Opportunity
Federal Register #SR-BOX-2026-18
SEC Notice of Proposed Rule Changes Affecting Exchange Connectivity and Fee Structures
Buyer
Securities and Exchange Commission
Posted
September 14, 2026
Identifier
SR-BOX-2026-18
NAICS
523210
This notice from the Securities and Exchange Commission (SEC) details proposed rule changes by BOX Exchange LLC and MIAX Sapphire, LLC affecting trading participants: - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - BOX Exchange LLC - MIAX Sapphire, LLC - Services Requested: - Credentialing and use of SAIL Order Entry Ports for submitting orders to BOX Exchange trading system - Part number: SAIL Order Entry Port - Quantity: Limit of 200 ports per participant per month - Increased per contract fees for Floor Market Makers on MIAX Sapphire Exchange for Qualified Floor Orders (QFO) and Complex Qualified Floor Orders (cQFO) in non-Penny classes - Increased Floor Broker Breakup Credits for QFO and cQFO transactions in non-Penny classes on MIAX Sapphire Exchange - Unique or Notable Requirements: - Strict monthly limit of 200 SAIL Order Entry Ports per participant - Clarification of port types: Order Entry and Market Making - Fee schedule updates to promote efficient resource management and fair trading - Changes are regulatory in nature, not procurement of physical products - No physical products or OEM hardware/software are being procured; changes affect exchange connectivity and fee structures for trading participants.
Description
This notice announces a proposed rule change by BOX Exchange LLC to amend the fees related to SAIL Order Entry Ports. The proposal includes a limit on the number of SAIL Order Entry Ports a participant may be credentialed to use in a month, set at 200 ports, and clarifies that two types of SAIL Ports are offered: Order Entry and Market Making. The change aims to manage connectivity resources efficiently and maintain a secure trading environment. The rule change is effective immediately upon filing and is intended to promote just and equitable principles of trade and protect investors.