MIAX Sapphire Cleans Up Fee Waivers for Trading Floor Users
Published Date: 3/30/2026
Notice
Summary
MIAX Sapphire is updating its fee schedule by removing expired fee waivers and tweaking some non-transaction fee waivers starting now. This affects traders using the MIAX Sapphire Options Exchange, especially those involved with the Trading Floor operations launched in September 2025. The changes aim to keep fees clear and fair, with no surprise costs popping up after February 2026.
Analyzed Economic Effects
10 provisions identified: 4 benefits, 6 costs, 0 mixed.
Monthly Participant Fee Begins for Current Firms
Firms that already have Floor Brokers or Floor Market Makers will begin being charged a monthly participant fee of $1,250 per firm effective March 2026. Current firms should expect this recurring $1,250 monthly charge starting March 2026.
Monthly $5,350 Trading Permit For Market Makers
All new and current Floor Market Makers will be charged a $5,350 monthly Trading Permit fee as stated in the Fee Schedule. The Exchange will assess this $5,350 monthly charge on an individual basis for Floor Market Makers.
Data Center Fees: $500 Setup, $1,500 Monthly
Effective March 1, 2026, the Exchange will assess a one-time setup fee of $500 per 9-rack unit bay and a monthly hosting fee of $1,500 per 9-rack unit bay for firms or non-members that house servers in the 545Wyn Data Center. These fees apply to current and new Floor Participants and non-Members who use the data center.
$2,000 One-Time Fee For Market Makers
All new Floor Market Maker applications will be charged a $2,000 one-time application and initiation fee as stated in the Fee Schedule. This $2,000 charge applies beginning March 1, 2026 consistent with the Fee Schedule language.
Participant Fee Waiver For New Firms Temporarily
New firms that register Floor Brokers on or after March 1, 2026 will have their monthly participant fee waived for the initial partial month plus three full calendar months after the Floor Broker maintains a physical presence on the Trading Floor. This gives new firms up to three full months of waived $1,250 monthly participant fees after they begin on-Floor operations.
Trading Permit Fee Waiver If 100-Contract ADV
Floor Brokers who were registered as of February 28, 2026 can have their monthly Trading Permit fee waived if the Floor Broker (on a per-firm basis) executes at least 100 contracts average daily volume (ADV) in Qualified Floor Orders (QFOs) or Complex QFOs (cQFOs) in each relevant month thereafter. This conditional waiver has no defined sunset date.
New Floor Brokers: Initial Trading Permit Waiver
New firms that register Floor Brokers on or after March 1, 2026 will have their monthly Trading Permit fee waived for the initial partial month the Floor Broker becomes registered and the three full calendar months thereafter, with no volume requirement during that initial period. After that initial waiver period, the Exchange will continue to waive the fee only if the Floor Broker achieves at least 100 contracts ADV in QFOs or cQFOs each relevant month.
Floor Market Maker Alternate Fee $500/month
Firms that register and designate Floor Market Maker Alternates will be charged $500 per designated Floor Market Maker Alternate each month. The Alternate can substitute for the primary Floor Market Maker for specified trading days and will not be charged separate desk or badge fees.
Additional Desk Fee $350 Per Desk
The Exchange will assess a monthly desk fee of $350 for each additional desk a Floor Participant requests beyond the desk allotment provided by the Trading Permit. This clarifying text does not change how the desk fee is assessed but makes clear extra desks cost $350 each per month.
One-time Fee Waived for New Floor Brokers
If you apply to be a new Floor Broker on the MIAX Sapphire Trading Floor, the one-time application and initiation fee will be waived beginning March 1, 2026. This means new individual Floor Broker applicants will not pay that one-time fee during the stated waiver period.
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