Notice2025-23242
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Sapphire Options Exchange Fee Schedule To Regroup Options Exchanges Within the Routing Fee Table
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 18, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 241 (Thursday, December 18, 2025)</title>
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[Federal Register Volume 90, Number 241 (Thursday, December 18, 2025)]
[Notices]
[Pages 59263-59266]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-23242]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104405; File No. SR-SAPPHIRE-2025-41]
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the MIAX Sapphire Options Exchange Fee Schedule To Regroup Options
Exchanges Within the Routing Fee Table
December 15, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on December 1, 2025, MIAX Sapphire, LLC (``MIAX
Sapphire'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the MIAX Sapphire Options Exchange
Fee Schedule (``Fee Schedule'') to amend the MIAX Sapphire Options
Exchange Fee Schedule (the ``Fee Schedule'').
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings</a>, and at MIAX Sapphire's principal office.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the exchange grouping of options
exchanges within the routing fee table in Section 1)b) of the Fee
Schedule, Fees and Rebates for Customer Orders Routed to Another
Options Exchange, to adjust the groupings of options exchanges. In
addition, the Exchange proposes to make a minor, non-substantive change
to the heading of Section 1)b) of the Fee Schedule.
Background
Currently, the Exchange assesses routing fees based upon (i) the
origin type of the order; (ii) whether or not it is an order for
standard option classes in the Penny Interval Program \3\ (``Penny
classes'') or an order for standard option classes which are not in the
Penny Interval Program (``Non-Penny classes'') (or other explicitly
identified classes); and (iii) to which away market it is being routed.
This assessment practice is identical to the routing fees assessment
practice currently utilized by the Exchange's affiliates, Miami
International Securities Exchange, LLC (``MIAX''), MIAX PEARL, LLC
(``MIAX Pearl''), and MIAX Emerald, LLC (``MIAX Emerald''). This is
also similar to the methodology utilized by the Cboe BZX Exchange, Inc.
(``Cboe BZX Options''), a competing options exchange, in assessing
routing fees. Cboe BZX Options has exchange groupings in its fee
schedule, similar to those of the Exchange, whereby several exchanges
are grouped into the same category dependent upon the order's origin
type and whether it is a Penny or Non-Penny class.\4\
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\3\ See Exchange Rule 510(c).
\4\ See Cboe U.S. Options Fee Schedules, BZX Options, effective
November 20, 2025, ``Fee Codes and Associated Fees,'' at <a href="https://www.cboe.com/us/options/membership/fee_schedule/bzx/">https://www.cboe.com/us/options/membership/fee_schedule/bzx/</a> (last visited
November 23, 2025).
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As a result of conducting a periodic review of the current
transaction fees charged by away markets the Exchange has determined to
amend the exchange groupings of options exchanges within the routing
fee table to better reflect the associated costs and fees of routing
customer orders to certain away markets for execution.
Proposal
The Exchange proposes to amend the table in Section 1)b) of the
Exchange's Fee Schedule, Fees and Rebates for Customer Orders Routed to
Another
[[Page 59264]]
Options Exchange, to update the exchange groupings of options exchanges
within the routing fee table. Under this proposed change, the Exchange
will not amend the fees associated with the exchange groupings. This
proposal merely seeks to amend the exchange groupings, which change is
reflected in the routing fee table below and described in detail
herein.
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Description Fees
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Routed, Priority Customer, Penny Program, to: NYSE $0.15
American, Cboe, Cboe EDGX Options, MIAX, Nasdaq PHLX
(except SPY), Nasdaq MRX...............................
Routed, Priority Customer, Penny Program, to: BOX....... 0.30
Routed, Priority Customer, Penny Program, to: NYSE Arca 0.65
Options, Cboe BZX Options, Cboe C2, Nasdaq GEMX, Nasdaq
ISE, NOM, Nasdaq PHLX (SPY only), MIAX Pearl, MIAX
Emerald, Nasdaq BX Options, MEMX.......................
