MIAX Sapphire Updates Fees for FINRA Exam and Registration Charges
Published Date: 1/27/2026
Notice
Summary
MIAX Sapphire is updating its fee schedule to match some new fees that FINRA charges for registration and exams. This change affects traders and firms using the MIAX Sapphire Options Exchange and takes effect right away, so expect small fee tweaks on certain registration and education costs. No big surprises—just keeping fees in line with FINRA’s latest charges.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Continuing Education Fee Cut
If you are a MIAX Sapphire Member or a registered person who pays CRD continuing education session fees, the listed fee is changing from $55 to $25. This change is reflected on the Exchange's fee schedule and took effect on January 9, 2026.
Series 57 Exam Fee Reduced
If you take the Series 57 qualification exam and your exam fee is listed on the MIAX Sapphire fee schedule, the fee is changing from $120 to $105. The Exchange updated this fee on January 9, 2026 to mirror the FINRA CRD fee change.
Tiered FINRA Annual Processing Fee
The MIAX Sapphire fee schedule now lists a tiered FINRA Annual System Processing Fee (effective January 9, 2026): $70 for registration with 1–5 securities regulators; $95 for 6–20; $110 for 21–40; and $125 for 41 or more. These amounts mirror FINRA's CRD fee structure and apply to each registered person based on how many securities regulators they are registered with.
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