MIAX Sapphire Shuffles Options Trading Fees for Makers
Published Date: 4/16/2026
Notice
Summary
MIAX Sapphire is updating its options trading fees starting now! Floor Market Makers will pay a new surcharge on some orders, while certain Floor Brokers get a rebate when trading with those Market Makers. These changes affect traders using the Trading Floor and aim to balance costs and rewards quickly.
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Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
New $0.20 Surcharge for Floor Market Makers
If you are a Floor Market Maker on the MIAX Sapphire Trading Floor, you will be charged a $0.20 per contract surcharge when you are the counterparty to a Priority Customer complex qualified floor order (cQFO) executed by a Floor Broker in multiply-listed Penny or non-Penny classes. This surcharge applies to Trading Floor transactions and is effective beginning April 1, 2026.
Floor Broker $0.20 Enhanced Complex Rebate
If you are a Floor Broker on the MIAX Sapphire Trading Floor and you execute a Priority Customer cQFO that trades with a Floor Market Maker, you will receive a ($0.20) per contract rebate (the Floor Broker Enhanced Complex Rebate). That rebate is paid in addition to any Floor Broker Breakup Credit of ($0.20) per contract, and the change is effective beginning April 1, 2026.
Exclusions: Certain Complex and Non-Complex Trades
The $0.20 surcharge and the ($0.20) Floor Broker Enhanced Complex Rebate do not apply to cQCC transactions, cC2C transactions, Strategy transactions (like box spread, jelly roll, etc.), or other non-complex transactions on the Trading Floor. These exclusions apply to the Trading Floor rules described in the filing.
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