Notice2026-06042
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 for Non-Transaction Fee Waivers
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
March 30, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 60 (Monday, March 30, 2026)</title>
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[Federal Register Volume 91, Number 60 (Monday, March 30, 2026)]
[Notices]
[Pages 15647-15654]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-06042]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105078; File No. SR-SAPPHIRE-2026-11]
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 for Non-Transaction Fee
Waivers
March 25, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 18, 2026, MIAX Sapphire, LLC (``MIAX Sapphire'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a 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 is filing a proposal to amend the MIAX Sapphire
Options Exchange Fee Schedule (the ``Fee Schedule'') to update certain
non-transaction fee waivers and remove text regarding fee waivers that
expired at the end of February 2026.
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 commenced Trading Floor \3\ operations in September
2025.\4\ Ahead of the launch of the Trading Floor for equity options
trading, the Exchange filed to amend the Fee Schedule to establish
Section 9, Trading Floor Non-Transaction Fees, and the following
subsections, including fee structures and amounts: (1) one-time
[[Page 15648]]
application and initiation fees; (2) participant fees; (3) Trading
Permit \5\ fees; (4) desk and badge fees; (5) remote services fees; (6)
shipping and storage fee; and (7) data center hosting fees.\6\ In that
filing, the Exchange waived certain non-transaction fees for the
Initial Waiver Period \7\ in order to attract Trading Floor membership
and compete for order flow. In particular, the Exchange waived the
following fees for the Initial Waiver Period: (1) one-time application
and initiation fees; (2) participant fees; (3) desk and badge fees; and
(4) data center hosting fees.\8\ The Exchange also waived Trading
Permit fees for each Floor Broker \9\ (on a per-firm basis) or Floor
Market Maker \10\ that executed at least 100 contracts average daily
volume (``ADV'') in Qualified Floor Orders (``QFOs'') \11\ and Complex
Qualified Floor Orders (``cQFOs'') \12\ in each relevant month
throughout September, October, November and December 2025, and January
and February 2026.\13\ Since the Exchange launched Trading Floor
operations in mid-September 2025, the Initial Waiver Period
automatically expired at the end of February 2026 (i.e., the initial
effectiveness of the fees, which were filed mid-September,\14\ plus
five full calendar months thereafter). The Exchange now proposes to
amend the Fee Schedule to update certain Trading Floor non-transaction
fee waivers and remove text regarding the Initial Waiver Period, which
automatically expired at the end of February 2026.
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\3\ The terms ``Trading Floor'' or ``Floor'' means the physical
trading floor of the Exchange located in Miami, Florida. The Trading
Floor shall consist of one ``Crowd Area'' or ``Pit'' where Floor
Participants will be located and option contracts will be traded.
The Crowd Area or Pit shall be marked with specific visible
boundaries on the Trading Floor, as determined by the Exchange. A
Floor Broker must represent all orders in an ``open outcry'' fashion
in the Crowd Area. See the Definitions section of the Fee Schedule
and Exchange Rule 100.
\4\ See News Alert, MIAX Sapphire, Miami International Holdings
Launches Next-Generation Options Trading Floor in Miami, dated
September 16, 2025, available at <a href="https://www.miaxglobal.com/alert/2025/09/16/miami-international-holdings-launches-next-generation-options-trading-floor">https://www.miaxglobal.com/alert/2025/09/16/miami-international-holdings-launches-next-generation-options-trading-floor</a>.
\5\ The term ``Trading Permit'' means a permit issued by the
Exchange that confers the ability to transact on the Exchange. See
Exchange Rule 100.
\6\ See Securities Exchange Act Release No. 104002 (September
18, 2025), 90 FR 45840 (September 23, 2025) (SR-SAPPHIRE-2025-37).
