MIAX Sapphire Gives Traders a Fee Break Until Summer
Published Date: 3/19/2026
Notice
Summary
MIAX Sapphire is temporarily lowering the Options Regulatory Fee from $0.0013 to $0.0011 per contract from March 1 to June 30, 2026. This change helps traders save a bit on fees while the industry considers a new fee model starting July 1. If the new model doesn’t happen, the fee will go back up, but for now, it’s a nice little break for options traders.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 1 costs, 2 mixed.
Proposed New ORF Model Starting July 1
MIAX Sapphire filed a separate proposal to adopt a modified ORF model effective July 1, 2026 that would assess ORF only on on-exchange transactions that clear in the OCC customer range, subject to adoption by all options exchanges. The new model is contingent on a consistent framework being adopted industry-wide and necessary regulatory filings.
Temporary ORF Cut for Options Trades
MIAX Sapphire lowered the Options Regulatory Fee (ORF) from $0.0013 to $0.0011 per contract for trades between March 1, 2026 and June 30, 2026. If you trade options or clear contracts, each contract you trade during this period is charged $0.0011 instead of $0.0013.
Who Pays ORF and Pass-Through Note
The ORF is assessed to Exchange Members for all options transactions that clear in the OCC "customer" range and is collected by the OCC from the ultimate clearing firm. Clearing firms may choose to pass through all, part, or none of the ORF cost to their customers.
Possible Reversion to Prior Fee
If the industry does not adopt the new ORF model effective July 1, 2026, MIAX Sapphire would file to extend the temporary period beyond June 30, 2026 and revert the ORF back to $0.0013 per contract side. That means the fee could return to $0.0013 if the new model is not implemented industry-wide.
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