U.S. Options

As previously announced in the July 3, 2025 Alert, the MIAX Sapphire Trading Floor will launch tomorrow September 12, 2025. The MIAX Sapphire Options Exchange Fee Schedule, effective September 12, 2025, contains the existing Electronic Fees and was amended with the Trading Floor Transaction and Non-Transaction Fees as follows. 

1. MIAX Sapphire Options Exchange Fee Schedule Updates:
   1. The Proposed Trading Floor Transaction fees and rebates are on pages 10-12 of the Fee Schedule.
   2. The Proposed Trading Floor Non-Transaction fees are on pages 32-33 of the Fee Schedule. These were previously announced in the July 18, 2025 Alert.
   3. The following is a summary of Trading Floor Qualified Floor Orders and complex Qualified Floor Orders (“QFO/cQFO”) Transaction fees and rebates in all classes (per contract):
      1. Priority and Professional Customer: $0.00
      2. Away Market Maker, Firm, and Broker-Dealer: $0.25
      3. Firm or Broker Dealer Facilitating a Customer Order: $0.00
      4. Floor Market Maker: $0.50
      5. Floor Broker Rebates: ($0.10) per contract per billable side
      6. Floor Broker Breakup Credit: ($0.20)
      7. Strategy Trades are capped up to daily $500, and fees are rebated to the executing Floor Broker
2. Billing Trade Type for Fee-Capped Strategy and Facilitation Trades for Customer Order (optional field):
   1. To receive the beneficial fee structures for fee-capped Strategy Trades or Facilitation Trades, it is necessary to populate the optional field, Billing Trade Type.  This value can be entered at time of execution in either the “New Order Cross” or “New Order Cross – Complex” message, or post trade in the Member Firm Portal.  Below is the list of expected values.
      1. B: Box Spread Strategy
      2. D: Dividend Strategy
      3. J: Jelly Roll Strategy
      4. I: Interest Rate Spread
      5. M:  Merger/Acquisition Strategy
      6. R: Reversal/Conversion Spread (Rev/Con)
      7. O: Other Eligible Strategy
      8. F: Facilitation for Customer Order

Attached  is a highlighted summary of the September 12, 2025 fee changes for MIAX Sapphire Options Exchange.

Complete details are available in the September 12, 2025 Fee Schedule on the MIAX website at MIAX Sapphire Options Fee Schedule.

For further information regarding MIAX Sapphire transaction fees, please contact Sales at Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.

For connectivity, testing or other questions regarding onboarding, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.

Regulatory inquiries should be directed to Regulatory@miaxglobal.com or (609) 897-7309.