\7\ The term ``Initial Waiver Period'' means, for each
applicable fee, the period of time from the initial effectiveness of
the fee for the remainder of the partial month once the Trading
Floor begins to operate, plus an additional five (5) full calendar
months after the completion of the partial month, if applicable, of
the launch of Trading Floor operations. See the Definitions section
of the Fee Schedule.
\8\ See supra note 6.
\9\ A Floor Broker is an individual who is registered with the
Exchange for the purpose, while on the Trading/Floor, of accepting
and handling options orders. A Floor Broker must be registered as a
Floor Participant prior to registering as a Floor Broker. A Floor
Broker may take into his own account, and subsequently liquidate,
any position that results from an error made while attempting to
execute, as Floor Broker, an order. See Exchange Rule 2015.
\10\ A Floor Market Maker is a Floor Participant of the Exchange
located on the Trading Floor who has received permission from the
Exchange to trade in options for his own account. See Exchange Rule
2105(b).
\11\ See Exchange Rule 2040.
\12\ See id.
\13\ See supra note 6.
\14\ See supra note 6.
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The Exchange initially filed this proposal on February 27,
2026.\15\ On March 18, 2026, the Exchange withdrew SR-SAPPHIRE-2026-09
and refiled this proposal.\16\
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\15\ See Securities Exchange Act Release No. 104967 (March 11,
2026), 91 FR 12637 (March 16, 2026) (SR-SAPPHIRE-2026-09).
\16\ The Exchange notes that certain references to the Initial
Waiver Period being ``set to expire'' have been updated in this
filing to reflect the fact that the Initial Waiver Period expired at
the end of February 2026.
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Definitions Section
First, the Exchange proposes to amend the Definitions section of
the Fee Schedule to delete the term ``Initial Waiver Period'' as the
Initial Waiver Period automatically expired at the end of February
2026. Pursuant to this filing, the Exchange plans to update certain
non-transaction fee waivers with respect to certain Floor Participants;
\17\ however, the nature and extent of the proposed fee waivers will
vary by the type of fee and type of member. The Exchange will identify
the updated fee waiver, if applicable, in each relevant section of the
Fee Schedule. Accordingly, the Exchange proposes to delete the term
``Initial Waiver Period'' from the Definitions section of the Fee
Schedule to provide clarity to market participants that effective March
1, 2026, that particular fee waiver expired and certain Trading Floor
non-transaction fees will now be assessed as originally provided for in
the Exchange's initial non-transaction fee filing.\18\
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\17\ The term ``Floor Participant'' means Floor Brokers as
defined in Rule 2015 and Floor Market Makers as defined in Rule
2105(b). See Exchange Rule 100.
\18\ See supra note 6.
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Application and Initiation Fee (One-Time)
Next, the Exchange proposes to amend Section 9)a) of the Fee
Schedule to update the fee waiver for the one-time application and
initiation fee. The one-time application and initiation fee for Floor
Brokers and Floor Market Makers was waived for the Initial Waiver
Period. The Exchange now proposes to remove the reference to Initial
Waiver Period and insert text to specify that the one-time application
and initiation fee will be waived for new Floor Broker applications
beginning March 1, 2026. Since the application and initiation fee will
be assessed on an individual basis (i.e., per Floor Broker or per Floor
Market Maker), firms that already have active Floor Brokers on the
Trading Floor will be able to have additional individuals apply for
Floor Broker status and have the application and initiation fee waived
along with new firms that do not currently have active Floor Brokers on
the Trading Floor. With the proposed changes, consistent with the
existing Fee Schedule, all new Floor Market Maker applications will be
assessed the $2,000 one-time application and initiation fee. The
Exchange will continue to assess the one time application and
initiation fee per Floor Market Maker on the earlier of (i) the date
the applicant is certified in the membership system, (ii) provided
access to the Trading Floor and/or Trading Floor data center, or (iii)
once an application for Trading Floor membership is finally denied.\19\
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\19\ See Fee Schedule, Section 9)a).
