Miami Traders Hit with Badge and Shipping Fees on Sapphire Floor
Published Date: 9/23/2025
Notice
Summary
MIAX Sapphire is adding new fees for people who work on its Miami trading floor, like brokers and market makers. These fees include one-time application charges, permits, badges, desk space, remote services, and more. The changes started right away on September 11, 2025, so floor participants should be ready to pay these new costs.
Analyzed Economic Effects
8 provisions identified: 1 benefits, 7 costs, 0 mixed.
One-time $2,000 application fee
If you apply to be a Floor Broker or a Floor Market Maker on the MIAX Sapphire Trading Floor, the Exchange will charge a one-time application and initiation fee of $2,000 per application. This one-time fee is waived during the Initial Waiver Period defined around the launch of the Trading Floor.
Monthly $1,250 participant fee
Firms that maintain a physical presence on the MIAX Sapphire Trading Floor will be charged a monthly participant fee of $1,250 per firm for Floor Brokers and $1,250 per firm for Floor Market Makers. The participant fee is waived during the Initial Waiver Period.
Trading permit fees: $5,000 / $5,350 monthly
Trading Permits that confer the right to trade on the Trading Floor will cost $5,000 per firm per month for Floor Brokers and $5,350 per Floor Market Maker per month. The Trading Permit fee can be waived if the Floor Broker or Floor Market Maker executes at least 100 contracts ADV in QFOs or cQFOs in each month in September, October, November, December 2025 and January and February 2026.
Desk and badge monthly charges
All registered on-Floor persons (e.g., clerks) must have a desk and badge; the Exchange will charge $350 per desk per month and $100 per badge per month. These desk and badge fees are waived during the Initial Waiver Period.
Data center hosting: $500 initial, $1,500 monthly
For space in the Exchange's 545Wyn Data Center, firms may be charged a one-time initial fee of $500 per 9-rack unit bay and a monthly fee of $1,500 per 9-rack unit bay; these initial and monthly hosting fees are waived during the Initial Waiver Period. The 545Wyn service does not provide co-location access to the main MIAX trading system and is optional.
Remote technical support hourly fees
MIAX Sapphire will charge $250 per hour (minimum 1 hour) plus materials for remote technical support to the Trading Floor data center, the Trading Floor, or Trading Floor offices; 24 hours' notice is required for service requests in the Monday–Friday 4:30 p.m.–6:30 p.m. ET window. Expedited service costs $500 per hour (minimum 1 hour) plus materials and applies during Monday–Friday 7:30 a.m.–5:30 p.m. ET and on Exchange holidays and weekends.
Initial Waiver Period around launch
MIAX Sapphire will waive many of the new Trading Floor non-transaction fees during an Initial Waiver Period defined as the remainder of the partial month when the fee first becomes effective plus an additional five full calendar months. The waivers apply to specified fees (application/initiation, participant, trading permit conditional waivers, desk and badge, data center hosting, etc.).
Shipping and storage fees for equipment
MIAX Sapphire will charge $100 per shipment (includes one week of storage). If storage exceeds one week, the firm will be charged $400 for that shipment (covering storage for the remainder of the month), and $400 per month for subsequent months of storage; shipping and storage are not pro-rated.
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