MIAX Sapphire reduces professional customer fees, adds tiered floor fees
Professional customers trading QCC and cQCC options on MIAX Sapphire see fees drop to $0.00 per contract, effective July 31 2026, with new tiered fees for away market-maker floor trades.
On July 31, 2026, MIAX Sapphire, LLC filed a proposed rule change (Release No. 34-106093; File No. SR-SAPPHIRE-2026-31) to amend its Options Exchange Fee Schedule. The Commission published the notice on August 12, 2026 and declared the changes immediately effective.
The amendment eliminates the $0.12 per-contract initiating and contra-side fees that professional customers currently pay for qualified contingent trade (QCC) and complex qualified contingent trade (cQCC) transactions on both the electronic book and the trading floor, setting the fee to $0.00 per contract side. A QCC transaction requires an initiating order of at least 1,000 contracts; a cQCC transaction involves complex orders with each component of at least 1,000 contracts.
Rebates for Electronic Exchange Members (EEMs) entering professional customer orders are also reduced. The rebate of ($0.07) per contract when the contra-side is a priority customer and ($0.17) when the contra-side is a professional customer are both changed to $0.00. The rebate for all other market participants is lowered from ($0.25) to ($0.17) per contract.
In addition, the Exchange proposes a tiered fee structure for trading-floor transactions where a member directs a qualified floor order (QFO) or complex qualified floor order (cQFO) to the floor and the contra-side is an away market maker. The tiered fees depend on breakup percentages and minimum sizes as described in the filing.
The filing and immediate effectiveness of these changes are intended for business and competitive reasons and to align MIAX Sapphire's fee schedule with comparable structures at other options exchanges.