# 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.

[View original listing](https://www.federalregister.gov/documents/2026/09/14/2026-18650/self-regulatory-organizations-box-exchange-llc-notice-of-filing-and-immediate-effectiveness-of-a)