MIAX Sapphire Tweaks Rule 527: Finance Wonks Rejoice
Published Date: 12/5/2025
Notice
Summary
MIAX Sapphire wants to update its rules to give members a one-time payment because of a system glitch on June 3, 2025, that caused problems. The SEC is now reviewing this change to decide if it’s fair and should be approved. This could affect members’ money and happens soon, with a decision expected by December 2, 2025.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
One-time cash payment to Members
MIAX Sapphire proposes a one-time cash payment to Exchange Members for validated losses from the June 3, 2025 operational error (trades canceled between 11:18 a.m. and 11:33 a.m. Eastern Time). The Exchange validated over 2,200 claims totaling approximately $500,000 and says it will implement payments if the SEC approves the rule change (decision expected by December 2, 2025).
Aggregate liability cap of $525,000
The Exchange proposes that its total liability for all claims arising from the June 3, 2025 Operational Error shall not exceed $525,000 for the single trading day (June 3, 2025) and the full calendar month of June 2025. The Exchange states it received and validated approximately $500,000 in claims and that only previously filed/validated claims will be eligible for distribution under this cap.
14-day attestation and release required
To receive a payment, Members must submit an attestation within 14 calendar days after the rule becomes effective that lists trade details (trade date, time, symbol, strike, expiration, side, quantity, venue, notional value, and claimed loss). Members must also execute and deliver a release of all claims (including affiliates) within 14 calendar days after the rule becomes effective; failure to provide the attestation or release voids eligibility.
Only previously filed, validated claims eligible
The proposed rule change states that only claims that were previously filed with and validated by the Exchange are eligible for payment; no new claims will be accepted. The Exchange reports it reviewed and validated over 2,200 claims related to the June 3, 2025 Operational Error.
Eligibility limited to canceled trades in set timeframe
Payments under the proposed rule apply solely to realized trading losses from executions that occurred on MIAX Sapphire on June 3, 2025 between 11:18 a.m. and 11:33 a.m. Eastern Time which were canceled and for which Members executed replacement trades on MIAX Sapphire or at away-exchanges. The measure of loss is the difference between the canceled trade execution price and the replacement trade execution price, as validated by the Exchange.
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
2026-12163, 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!
2026-16936, Eagle Point Credit Management LLC and Eagle Point Trinity Senior Secured Lending Company
2026-16951, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Regarding Certain Free Trials
Cboe C2 Exchange is changing its free trial offer for certain market data. Instead of letting users pick any six months of past data, everyone will get the same fixed six-month period from July to December 2022. This update starts right away and helps keep things simple for traders and data users.
Previous / Next Documents
Previous: 2025-21989, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the Fee for Nasdaq WorkX
Nasdaq is raising the monthly fee for its Nasdaq WorkX platform, charging users per unique ID starting December 1, 2025. This change affects anyone using Nasdaq WorkX and means a bit more cost per user each month. The update is already in effect, so users should get ready for the new pricing soon!
Next: 2025-21991, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE American Options Fee Schedule To Exempt Floor Brokers From the Routing Surcharge
Starting November 26, 2025, NYSE American is giving floor brokers a break by exempting them from the routing surcharge on options trades. This means floor brokers won’t have to pay extra fees when sending orders to other exchanges, saving them money. The change kicks in immediately and aims to make trading fairer and friendlier for those working right on the trading floor.