MIAX Sapphire Shields Traders: New Floor Price Limits Prevent Wild Swings
Published Date: 4/28/2026
Notice
Summary
MIAX Sapphire is rolling out a new rule to protect traders on its physical trading floor by adding smart price limits and risk controls. This change helps prevent wild price swings and keeps trading safer and smoother for everyone involved. The new rule kicks in right away, so traders should get ready for smarter safeguards that could impact how orders are handled and reduce costly mistakes.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
New Price Collar Blocks Extreme Trades
The Exchange adopted a Trading Floor Price Collar Protection (TFPCP) that is applied by default to all Qualified Floor Orders (QFOs) and complex QFOs (cQFOs). If an order’s limit price is outside the TFPCP range relative to the opposite side NBBO or cNBBO when received, the System invalidates and returns the order to the Floor Broker instead of validating the trade.
Floor Brokers Can Set Custom Price Collars
Floor Brokers can override the Exchange defaults by submitting TFPCP values to the Exchange by MPID using a Help Desk form. For QFOs, a Floor Broker may set a TFPCP between $0.00 and $99.99; for cQFOs, a Floor Broker may set a dollar TFPCP between $0.01 and $99.99 and/or a percentage TFPCP between 0.1% and 20%, and the System will use the greater of the provided dollar value or the percentage multiplied by the cQFO price.
Returned Orders Can Be Re-Entered or Ignored
When the TFPCP triggers and an order is invalidated and returned to the Floor Broker, the Floor Broker may: (i) re-execute and re-enter the order at a price at or within the TFPCP; (ii) re-execute and re-enter the order with an instruction to ignore the TFPCP; or (iii) choose not to re-enter the order.
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: 2026-08184 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Codify a User Fee Exemption and Amend the Definition of Non-Display Usage
Cboe BZX Exchange is updating its fee schedule to officially include a User Fee exemption and to clarify what counts as Non-Display Usage. This change affects anyone using the Exchange’s market data and takes effect immediately, helping users save money and understand fees better. It’s a smart move to keep things clear and fair for traders and data users.
Next: 2026-08186 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Codify a User Fee Exemption and the Amended Definition of “Non-Display Usage” in Its Fee Schedule
Cboe Exchange just updated its fee schedule to officially include a User Fee exemption and clarify what counts as “Non-Display Usage” of market data. This change affects traders and firms using Cboe’s market data, making some fees clearer and potentially saving money. The new rules kicked in right away on April 21, 2026, so users should check how this impacts their costs now.