MIAX Sapphire Options Exchange Updates Non-Transaction Fee Waivers for Trading Floor Participants
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
MIAX Sapphire is updating its Fee Schedule effective March 1, 2026 after the Initial Waiver Period ended in February 2026. The exchange removes the expired 'Initial Waiver Period' definition and modifies waivers for one-time application/initiation fees, monthly participant fees, and monthly Trading Permit fees for Floor Brokers and Floor Market Makers. New Floor Brokers receive waivers on application fees indefinitely, three months of participant fee waivers, and volume-based or temporary Trading Permit fee waivers. Existing Floor Brokers keep conditional Trading Permit fee waivers if they meet 100 contracts ADV in Qualified Floor Orders. Floor Market Makers lose most waivers and will be charged the full $2,000 one-time fee, $1,250 monthly participant fee, and $5,350 monthly Trading Permit fee. A new fee for Floor Market Maker Alternates is also being added. The changes aim to continue attracting new Floor Brokers while beginning to collect fees from established participants.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Deletes 'Initial Waiver Period' definition effective March 1, 2026
- Waives one-time $2,000 application/initiation fee for all new Floor Broker applications starting March 1, 2026; Floor Market Makers pay full fee
- Waives monthly $1,250 participant fee for new Floor Broker firms for initial partial month + 3 full calendar months once physically present on Trading Floor
+ 3 more changes with Pro
Obligations
What this law requires
MIAX Sapphire must remove the 'Initial Waiver Period' definition from the Fee Schedule effective March 1, 2026
MIAX Sapphire must waive the one-time application and initiation fee for all new Floor Broker applications beginning March 1, 2026
MIAX Sapphire must assess the $2,000 one-time application and initiation fee for all new Floor Market Maker applications effective March 1, 2026
MIAX Sapphire must charge Floor Market Makers the full $1,250 monthly participant fee and $5,350 monthly Trading Permit fee, removing previous waivers effective March 1, 2026
MIAX Sapphire must provide three months of participant fee waivers for new Floor Brokers beginning March 1, 2026