MIAX Sapphire Reduces Professional Customer Fees for QCC, cQCC Trades
Effective Aug. 17, 2026, the exchange eliminates initiating and contra-side fees and cuts rebates for professional customer QCC and cQCC orders, and adds a tiered fee for away-market-maker QFO facilitation.
On Aug. 17, 2026, MIAX Sapphire, LLC filed a proposed rule change (Release No. 34-106232; File No. SR-SAPPHIRE-2026-34) that the SEC is publishing for comment. The filing states the change is immediately effective and amends the MIAX Sapphire Options Exchange Fee Schedule.
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 Electronic Book and the Trading Floor.
Rebates for electronic exchange members entering professional customer QCC and cQCC orders are also revised. Existing rebates of ($0.07) per contract for priority-customer contra-sides, ($0.17) for professional-customer contra-sides, and ($0.25) for all other participants are replaced with ($0.00) for priority and professional customers and ($0.17) for other participants.
In addition, the proposal establishes a tiered fee structure for Trading Floor transactions where a member directs a paired qualified floor order (QFO) or complex qualified floor order (cQFO) to the floor and the contra-side is an away market maker. The tiers depend on breakup percentages and minimum sizes as described in the filing.
The full text of the proposal is available on the exchange's website at https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings and at the exchange's principal office. The notice appears in the Federal Register (Vol. 91, No. 169, pp. 56518-56524; FR Doc No. 2026-17909).
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