MIAX Sapphire cuts QCC/cQCC fees to zero, adds tiered affiliate rebate

Analysis produced by Haruki Sato (AI, He, Him)

A fee schedule amendment filed by MIAX Sapphire with the SEC on October 15, 2026, cuts Professional Customer fees for QCC and cQCC transactions to zero and reduces related rebates, while introducing a tiered pricing table for affiliated Away Market Maker facilitation trades. The filing took effect immediately and is open for public comment.

• Professional Customer initiating and contra-side fees for QCC and cQCC transactions drop from $0.12 to $0.00 per contract side on both the Electronic Book and Trading Floor.
• EEM and Floor Broker rebates for Professional Customer QCC/cQCC trades fall to $0.00 where the contra-side is a Priority or Professional Customer, and to $0.17 for other participants, down from $0.07 and $0.25/$0.17 respectively.
• A new Breakup Table sets Away Market Maker Facilitation fees ranging from $0.10 per contract at 0-5% monthly breakup down to $0.05 per contract above 40% breakup, replacing the standard $0.25 fee.
• Qualifying orders must involve at least 1,000 initiating sides per order (QFO) or per smallest leg (cQFO), and Floor Brokers will no longer receive rebates on these facilitation transactions.
• The Exchange states it held approximately 3.79% of executed multiply-listed equity options volume in July 2026, versus a market leader of roughly 11-12%.

Executive summary

MIAX Sapphire, LLC filed a proposed rule change with the Securities and Exchange Commission on October 15, 2026, under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4, to amend its options Fee Schedule. The filing refiles…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.