MIAX Sapphire Implements Zero Fees for Professional QCC Orders
Effective Oct. 15, 2026, the MIAX Sapphire Options Exchange eliminates initiating and contra-side fees for professional customers on QCC and cQCC trades and revises rebates and tiered floor fees.
On October 15, 2026, MIAX Sapphire, LLC filed a proposed rule change (Release No. 34-106762; File No. SR-SAPPHIRE-2026-36) that the Securities and Exchange Commission is publishing as immediately effective. The notice, dated October 28, 2026, invites comments from interested parties.
The amendment reduces the initiating and contra-side fees for professional-customer orders in qualified contingent trades (QCC) and complex qualified contingent trades (cQCC) from $0.12 per contract side to $0.00 per contract side on both the Exchange's Electronic Book and Trading Floor.
Rebates for Electronic Exchange Members (EEMs) entering professional-customer QCC and cQCC orders are also revised. The proposed schedule sets the rebate to $0.00 per contract when the contra-side is a Priority Customer or a Professional Customer, and to $0.17 per contract when the contra-side is any other market participant.
In addition, the Exchange proposes a tiered fee structure for Trading Floor transactions where a member directs a paired qualified floor order (QFO) or complex QFO (cQFO) to the floor and the contra-side originates from an Away Market Maker of the same member. The tiers depend on monthly breakup percentages and minimum sizes as described in the filing.
The Exchange's filing, initially submitted on July 31, 2026 and subsequently withdrawn and refiled on August 17, 2026 and October 15, 2026, is available on the MIAX Sapphire website and at the Exchange's principal office. Comments must be submitted in accordance with the Commission's procedures.
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