Routed, Priority Customer, Non-Penny Program, to: NYSE 0.15
American, BOX, Cboe, Cboe EDGX Options, MIAX, Nasdaq
PHLX, Nasdaq MRX.......................................
Routed, Priority Customer, Non-Penny Program, to: NYSE 1.00
Arca Options, Cboe BZX Options, Cboe C2, Nasdaq GEMX,
NOM, MIAX Pearl, MIAX Emerald, Nasdaq BX Options,
Nasdaq ISE, MEMX.......................................
Routed, Public Customer that is not a Priority Customer, 0.65
Penny Program, to: NYSE American, NYSE Arca Options,
Cboe BZX Options, BOX, Cboe, Cboe C2, Cboe EDGX
Options, Nasdaq GEMX, Nasdaq ISE, Nasdaq MRX, MIAX,
MIAX Pearl, MIAX Emerald, NOM, Nasdaq PHLX, Nasdaq BX
Options, MEMX..........................................
Routed, Public Customer that is not a Priority Customer, 1.00
Non-Penny Program, to: NYSE American, MIAX, Cboe,
Nasdaq PHLX, Cboe EDGX Options, NOM....................
Routed, Public Customer that is not a Priority Customer, 1.15
Non-Penny Program, to: Cboe C2, BOX....................
Routed, Public Customer that is not a Priority Customer, 1.25
Non-Penny Program, to: NYSE Arca Options, Nasdaq GEMX,
Nasdaq MRX, MIAX Pearl, MIAX Emerald...................
Routed, Public Customer that is not a Priority Customer, 1.40
Non-Penny Program, to: Cboe BZX Options, Nasdaq ISE,
Nasdaq BX Options, MEMX................................
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The Exchange proposes to remove ``MEMX'' from the ``Routed, Public
Customer that is not a Priority Customer, Non-Penny Program'' $1.25 fee
tier and amend the ``Routed, Public Customer that is not a Priority
Customer, Non-Penny Program'' $1.40 fee tier to add ``MEMX''. This
change is being made as MEMX LLC (``MEMX'') recently amended its fee
schedule and now assesses a transaction fee of $1.21 per contract for
orders in Non-Penny classes in Professional capacities which remove
liquidity from the MEMX Options Book.\5\
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\5\ See MEMX Options Fee Schedule (effective August 1, 2025),
Transaction Fees, available at <a href="https://info.memxtrading.com/us-options-trading-resources/us-options-fee-schedule/">https://info.memxtrading.com/us-options-trading-resources/us-options-fee-schedule/</a> (last visited
November 23, 2025); see also Securities Exchange Act Release No.
100804 (August 22, 2024), 89 FR 68956 (August 28, 2024) (SR-MEMX-
2024-32). The Exchange notes that the origin type of the order
``Public Customer that is not a Priority Customer'' in the MIAX
Options Fee Schedule is substantively similar to the origin type of
the order ``Professional'' in the MEMX Options Fee Schedule. The
term ``Public Customer'' means a person that is not a broker or
dealer in securities. The term ``Priority Customer'' means a person
or entity that (i) is not a broker or dealer in securities, and (ii)
does not place more than 390 orders in listed options per day on
average during a calendar month for its own beneficial account(s).
See Exchange Rule 100. The term ``Professional'' means any person or
entity that (A) is not a broker or dealer in securities; and (B)
places more than 390 orders in listed options per day on average
during a calendar month for its own beneficial account(s). See Rules
of MEMX, Rule 16.1, available at <a href="https://info.memxtrading.com/wp-content/uploads/2025/09/MEMX-Rulebook-9.16.25-Clean.pdf">https://info.memxtrading.com/wp-content/uploads/2025/09/MEMX-Rulebook-9.16.25-Clean.pdf</a> (last
visited November 23, 2025).