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The purpose of waiving this fee for all new Floor Broker
applications is to continue to provide an incentive for market
participants interested in becoming Floor Brokers to submit
applications and become Floor Brokers sooner, which may result in
increased order flow and liquidity to the benefit of all Floor
Participants. Since the Exchange launched Trading Floor operations, all
current Floor Broker and Floor Market Maker application and initiation
fees were waived. Waiving certain fees is how exchanges have
historically attracted membership and competed for order flow soon
after launching operations.\20\ Even though the Exchange proposes to
waive these particular one-time fees for new Floor Broker applications,
the overall structure of the fee and amount is already outlined in the
Fee Schedule so that there is general awareness that the Exchange
intends to assess such fees for Floor Broker applications in the
future.
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\20\ See, e.g., Securities Exchange Act Release Nos. 104002
(September 18, 2025), 90 FR 45840 (September 23, 2025) (SR-SAPPHIRE-
2025-37) (waiving application and initiation fees, participant fees,
trading permit fees, desk and badge fees, and data center hosting
fees for an initial waiver period in order to attract membership and
order flow upon launching trading floor operations); 100752 (August
16, 2024), 89 FR 67986 (August 22, 2024) (SR-SAPPHIRE-2024-20)
(waiving one-time membership application fees, among others, for the
Exchange's electronic equity options trading platform for an initial
waiver period in order to attract membership and order flow upon
launching operations); 85393 (March 21, 2019), 84 FR 11599 (March
27, 2019) (SR-EMERALD-2019-15) (waiving one-time membership
application fees, trading permit fees, and testing and certification
fees, among others, for an initial waiver period in order to attract
membership and order flow upon launching operations); and 97893
(July 13, 2023), 88 FR 46285 (July 19, 2023) (SR-MEMX-2023-13)
(waiving membership fees for an initial waiver period of
approximately six months upon launch of MEMX's options exchange).
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Participant Fees
The Exchange proposes to amend Section 9)b) of the Fee Schedule to
[[Page 15649]]
update the fee waiver for participant fees. The participant fee for
Floor Brokers (to be assessed on a per-firm basis) and Floor Market
Makers (to be assessed on a per-firm basis) was waived for the Initial
Waiver Period. The Exchange now proposes to remove the reference to
Initial Waiver Period and insert text to specify that for new Floor
Brokers (on a per-firm basis), the participant fee will be waived for
the initial partial month plus an additional three (3) full calendar
months thereafter once the Floor Broker maintains a physical presence
on the Trading Floor (i.e., the Floor Broker is certified in the
membership system, provided access to the Trading Floor, and has a
designated desk to be able to begin trading operations).\21\ With the
proposed changes, current firms with Floor Brokers or Floor Market
Makers will begin being assessed the monthly fee of $1,250 (on a per-
firm basis) effective for March 2026.\22\ As proposed, any new firms
that do not have a registered Floor Broker on the Trading Floor will
have their participant fee waived for the initial partial month (i.e.,
after the first day of the month) plus three (3) full calendar months
thereafter once the Floor Broker maintains a physical presence on the
Trading Floor. Any new Floor Market Makers (firm) that become
registered as such after March 1, 2026 will be assessed the monthly
participant fee of $1,250 (on a per-firm basis).
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\21\ The Exchange proposes to update the language in the table
in Section 9)b) of the Fee Schedule to make it clearer that the
participant fee is assessed on a per-firm basis to both Floor
Brokers (upon expiration of the proposed new fee waiver) and Floor
Market Makers.
\22\ See Fee Schedule, Section 9)b).
