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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
Previous / Next Documents
Previous: 2025-20542, Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Exchange Rule 11.6(s)(1), Round Lot, To Conform With the Amendment to the Definition of Round Lot Under Rule 600 of Regulation NMS
Cboe EDGA Exchange is updating its rules to match a new official definition of a 'round lot'—basically, the standard number of shares in a trade. This change affects traders and brokers using the EDGA platform and kicks in right away with no extra costs. It also tweaks some related rules to keep everything smooth and clear.
Next: 2025-20544, Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove the Exchange's Dedicated GPS Antenna Service Under General 8, Section 1(d)
Nasdaq MRX is dropping its dedicated GPS antenna service that helped customers sync their servers’ clocks at its Carteret, NJ data center. This change affects anyone using the Exchange’s co-location services and takes effect immediately, with no extra fees or costs involved. It’s a smooth move to simplify services and keep things running efficiently.