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The purpose of the proposal is to adjust the routing fee groups for
orders routed to other exchanges to better reflect the associated costs
for that routed execution in Penny and Non-Penny classes as determined
by the fees and rebates at the executing exchange. In determining to
amend its groupings, the Exchange took into account transaction fees
assessed by the away market to which the Exchange routes orders, as
well as the Exchange's clearing costs, administrative, regulatory, and
technical costs associated with routing orders to an away market. The
Exchange uses unaffiliated routing brokers to route orders to the away
markets; the costs associated with the use of these services are
included in the routing fees specified in the Fee Schedule. This
routing fee structure is not only similar to the Exchange's affiliates,
MIAX, MIAX Pearl, and MIAX Emerald, but is also comparable to the
structure in place on at least one other competing options exchange,
Cboe BZX Options.\6\ The Exchange's routing fee structure approximates
the Exchange's costs associated with routing orders to away markets.
The per-contract transaction fee amount associated with each grouping
closely approximates the Exchange's all-in cost (plus an additional,
non-material amount) \7\ to execute that corresponding contract at that
corresponding exchange.
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\6\ See supra note 4. The Cboe BZX Options fee schedule has
exchange groupings, whereby several exchanges are grouped into the
same category, dependent on the order's origin type and whether it
is a Penny or Non-Penny class.
\7\ This amount is to cover de minimis differences/changes to
away market fees (i.e., minor increases or decreases) that would not
necessitate a fee filing by the Exchange to re-categorize the away
exchange into a different grouping. Routing fees are not intended to
be a profit center for the Exchange and the Exchange's goal
regarding routing fees and expenses is to be as close as possible to
net neutral.
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The Exchange notes that in determining whether to adjust certain
groupings of options exchanges in the routing fee table, the Exchange
considered the transaction fees assessed by away markets, and
determined to amend the grouping of exchanges that assess transaction
fees for routed orders within a similar range. This same logic and
structure apply to all of the groupings in the routing fee table. By
utilizing the same structure that is utilized by the Exchange's
affiliates, MIAX, MIAX Pearl, and MIAX Emerald, the Exchange's Members
\8\ will be assessed routing fees in a similar manner. The Exchange
notes that its affiliates, MIAX, MIAX Pearl, and MIAX Emerald, will
file to make the same proposed routing fee changes contained herein.
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\8\ The term ``Member'' means an individual or organization that
is registered with the Exchange pursuant to Chapter II of these
Rules for purposes of trading on the Exchange as an ``Electronic
Exchange Member'' or ``Market Maker.'' Members are deemed
``members'' under the Exchange Act. See Exchange Rule 100.
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In addition, the Exchange proposes to make a minor, non-substantive
change to the heading of Section 1)b) of the Fee Schedule.
Specifically, the Exchange proposes to amend the heading of Section
1)b) of the Fee Schedule from ``Fees and Rebates for Customer Orders
Routed to Another Options Exchange'' to ``Fees for Customer Orders
Routed to Another Options Exchange''. The proposed change is intended
to align the heading information of the Exchange's Fee Schedule with
the heading
[[Page 59265]]
conventions used for the fee schedules of the Exchange's affiliates,
MIAX, MIAX Pearl, and MIAX Emerald. The proposed rule change is to
promote consistency across the Exchange's and its affiliates' fee
schedules.
Implementation
The proposed rule changes will become effective on December 1,
2025.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \9\ in general, and furthers
the objectives of Section 6(b)(4) of the Act \10\ in particular, in
that it is an equitable allocation of reasonable dues, fees, and other
charges among its members and issuers and other persons using its
facilities. The Exchange also believes the proposal furthers the
objectives of Section 6(b)(5) of the Act \11\ in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest and is not designed to permit unfair discrimination between
customers, issuers, brokers and dealers.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4).
