MIAX Sapphire Extends Options Fee Through 2025
Published Date: 5/27/2025
Notice
Summary
MIAX Sapphire is extending its Options Regulatory Fee (ORF) from May 31, 2025, to December 31, 2025. This means traders will keep paying $0.0013 per options contract for seven more months. If you trade options on MIAX Sapphire, expect this fee to stick around a bit longer before it sunsets.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Options fee continues through Dec 31, 2025
If you trade options on MIAX Sapphire, you will continue to pay the Options Regulatory Fee (ORF) of $0.0013 per contract side through December 31, 2025. The fee was previously scheduled to sunset on May 31, 2025 but the Exchange extended that sunset to December 31, 2025.
ORF applies to all customer activity
MIAX Sapphire's ORF is assessed on customer options activity (transactions that clear in the 'customer' range) and will be applied to Members’ customer activity. The Exchange will continue assessing the $0.0013 per contract ORF on that customer activity through December 31, 2025 while monitoring revenue so combined regulatory fees do not exceed regulatory costs.
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