MIAX Sapphire raises floor market-maker fee and broker credit in non-penny options
The fee increase to $0.94 per contract and credit boost to $0.25 take effect Sep. 1, 2026 for floor market makers and brokers on MIAX Sapphire's options floor.
MIAX Sapphire, LLC filed a proposed rule change on August 31, 2026 (Release No. 34-106314; File No. SR-SAPPHIRE-2026-35) to amend its Options Exchange Fee Schedule. The Securities and Exchange Commission published the notice on September 9, 2026 (FR Doc No: 2026-18666) and is seeking comments.
The amendment would raise the per-contract fee assessed to Floor Market Makers for Qualified Floor Order (QFO) and Complex Qualified Floor Order (cQFO) transactions in non-Penny classes that trade against all other origins from $0.50 to $0.94. The change is described as necessary for business and competitive reasons and is intended to keep the Exchange's fees in line with those of other equity options exchanges that operate trading floors.
Simultaneously, the proposal would increase the Floor Broker Breakup Credit for the same transaction types in non-Penny classes from ($0.20) per contract to ($0.25) per contract. The Exchange argues that the higher credit may encourage additional Floor Broker liquidity, which could benefit market participants by expanding trading opportunities on the newly launched floor.
The proposed fee and credit adjustments are slated to become effective beginning September 1, 2026. Interested parties may submit comments to the Commission as outlined in the notice.
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