MIAX Sapphire Ends Fee Waivers: Traders Face New Costs Immediately
Published Date: 3/16/2026
Notice
Summary
MIAX Sapphire is updating its fee schedule by removing some non-transaction fee waivers that expired in February 2026 and tweaking others. This change mainly affects traders and participants using the MIAX Sapphire options exchange, especially those involved with the Trading Floor. The new fees take effect immediately, so users should check the updated costs to avoid surprises.
Analyzed Economic Effects
9 provisions identified: 2 benefits, 5 costs, 2 mixed.
Monthly Participant Fee Applies
Current firms with Floor Brokers or Floor Market Makers will begin being charged a monthly participant fee of $1,250 per firm effective March 2026. New firms that register a Floor Broker will have that participant fee waived for the partial month plus three full calendar months after the Floor Broker maintains a physical presence on the Trading Floor.
Floor Market Maker Trading Permit Fee
All new and current Floor Market Makers (on an individual basis) will be assessed the monthly Trading Permit fee of $5,350 as stated in the Fee Schedule.
Fee for Floor Market Maker Alternates
The Exchange established a monthly fee of $500 per designated Floor Market Maker Alternate for firms that register and designate Floor Market Maker Alternates on the Floor Participant Application.
Desk and Badge Fees Resume; Extra Desk Cost
The Exchange removed the Initial Waiver Period language for desk and badge fees (waivers expired end of February 2026). Paying for a Trading Permit includes a desk and badge, but the Exchange will assess a monthly fee of $350 for each additional desk requested by a Floor Participant.
Data Center Hosting Fees Begin
Effective March 1, 2026, the Exchange will assess a one-time setup fee of $500 per 9-rack unit bay and a monthly hosting fee of $1,500 per 9-rack unit bay for parties that house servers or network equipment in the Exchange's 545Wyn Data Center.
Initial Waiver Period Ends
The Exchange deleted the definition of the "Initial Waiver Period" and removed expiring waiver language. That means fee waivers tied to the Initial Waiver Period automatically expired at the end of February 2026 and the Exchange will begin assessing the previously published Trading Floor non-transaction fees effective March 1, 2026.
One-Time Application Fee Change
Beginning March 1, 2026, the one-time application/initiation fee will be waived for new Floor Broker applications, but all new Floor Market Maker applications will be charged the $2,000 one-time application and initiation fee as set in the Fee Schedule.
Floor Broker Trading Permit Waiver Condition
For Floor Brokers registered as of February 28, 2026, the monthly Trading Permit fee will be waived going forward if the Floor Broker (per firm) executes at least 100 contracts average daily volume (ADV) in Qualified Floor Orders (QFOs) or Complex QFOs (cQFOs) in each relevant month; that waiver has no defined sunset.
New Floor Broker Trading Permit Waiver Window
New firms that register Floor Brokers on or after March 1, 2026 will have the monthly Trading Permit fee waived for the initial partial month the Floor Broker is registered and the three full calendar months thereafter, with no volume requirement during that waiver period; after that period the waiver is conditioned on meeting the 100-contract ADV threshold.
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Key Dates
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