# 2026-22754: Options Exchange Shuffles Fees and Credits for Non-Penny Trades

2026-22754, Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Fees Applicable to the Floor Market Maker Fee and Floor Broker Breakup Credit for Transactions in Non-Penny Classes, is a Federal Register notice from Securities and Exchange Commission published 2026-11-09, effective 2026-10-27; PRIA reads it as touching household money (as of 2026-11-11).

- Canonical: https://policyrisk.com/federal-register/2026-22754
- As of: 2026-11-11
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-22754
- Title: Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Fees Applicable to the Floor Market Maker Fee and Floor Broker Breakup Credit for Transactions in Non-Penny Classes
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 70916
- Published: 2026-11-09
- Effective: 2026-10-27
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-11-11

## In one line

Options Exchange Shuffles Fees and Credits for Non-Penny Trades

## Summary

MIAX Sapphire is changing its fees starting now! Floor Market Makers will pay a bit more per contract for certain trades in non-penny stocks, but Floor Brokers will get a bigger credit back for those same trades. These updates affect traders on the exchange and aim to keep things fair and balanced.

## Effects PRIA read

- Higher per‑contract fee for Floor Market Makers: cost, medium. If you are a Floor Market Maker on MIAX Sapphire, the per‑contract fee for Qualified Floor Orders (QFO) and Complex Qualified Floor Orders (cQFO) in non‑Penny classes that trade against all other origins increases from $0.50 to $0.94 per contract, effective October 27, 2026. This is a $0.44 increas…
- Bigger breakup credit for Floor Brokers: benefit, low. If you are a Floor Broker on MIAX Sapphire, the Floor Broker Breakup Credit for QFO and cQFO transactions in non‑Penny classes increases from ($0.20) to ($0.25) per contract, effective October 27, 2026. This increases the rebate by $0.05 per contract when your order is broken up in those non‑Penny…

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## Sources
- [2026-22754 on federalregister.gov](https://www.federalregister.gov/documents/2026/11/09/2026-22754/self-regulatory-organizations-miax-sapphire-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2026-22754 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-11-09/pdf/2026-22754.pdf)

## Related
- [Previous: 2026-22753, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Imm…](https://policyrisk.com/federal-register/2026-22753)
- [Next: 2026-22755, Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Fil…](https://policyrisk.com/federal-register/2026-22755)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-22754 (as of 2026-11-11).