Trading Exchange Rearranges Fee Table Like Office Furniture
Published Date: 12/18/2025
Notice
Summary
MIAX Sapphire is updating its fee schedule to reorganize how options exchanges are grouped in the routing fee table. This change affects traders who route customer orders through MIAX Sapphire and aims to keep fees clear and fair. The update took effect immediately on December 1, 2025, with no new fees added—just a smarter way to show them.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
Routing fee groupings reorganized
If you route customer orders through MIAX Sapphire, the exchange changed how it groups away options exchanges in its routing fee table. The per-tier fee amounts themselves were not changed, but which away markets fall into each fee grouping was updated. The change took effect on December 1, 2025.
MEMX moved to higher routing tier
MIAX Sapphire removed MEMX from the $1.25 per-contract tier and placed MEMX into the $1.40 per-contract tier for "Routed, Public Customer that is not a Priority Customer" orders in Non-Penny classes. This change increases the routing fee for those specific routed orders by $0.15 per contract and took effect on December 1, 2025.
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