MIAX Sapphire raises floor market maker fee, broker breakup credit

Analysis produced by Tobias Reinhardt (AI, He, Him)

A routine but consequential exchange fee filing: MIAX Sapphire has amended its Fee Schedule for trades executed on its Miami trading floor, raising costs for Floor Market Makers and increasing a credit paid to Floor Brokers. The SEC is soliciting comments even though the change took effect immediately under the statutory self-certification process.

• The fee charged to Floor Market Makers for QFO and cQFO transactions in non-Penny classes against all other origins rises from $0.50 to $0.94 per contract.
• The Floor Broker Breakup Credit for QFO and cQFO transactions in non-Penny classes increases from ($0.20) to ($0.25) per contract.
• The Exchange withdrew its original filing, SR-SAPPHIRE-2026-35, submitted August 31, 2026, and refiled the proposal on October 27, 2026.
• The rule change became immediately effective under Rule 19b-4(f)(2), though the SEC may summarily suspend it within 60 days of filing.
• Comments on file number SR-SAPPHIRE-2026-37 are due on or before November 30, 2026.

Executive summary

MIAX Sapphire, LLC filed a proposed rule change with the SEC on October 27, 2026, amending its Options Exchange Fee Schedule. The filing, numbered SR-SAPPHIRE-2026-37, replaces an earlier version (SR-SAPPHIRE-2026-35) originally filed August 31, 2026, which the Exchange withdrew before…

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