MIAX Sapphire Tweaks Fees for Floor Traders and Makers
Published Date: 4/16/2026
Notice
Summary
MIAX Sapphire is updating its options trading fees starting now! Floor Market Makers will pay a new surcharge on some orders, while Floor Brokers get a rebate when they trade with those Market Makers on the trading floor. These changes affect traders using the physical trading floor and could impact their costs and earnings immediately.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
New $0.20 Surcharge for Floor Market Makers
If you are a Floor Market Maker on the MIAX Sapphire Trading Floor, the Exchange will assess a $0.20 per contract surcharge when your order is the counterparty to a Priority Customer complex qualified floor order (cQFO) executed by a Floor Broker in multiply-listed Penny and non-Penny classes. This surcharge is effective April 1, 2026 and does not apply to cQCC, cC2C, Strategy transactions, or other non-complex transactions.
Floor Brokers Get $0.20 Enhanced Complex Rebate
If you are a Floor Broker on the MIAX Sapphire Trading Floor, you will receive a ($0.20) per contract Floor Broker Enhanced Complex Rebate when your Priority Customer cQFO trades with a Floor Market Maker in multiply-listed Penny and non-Penny classes. This rebate is effective April 1, 2026, is in addition to any Floor Broker Breakup Credit of ($0.20) per contract, and does not apply to cQCC, cC2C, Strategy transactions, or other non-complex transactions.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
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, because changes could affect how audits are done and funded.
2026-09742 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Adopt a New Fee Code for Market-Maker Complex Orders Executed on the Complex Order Book That Add Liquidity in Penny Program Securities and To Amend Its Orders Submitted With a Designated Give Up Program
Starting May 1, 2026, Cboe BZX Exchange is updating its fees to add a new code for Market-Maker Complex orders that add liquidity in penny stocks. They’re also tweaking rules for orders using a special Give Up program. These changes mainly affect market makers and traders using complex orders, aiming to make fees clearer and trading smoother.
2026-09745 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Starting May 1, 2026, MEMX is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system through the end of the year. This fee supports tracking stock trades better and will show up on invoices starting June 2026. If you’re a broker or part of the trading world, get ready to chip in for smoother market oversight!
2026-09728 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Concerning the Consolidated Audit Trail
MEMX is setting new fees for industry members to cover leftover historical costs from the National Market System’s Consolidated Audit Trail, which tracks stock trades. These fees, called Historical CAT Assessment 1A, will collect about $39 million that wasn’t billed before. The change is effective immediately, so affected members should get ready to pay soon!
2026-09736 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq PHLX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.
2026-09734 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq Texas is setting new fees to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. Industry members who trade on the exchange will pay these fees starting soon to help cover about $39 million in past expenses not yet billed. This update keeps the system fair and funded without surprises!
Previous / Next Documents
Previous: 2026-07346 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 21.15(b) To Introduce the Exchange's Clock Service
Cboe BZX Exchange just launched a new Clock Service that helps traders sync their time systems perfectly with the Exchange’s clock. This optional tool is open to everyone—members and non-members—and aims to improve timing accuracy for trades, which can be a big deal for fast-paced markets. The change is effective immediately, so users can start syncing up and sharpening their trading precision right away!
Next: 2026-07348 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make Clarifying Changes to the Rule Text Related to the Trading Floor
MIAX Sapphire is updating its rulebook to make the trading floor rules clearer and easier to understand—no changes to how things actually work. This affects traders and staff using the Miami trading floor and kicks in right away with no extra costs. It’s all about making the rules friendlier and more straightforward for everyone involved.