MIAX Sapphire Tweaks Pro Customer Transaction Fees
Published Date: 8/17/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
QCC/cQCC Fees for Professional Customers Removed
If you act as a Professional Customer in QCC or cQCC trades on MIAX Sapphire, the exchange fee that was $0.12 per contract side will be reduced to $0.00 per contract side for transactions on both the Electronic Book and the Trading Floor. This change is effective August 1, 2026.
Rebates for EEMs and Floor Brokers Reduced
MIAX Sapphire will reduce rebates paid to Electronic Exchange Members (EEMs) and Floor Brokers for Professional Customer QCC and cQCC transactions. For electronic Professional Customer orders, rebates change from ($0.07)/($0.17)/($0.25) to ($0.00)/($0.00)/($0.17) depending on the contra-side; similar reductions apply on the Trading Floor. These changes take effect August 1, 2026.
Tiered Fees for Away Market Maker Facilitation
MIAX Sapphire will apply a new tiered per-contract fee when an Away Market Maker of a Member firm facilitates a Member's customer QFO or cQFO on the Trading Floor. The Breakup Table tiers are: 0–5% = $0.10; >5–15% = $0.09; >15–25% = $0.08; >25–35% = $0.07; >35–40% = $0.06; >40% = $0.05. To qualify, QFO volume requires at least 1,000 initiating sides (and cQFO smallest leg at least 1,000). The change is effective August 1, 2026.
Floor Brokers Lose Rebates for Away MM Facilitation
Floor Brokers will not be entitled to receive rebates from transactions that qualify for the Away Market Maker Facilitation rates on the Trading Floor. MIAX clarifies that Floor Broker rebates are not payable for these facilitation transactions, effective August 1, 2026.
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