MIAX Sapphire Adds Safety Nets for Floor Traders' Wild Rides
Published Date: 4/28/2026
Notice
Summary
MIAX Sapphire is rolling out a new rule to keep trading floor orders safe and steady by adding price protection and risk controls. This means traders on the physical floor get a smart price collar to prevent wild price swings and risky trades. The change is effective immediately, helping everyone trade smarter and safer without extra costs.
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Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Default Price Collar for Floor Orders
If you trade or submit Qualified Floor Orders (QFOs) or complex QFOs (cQFOs) on MIAX Sapphire's physical Trading Floor, a price collar called the Trading Floor Price Collar Protection (TFPCP) is applied by default to your order. The collar prevents an order from validating if its price is outside a set range relative to the opposite side NBBO or cNBBO, unless you give an instruction to ignore the TFPCP for that order.
Numeric Defaults and Broker Custom Limits
The Exchange sets numeric TFPCP defaults and allows Floor Brokers to set their own limits. For QFOs the Exchange default is $0.10 and a Floor Broker may set a TFPCP between $0.00 and $99.99. For cQFOs the default is the greater of $2.50 or 1% of the cQFO price; a Floor Broker may provide a dollar TFPCP between $0.01 and $99.99 and/or a percentage TFPCP between 0.1% and 20%, and the System will use the greater of the broker-provided dollar value or percentage times the cQFO price.
What Happens When an Order Triggers the Collar
If your QFO or cQFO limit price is outside the TFPCP range when received, the System invalidates the order and returns it to the Floor Broker. The Floor Broker may then (1) re-execute and reenter the order at or within the TFPCP, (2) re-execute and reenter the order with an instruction to ignore the TFPCP, or (3) choose not to re-enter the order.
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