Sapphire Sets New Options Regulatory Fee Rate
Published Date: 7/16/2026
Notice
Summary
Starting July 1, 2026, MIAX Sapphire is changing its Options Regulatory Fee to 2.2 cents per contract side. This update affects traders using the exchange’s options platform and makes the fee rules clearer and easier to understand. If you trade options on MIAX Sapphire, get ready for this small but important fee tweak!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
ORF set at $0.022 per contract
Starting July 1, 2026, MIAX Sapphire will charge an Options Regulatory Fee (ORF) of $0.0220 per contract side. This fee applies to options contracts that clear in the OCC "customer" range and will be charged to Members (and non-members) tied to those customer trades.
ORF billed by trade-day clearing instructions
MIAX Sapphire will assess ORF on options that clear in the OCC "customer" range but will bill the fee to Members for executions that occur on the Exchange. The ORF will be assessed based on the clearing instruction provided on the execution (trade) date and will not consider CMTA changes or transfers made at OCC after execution, except for CMTA adjustments provided to the Exchange the same day as the trade.
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Previous: 2026-14268 — Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Options Regulatory Fee (ORF)
Starting July 1, 2026, MIAX Emerald is updating its Options Regulatory Fee (ORF) to 2.2 cents per contract side. This change affects traders using the MIAX Emerald options exchange and makes the fee rules clearer and easier to understand. If you trade options here, expect a small fee tweak that’s already in effect!
Next: 2026-14270 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Amend Certain Fees and Rebates Applicable to Transactions in Non-Penny Classes for All Origins
MIAX Pearl is updating its fee schedule for options trading in non-penny classes, meaning some fees will go up while rebates for certain traders will increase. These changes affect all traders using the exchange and take effect immediately, aiming to balance costs and rewards. If you trade options on MIAX Pearl, expect to see new fees and rebates starting now.