23 Sep 2025
💰MIAX Sapphire Introduces Non-Transaction Fees for Floor Participants
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Sapphire Fee Schedule To Establish Non-Transaction Fees Applicable to Floor Participants of the Exchange's Trading Floor
Summary
The MIAX Sapphire Options Exchange is set to implement a new Fee Schedule, introducing non-transaction fees for floor participants. Changes include one-time application fees, monthly participant fees, and various additional fees, aimed at shaping a competitive environment for options trading while enhancing operational efficiency.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The proposed rule change regarding MIAX Sapphire’s Fee Schedule introduces various non-transaction fees applicable to floor participants, which will affect the cost structure for businesses operating in options trading. Implementation of these fees, even if waived during the Initial Waiver Period, signifies a regulatory shift that could define market participation costs in the near future.