Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Methodology for Assessment and Collection of the Options Regulatory Fee (ORF)
Published Date: 2/2/2026
Notice
Summary
MIAX Sapphire is changing how it charges the Options Regulatory Fee (ORF). Starting now, only options trades that clear as 'customer' transactions will be charged this fee, which could save some traders money. This new method kicks in immediately and affects anyone trading options on MIAX Sapphire.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 0 costs, 3 mixed.
ORF Limited to On‑Exchange Customer Trades
The Exchange will assess the Options Regulatory Fee (ORF) only for options transactions that both (1) occur on MIAX Sapphire and (2) clear in the OCC "customer" range. Transactions that occur on other exchanges will no longer be assessed an ORF by MIAX Sapphire. The Exchange intends to continue the current methodology until at least June 30, 2026 and is prepared to implement the On-Exchange-only ORF on July 1, 2026 if by April 1, 2026 all other U.S. options exchanges adopt a similar approach.
Current ORF Rate ($0.0013) Sunsets
The filing states the current ORF rate of $0.0013 will sunset as of June 30, 2026. The Exchange will file a separate rule to set the applicable On-Exchange ORF rate in advance of assessing and collecting any new On-Exchange ORF.
Billing Based on Clearing Instruction at Execution
Under the proposal, the Exchange will assess ORF based on the clearing instruction provided on the execution on trade date and generally will not take into account CMTA transfers or other transfers that occur at OCC (except CMTA adjustments provided to the Exchange the same day). That means the party identified as the clearing member on the trade record at execution will be the billed party for On-Exchange customer trades.
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