U.S. Options

As previously announced in the July 18, 2025 Alert, the "Initial Waiver Period" for certain Trading Floor non-transaction fees will automatically end on February 28, 2026. Effective March 1, 2026, pending filing with the SEC, MIAX Sapphire Options Exchange will update Trading Floor non-transaction fee waivers and begin charging non-transaction fees as follows:

1. Application and Initiation Fee (one-time)
   1. Floor Broker: $2,000
      1. New – waived for NEW Floor Brokers
   2. Floor Market Maker: $2,000
2. Participant Fees (monthly)
   1. Floor Broker (per firm): $1,250
      1. New – waived for NEW Floor Broker firm of initial partial month and following three (3) full months
   2. Floor Market Maker (per firm): $1,250
3. Trading Permit Fees (monthly)
   1. Floor Broker (per firm):  $5,000
      1. New – waived for NEW Floor Broker firm of initial partial month and following three (3) full months
      2. New – extension of 100 contract ADV threshold – CURRENT Floor Brokers firm that execute at least 100 contract ADV will have the monthly trading permit fee waived in the relevant month
   2. Floor Market Maker (each): $5,350
      1. New –  removal of 100 contract ADV threshold – Floor Market Maker (each) will be charged the monthly trading permit fee regardless of ADV
      2. New  monthly rate for ‘Alternate’ Floor Market Maker (each): $500
4. Desk and Badge Fees (monthly)
   1. Desk: $350 per desk, applicable to non-permit holders (i.e. clerks) and each additional-requested desk in excess of the allotment provided to Floor Brokers and Floor Market Makers pursuant to Section 9)c) of the Fee Schedule for permit holders
   2. Badge: $100 per badge, applicable to non-permit holders (i.e. clerks)
5. Data Center Hosting Fees
   1. Initial Fee (one-time): $500 per 9-rack unit
   2. Monthly Fee: $1,500 per 9-rack unit

Other fees like "Remote Services Fees" and "Shipping and Storage Fees" were not waived in the "Initial Waiver Period" and will continue to be charged.

Attached is a highlighted summary of the March 2026 fee changes for MIAX Sapphire Options Exchange.

Complete details will be contained in the March 2026 MIAX Sapphire Option Fee Schedule, when posted on the MIAX website at MIAX Sapphire Fee Schedule.

For additional information, please contact MIAX Sales at Sales@miaxglobal.com or (609) 897-8177.

If you need assistance, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.