# Federal Register #SR-SAPPHIRE-2026-37

MIAX Sapphire proposes higher fees and breakup credits for certain non-Penny options transactions

**Buyer:** Securities and Exchange Commission
**Posted:** November 09, 2026
**Identifier:** SR-SAPPHIRE-2026-37
**NAICS:** 523210

The Securities and Exchange Commission published a notice about a proposed MIAX Sapphire options-exchange fee change.
- **Government agency:** Securities and Exchange Commission (SEC), which published the notice; there is no purchasing agency or procurement.
- **Named organization:** MIAX Sapphire, LLC, the exchange proposing the change.
- **Proposed changes:** Increase per-contract Floor Market Maker fees for Qualified Floor Order (QFO) and Complex Qualified Floor Order (cQFO) transactions in non-Penny classes that trade against other origins, and increase the per-contract Floor Broker Breakup Credit for QFO and cQFO transactions in non-Penny classes.
- **Products, services, quantities, and part numbers:** None; this is a proposed fee-schedule change, not a request to purchase goods or services.
- **Notable requirement or detail:** The notice seeks comments on the proposed exchange fee changes. No fee amounts are specified in the provided summary.

### Description

MIAX Sapphire, LLC proposes to amend the MIAX Sapphire Options Exchange Fee Schedule. The changes would increase the per-contract fee assessed to Floor Market Makers for QFO and cQFO transactions in non-Penny classes that trade against other origins. They would also increase the per-contract Floor Broker Breakup Credit for QFO and cQFO transactions in non-Penny classes. The Securities and Exchange Commission published the notice to solicit comments on the proposed rule change.

[View original listing](https://www.federalregister.gov/documents/2026/11/09/2026-22754/self-regulatory-organizations-miax-sapphire-llc-notice-of-filing-and-immediate-effectiveness-of-a)