MIAX Sapphire Options Exchange Fee Schedule Amendment
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The new rule adjusts the MIAX Sapphire Options Exchange Fee Schedule by introducing a surcharge for Floor Market Makers and a rebate for Floor Brokers on certain transactions. This is designed to encourage more Priority Customer orders and increase trading floor activity. Floor Brokers will receive added financial incentives while Floor Market Makers have a new cost per contract in specific order types.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Introduces a $0.20 surcharge per contract for Floor Market Makers on specific trades
- Provides a $0.20 rebate per contract for Floor Brokers handling Priority Customer orders
- Excludes certain transaction types like cQCC and Strategy transactions from these changes
Obligations
What this law requires
Floor Market Makers must pay a surcharge of $0.20 per contract for transactions with Priority Customer cQFOs executed by Floor Brokers on the Trading Floor.
Floor Brokers will be paid an enhanced rebate of ($0.20) per contract for executing certain Priority Customer cQFO transactions that interact with Floor Market Maker orders.
The increased surcharge and rebate will not apply to cQCC transactions, cC2C transactions, Strategy transactions, or other non-complex transactions.
Floor Market Makers must comply with the new fee structure as it is established within the MIAX Sapphire Options Exchange Fee Schedule, effective April 1, 2026.
Floor Brokers must take advantage of the Floor Broker Enhanced Complex Rebate provided for Priority Customer cQFO transactions.