MIAX Sapphire Charges Up Miami Trading Floor: Fees for Floor Traders
Published Date: 11/21/2025
Notice
Summary
MIAX Sapphire Exchange is updating its fee schedule to add new fees and rebates for its physical trading floor in Miami. This change affects traders who use the trading floor and starts right away, aiming to keep things fair and clear. They also cleaned up some wording and tables to make the rules easier to follow.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
Trading Floor QFO/cQFO Fees Set
If you trade on the MIAX Sapphire Trading Floor, the Exchange sets per-contract fees and rebates for Qualified Floor Orders (QFOs) and Complex Qualified Floor Orders (cQFOs). Priority Customers and Professional Customers are charged $0.00 per contract in SPY/QQQ/IWM, Penny Classes (excluding SPY/QQQ/IWM), and Non-Penny Classes; Away Market Maker, Firm, and Broker-Dealer origins are charged $0.25 per contract; Floor Market Makers are charged $0.50 per contract. Floor Brokers may receive a ($0.10) per-contract rebate on Agency and contra sides and a Floor Broker Breakup credit of ($0.20) per contract in the listed classes, and Firm/Broker-Dealer facilitating a Priority or Professional Customer may be charged $0.00 per contract when facilitating those customers.
QCC and cQCC Fee/Rebate Matrix
For QCC and complex QCC (cQCC) orders (initiating orders are at least 1,000 contracts), the Exchange sets per-contract fees and rebates by origin. Initiating and contra sides are charged $0.00 per contract for Priority Customers, $0.12 per contract for Professional Customers, and $0.20 per contract for other origins. Rebates to the Floor Broker that enters the QCC/cQCC depend on both initiating and contra-side origins and range from ($0.00) up to ($0.30) per contract depending on the origin pair.
Daily $500 Fee Caps for Strategy QFOs
Certain strategy Qualified Floor Orders (Box Spread, Jelly Roll, Short/Long Stock Interest Spread, Merger Spread, Reversal/Conversion Spread) executed on the same trading day are capped at $500 per day, per Firm, per underlying; fees collected for these strategy trades are fully rebated to the executing Floor Broker. Dividend strategy QFOs executed the same trading day in the same options class are also capped at $500 per day and fully rebated to the executing Floor Broker.
Customer-to-Customer Cross Orders Are Free
Customer-to-Customer Cross Orders (C2C) and complex C2C orders (cC2C), which are made entirely of Priority Customer orders, are assessed $0.00 per contract and ($0.00) per contract rebates (i.e., no fee and no rebate). All fees and rebates are per contract per leg as described in the Fee Schedule.
Stock-Handling Fees Passed Through to Members
For stock-option orders on the Trading Floor whose stock legs the Exchange must route to an outside venue, the Exchange will pass through any routing broker-dealer fees (for example, Section 31 fees and FINRA Trading Activity Fees) to the Member without any added mark-up.
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