\11\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed changes to the exchange
groupings of options exchanges within the routing fee table furthers
the objectives of Section 6(b)(4) of the Act and is reasonable,
equitable and not unfairly discriminatory because the proposed change
will continue to apply in the same manner to all Members that are
subject to routing fees. The Exchange believes the proposed changes to
the routing fee table exchange groupings furthers the objectives of
Section 6(b)(5) of the Act and is designed to promote just and
equitable principles of trade and is not unfairly discriminatory
because the proposed changes seek to recoup costs that are incurred by
the Exchange when routing orders for Public Customers that are not
Priority Customers to away markets on behalf of Members and does so in
the same manner for all Members that are subject to routing fees. The
costs to the Exchange to route orders to away markets for execution
primarily includes transaction fees assessed by the away markets to
which the Exchange routes orders, in addition to the Exchange's
clearing costs, administrative, regulatory and technical costs. The
Exchange believes that the proposed re-categorization of certain
exchange groupings would enable the Exchange to better reflect the
costs and fees associated with routing orders to other exchanges for
execution.
The Exchange places away markets in the fee tier grouping that best
approximates the Exchange's costs and fees to route the orders in that
segment to that away market. The per-contract transaction fee amount
associated with each grouping approximates the Exchange's all-in cost
(plus an additional, non-material amount) \12\ to execute the
corresponding contract at the corresponding exchange. The Exchange
believes its tier structure represents the best approach to reflect the
costs and fees associated with routing and executing orders on other
exchanges. As noted above, this routing fee structure is comparable to
the structure in place on at least one other competing options
exchange, Cboe BZX Options.\13\
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\12\ See supra note 7.
\13\ See supra notes 4 and 6.
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The Exchange believes the proposed change to the heading of Section
1)b) of the Fee Schedule furthers the objectives of Section 6(b)(5) of
the Act and is designed to promote just and equitable principles of
trade and remove impediments to and perfect the mechanism of a free and
open market and a national market system and, in general, protect
investors and the public interest because the proposed rule change will
provide greater clarity to Members and the public regarding the
Exchange's Fee Schedule by aligning the heading information of the
Exchange's Fee Schedule with the heading conventions used for the fee
schedules of the Exchange's affiliates. It is in the public interest
for the Exchange's Fee Schedule to be accurate and consistent.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed re-categorization
of certain exchange groupings will impose any burden on competition not
necessary or appropriate in furtherance of the purposes of the Act. The
Exchange's proposed re-categorization of certain exchange groupings is
intended to enable the Exchange to recover the costs it incurs to route
orders to away markets. The costs to the Exchange to route orders to
away markets for execution primarily includes the transaction fees
assessed by the away markets to which the Exchange routes orders, in
addition to the Exchange's clearing costs, administrative, regulatory
and technical costs. The Exchange does not believe that this proposal
imposes any unnecessary burden on competition because it seeks to
better reflect the costs and fees incurred by the Exchange when routing
orders to away markets on behalf of Members and notes that at least one
other options exchange has a similar routing fee structure.\14\
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\14\ See supra note 4.
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The Exchange does not believe that the proposed change to the
heading of Section 1)b) of the Fee Schedule will impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The proposed change is not intended to address
competitive issues but rather is concerned solely with aligning the
heading information of the Exchange's Fee Schedule with the heading
conventions used for the fee schedules of the Exchange's affiliates.
This is to promote consistency across the Exchange's and its
affiliates' fee schedules.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\15\ and Rule 19b-4(f)(2) \16\ thereunder.
At any time within 60 days of the filing of the proposed rule change,
the Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
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\15\ 15 U.S.C. 78s(b)(3)(A)(ii).
\16\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
[[Page 59266]]
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#790b0c151c541a1614141c170d0a390a1c1a571e160f"><span class="__cf_email__" data-cfemail="80f2f5ece5ade3efedede5eef4f3c0f3e5e3aee7eff6">[email protected]</span></a>. Please include
file number SR-SAPPHIRE-2025-41 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-SAPPHIRE-2025-41. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-SAPPHIRE-2025-41 and should be submitted
on or before January 8, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-23242 Filed 12-17-25; 8:45 am]
BILLING CODE 8011-01-P
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