended to remain competitive with other equity options exchanges and encourage additional liquidity on the trading floor. The proposed changes are effective beginning September 1, 2026.

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