MIAX Sapphire Caps Trading Fees for High-Volume Firms
Published Date: 5/29/2026
Notice
Summary
MIAX Sapphire is setting a monthly fee cap for firms trading their own accounts on its options exchange. This means once a firm hits a certain fee amount in a month, they won’t pay any more Trading Floor transaction fees. The change starts immediately and helps firms save money while keeping fees clear and fair.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Monthly $225,000 Firm Fee Cap
MIAX Sapphire will cap monthly Trading Floor transaction charges for Member and Member organization Firm origin proprietary trading at $225,000 per Clearing Corporation account. After a Firm reaches $225,000 in a month, the Exchange will waive additional Trading Floor transaction fees for QFO, cQFO, QCC, and cQCC transactions for that Clearing Corporation account.
Specified Transactions Excluded From Cap
The Firm Fee Cap does not count fees from strategy transactions (e.g., box spreads, jelly rolls), C2C and cC2C orders, orders executed on the Electronic Book, or transactions in commingled accounts toward the $225,000 monthly cap per Clearing Corporation account. These excluded transactions will not help a Firm reach the monthly cap.
Floor Broker Rebates Reduced After Cap
When a Firm has met the $225,000 monthly Firm Fee Cap for a Clearing Corporation account, Floor Broker rebates for that Firm side will no longer be paid, and QCC/cQCC rebate tiers are adjusted (including no rebate when both Firm sides met the cap). Floor Brokers will receive lower or no per-contract rebates for transactions involving Firms that have met the cap in the relevant month.
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Previous / Next Documents
Previous: 2026-10667 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To List and Trade Shares of the T. Rowe Price Active Crypto ETF Under NYSE Arca Rule 8.201-E (Generic) Commodity-Based Trust Shares
The SEC is taking more time to decide if the T. Rowe Price Active Crypto ETF can be listed and traded on the NYSE Arca exchange. This affects investors interested in crypto ETFs and could impact when this new fund becomes available to trade. No money changes yet, but the decision deadline has been extended to ensure a thorough review.
Next: 2026-10669 — Self-Regulatory Organizations; MX2 LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 2.4, Mandatory Participation in Testing of Backup Systems
MX2 LLC is updating its rule to change how it picks certain options traders to join backup system tests during its first year of operation. This means some traders will have to help test disaster recovery plans to keep things running smoothly. The change kicks in right away and helps protect the market without adding extra costs.