Brokers Get Quiet Order Powers on Trading Floor Sans Fanfare
Published Date: 5/8/2026
Notice
Summary
MIAX Sapphire is updating its rules to let Floor Brokers quickly handle special customer orders on the trading floor without announcing them first, as long as they follow certain rules. This change makes trading smoother and clearer, especially for complex orders. It’s effective immediately and mainly affects brokers and customers using these special order types.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Customer Crosses Allowed Immediately
MIAX Sapphire now allows Floor Brokers to execute Customer Cross Orders on the Miami Trading Floor immediately without announcing them, as long as the execution (i) is at or between the Exchange's best bid and offer, (ii) is not at the same price as a Priority Customer Order on the Simple Order Book, (iii) will not trade at a price inferior to the NBBO, and (iv) no trading interest exists that is subject to the Managed Interest Process. Unlike in the electronic system, such floor-executed orders are validated post-trade and, if invalidated, are returned to the Floor Broker rather than being automatically canceled by the System.
Complex Customer Crosses (cC2C) Executable
Complex Customer Cross Orders (cC2C) with a conforming ratio may be executed on the Trading Floor immediately without announcement if they satisfy Rule 518(c)(1)(iv) and improve the best price on the Strategy Book. cC2C Orders on the Floor must be entered in minimum trading increments of $0.01 and are only available in option classes the Exchange announces to Members.
Qualified Contingent Crosses Executable On-Floor
Qualified Contingent Cross Orders — defined as originating orders of at least 1,000 contracts or 10,000 mini-option contracts paired with contra-side orders for the same quantity — may be executed on the Trading Floor immediately without announcement if the execution is at or between the NBBO, is not at the same price as a Priority Customer Order on the Simple Order Book, and no Managed Interest Process trading interest exists on the Simple Order Book. Like other floor-executed crossing orders, these trades are validated after execution and may be returned to the Floor Broker if invalidated.
Complex Qualified Contingent Crosses (cQCC) On-Floor
Complex Qualified Contingent Cross Orders (cQCC) may be executed immediately on the Trading Floor without announcement if, for each option leg, the execution is not at the same price as a Priority Customer Order on the Simple Order Book and is at or between the NBBO. cQCCs may be entered with or without the stock component; if entered with the stock component, the minimum trading increments applicable under Rule 518(c)(1)(i) or (ii) apply. The Exchange will announce which option classes accept cQCCs, and conforming vs. non-conforming ratios are handled per Exchange Rule 518.
QFOs With ISO Designation Clarified
The Exchange added an explicit rule that a Qualified Floor Order (QFO) with an Intermarket Sweep Order (ISO) designation can be executed on the Trading Floor and entered into the System without protecting away better-priced Protected Bids or Offers because the submitting Member simultaneously transmits the necessary ISOs to clear those prices. The Member submitting the QFO with an ISO designation is responsible for clearing all better-priced interest simultaneously.
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