MIAX Sapphire Cleans Up Fee Waivers for Trading Floor Users
Published Date: 3/30/2026
Notice
Summary
MIAX Sapphire is updating its fee schedule by removing expired fee waivers and tweaking some non-transaction fee waivers starting now. This affects traders using the MIAX Sapphire Options Exchange, especially those involved with the Trading Floor operations launched in September 2025. The changes aim to keep fees clear and fair, with no surprise costs popping up after February 2026.
Analyzed Economic Effects
10 provisions identified: 4 benefits, 6 costs, 0 mixed.
Monthly Participant Fee Begins for Current Firms
Firms that already have Floor Brokers or Floor Market Makers will begin being charged a monthly participant fee of $1,250 per firm effective March 2026. Current firms should expect this recurring $1,250 monthly charge starting March 2026.
Monthly $5,350 Trading Permit For Market Makers
All new and current Floor Market Makers will be charged a $5,350 monthly Trading Permit fee as stated in the Fee Schedule. The Exchange will assess this $5,350 monthly charge on an individual basis for Floor Market Makers.
Data Center Fees: $500 Setup, $1,500 Monthly
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 firms or non-members that house servers in the 545Wyn Data Center. These fees apply to current and new Floor Participants and non-Members who use the data center.
$2,000 One-Time Fee For Market Makers
All new Floor Market Maker applications will be charged a $2,000 one-time application and initiation fee as stated in the Fee Schedule. This $2,000 charge applies beginning March 1, 2026 consistent with the Fee Schedule language.
Participant Fee Waiver For New Firms Temporarily
New firms that register Floor Brokers on or after March 1, 2026 will have their monthly participant fee waived for the initial partial month plus three full calendar months after the Floor Broker maintains a physical presence on the Trading Floor. This gives new firms up to three full months of waived $1,250 monthly participant fees after they begin on-Floor operations.
Trading Permit Fee Waiver If 100-Contract ADV
Floor Brokers who were registered as of February 28, 2026 can have their monthly Trading Permit fee waived if the Floor Broker (on a per-firm basis) executes at least 100 contracts average daily volume (ADV) in Qualified Floor Orders (QFOs) or Complex QFOs (cQFOs) in each relevant month thereafter. This conditional waiver has no defined sunset date.
New Floor Brokers: Initial Trading Permit Waiver
New firms that register Floor Brokers on or after March 1, 2026 will have their monthly Trading Permit fee waived for the initial partial month the Floor Broker becomes registered and the three full calendar months thereafter, with no volume requirement during that initial period. After that initial waiver period, the Exchange will continue to waive the fee only if the Floor Broker achieves at least 100 contracts ADV in QFOs or cQFOs each relevant month.
Floor Market Maker Alternate Fee $500/month
Firms that register and designate Floor Market Maker Alternates will be charged $500 per designated Floor Market Maker Alternate each month. The Alternate can substitute for the primary Floor Market Maker for specified trading days and will not be charged separate desk or badge fees.
Additional Desk Fee $350 Per Desk
The Exchange will assess a monthly desk fee of $350 for each additional desk a Floor Participant requests beyond the desk allotment provided by the Trading Permit. This clarifying text does not change how the desk fee is assessed but makes clear extra desks cost $350 each per month.
One-time Fee Waived for New Floor Brokers
If you apply to be a new Floor Broker on the MIAX Sapphire Trading Floor, the one-time application and initiation fee will be waived beginning March 1, 2026. This means new individual Floor Broker applicants will not pay that one-time fee during the stated waiver period.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-06475 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Cboe Rule 5.4
Cboe Exchange is changing the smallest price step for options on its Mini Bitcoin ETF Index to make trading smoother and clearer. This change affects traders using these options and kicks in quickly after approval, with no extra costs involved. The SEC gave this update a fast green light, so expect the new rules to start soon!
2026-06469 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing of Proposed Rule Change To Amend BOX Rules 5055 (FLEX Equity Options) and 3120 (Position Limits)
BOX Exchange wants to update its rules for special options tied to popular Bitcoin and Ethereum ETFs and trusts. These changes affect traders using FLEX equity options and position limits, aiming to keep things fair and clear. The new rules could impact how much traders can hold and trade, with the proposal open for public comments starting April 2026.
2026-06473 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend the Exchange's Anti-Internalization Functionality in Equity 4, Rule 3307, and To Extend the Implementation Date of the CORE FIX Order Entry Protocol
Nasdaq PHLX is updating a rule that helps stop trades from accidentally happening within the same firm, which keeps trading costs down. They’re also pushing back the start date for a new order entry system called CORE FIX. These changes affect traders using Nasdaq PHLX and aim to make trading smoother without extra costs, with the new system launch delayed to give everyone more time to get ready.
2026-06462 — Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Monthly Enterprise Fee for Its Depth of Book Proprietary Market Data Feed
24X National Exchange is starting a new monthly fee for companies using its special market data feed that shows detailed order info. This change affects businesses that rely on this data and kicks in right away, meaning they’ll pay a set monthly charge to access it. It’s a clear move to keep the data service running smoothly and fairly.
2026-06466 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend the Exchange's Anti-Internalization Functionality in Equity 4, Rule 4757, and To Extend the Implementation Date of the CORE FIX Order Entry Protocol
Nasdaq is updating a rule that helps stop trades from accidentally happening within the same firm, which keeps trading fair and lowers costs. They’re also pushing back the start date for a new order entry system called CORE FIX to give everyone more time to get ready. These changes affect traders using Nasdaq and aim to make trading smoother without extra fees or delays.
2026-06463 — Joint Industry Plan; Notice of Filing of Amendment No. 1, and Order Instituting Proceedings To Determine Whether To Approve or Disapprove an Amendment to the National Market System Plan Regarding Consolidated Equity Market Data, as Modified by Amendment No. 1, To Adopt a Fee Schedule
Big stock market players like exchanges and trading groups want to start charging fees for sharing important stock data. They updated their plan after hearing feedback, and now the SEC is deciding if these new fees are fair and should go live. If approved, this could change how much it costs to get stock info starting soon.
Previous / Next Documents
Previous: 2026-06041 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Its Rules Relating to Designated Primary Market-Makers (“DPMs”) and DPM Appointments in Global Trading Hours and Curb Sessions
Cboe Exchange wants to update its rules to let special traders called Designated Primary Market-Makers (DPMs) work during new trading times, including Global Trading Hours and Curb Sessions. This change affects traders and could shake up how trading duties and benefits are shared across different sessions. The SEC is taking extra time to review this proposal, so a decision will come later than originally planned.
Next: 2026-06043 — Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change Concerning a New Customer Net Margin Account Option for Agent Clearing Members in the Securities Financing Transaction Clearing Service
The National Securities Clearing Corporation (NSCC) wants to add a new net margin account option for agent clearing members using its securities financing transaction service. This change aims to make margin management smoother and more flexible for these members, potentially affecting how they handle money and risk. The proposal is open for public comments starting March 30, 2026, so interested folks can weigh in before it moves forward.
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in