MIAX Sapphire Raises Floor Market Maker Fee to $0.94, Boosts Broker Credit

On October 27, 2026, MIAX Sapphire, LLC filed a proposed rule change (Release No. 34-106812; File No. SR-SAPPHIRE-2026-37) that the SEC is publishing for comment. The filing amends the MIAX Sapphire Options Exchange Fee Schedule and is immediately effective upon filing.

The exchange seeks to increase 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. The fee would rise from $0.50 to $0.94 per contract. The exchange states the change is for business and competitive reasons and believes the new $0.94 rate remains competitive with other equity options exchanges that charge $1.00 or $0.90 per contract for similar floor transactions.

In addition, the proposal raises the Floor Broker Breakup Credit for the same QFO and cQFO transactions in non-penny classes from ($0.20) to ($0.25) per contract. The exchange indicates the credit increase is intended to encourage additional floor broker liquidity in non-penny classes.

The filing replaces an earlier proposal submitted on August 31, 2026, and withdrawn as SR-SAPPHIRE-2026-35 before being refiled on October 27, 2026. The Commission is soliciting comments from interested persons on the proposed amendments.