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The purpose of waiving this fee for all new firms that register and
have Floor Brokers with an active presence on the Trading Floor is to
continue to provide an incentive for market participants interested in
becoming Floor Brokers to submit applications and begin Floor Broker
operations, which may result in increased order flow and liquidity to
the benefit of all Floor Participants. Since the Exchange launched
Trading Floor operations, all current firms with Floor Brokers or Floor
Market Makers had their monthly participant fees waived. Waiving
certain fees is how exchanges have historically attracted membership
and competed for order flow soon after launching operations.\23\ Even
though the Exchange proposes to waive these particular fees for new
firms that register Floor Brokers, the overall structure of the fees
and amounts is already outlined in the Fee Schedule so that there is
general awareness that the Exchange will assess such fees to Floor
Brokers (on a per-firm basis) upon the expiration of the defined term
of this particular fee waiver, which is based upon the date that a new
firm has a Floor Broker with a physical presence on the Trading Floor.
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\23\ See supra note 20.
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Trading Permit Fees
The Exchange proposes to amend Section 9)c) of the Fee Schedule to
update the fee waiver for Trading Permit fees. Since the Exchange
launched Trading Floor operations, the monthly Trading Permit fees for
Floor Brokers (on a per-firm basis) and Floor Market Makers were waived
if the Floor Broker (on a per-firm basis) or Floor Market Maker
executed at least 100 contracts ADV in QFOs or cQFOs, as the case may
be, in each relevant month throughout September, October, November and
December 2025, as well as January and February 2026.
The Exchange now proposes to remove the references to Initial
Waiver Period, the text regarding certain months in 2025 and 2026, and
Floor Market Maker fee waivers. The Exchange proposes to insert text to
specify that for registered Floor Brokers as of February 28, 2026, the
monthly Trading Permit fee will be waived if the Floor Broker (on a
per-firm basis) executes at least 100 contracts ADV in QFOs or cQFOs in
each relevant month thereafter, with no defined sunset for this
particular fee waiver.\24\ The purpose of this conditional fee waiver
is to continue to provide a low enough volume threshold that most, if
not all, current Floor Brokers should be able to achieve in order to
have their monthly Trading Permit fees waived, while also promoting
order flow and liquidity as the Trading Floor operations continue to
ramp up. The Exchange proposes that for new firms that register Floor
Brokers beginning March 1, 2026 or later, the monthly Trading Permit
fee will be waived for the initial partial month the Floor Broker
becomes registered with the Exchange and the three (3) full calendar
months thereafter, with no volume requirement attached to the fee
waiver for new Floor Brokers during that particular period. Further,
the Exchange proposes to specify that for new firms that register Floor
Brokers beginning March 1, 2026 or later, upon the expiration of the
monthly Trading Permit fee waiver for the initial partial month and
three (3) full calendar months after initial registration (as proposed
in the immediately preceding sentence), the Exchange will continue to
waive the monthly Trading Permit fee if the Floor Broker (on a per-firm
basis) executes at least 100 contracts ADV in QFOs or cQFOs in each
relevant month thereafter.
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\24\ The Exchange proposes to update the language in the table
in Section 9)c) of the Fee Schedule to make it clearer that the
Trading Permit fee for Floor Brokers will be assessed on a per-firm
basis (upon expiration of the proposed fee waiver for new Floor
Brokers or in the event that a current Floor Broker does not meet
the ADV requirement in a particular month).
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The purpose of this proposal is to incentivize market participants
that are not Floor Participants to apply and become registered with the
Exchange and begin Floor Broker operations, which should promote
additional order flow and liquidity, benefiting all current Floor
Participants. With the proposed changes, all new and current Floor
Market Makers (on an individual basis) will be assessed the $5,350
monthly Trading Permit fee as stated in the Fee Schedule.\25\
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\25\ See Fee Schedule, Section 9)c). As discussed in the
Exchange's prior filing, the Exchange determined to charge Floor
Brokers on a per firm basis but not Floor Market Makers because the
Trading Floor is not an unlimited space. Each on-Floor person is
required to have a desk, which physically takes up space. The
Exchange determined to charge Floor Brokers on a per firm basis and
allocate more space for Floor Brokers to encourage Floor Brokers to
bring QFO and cQFO volume to the Trading Floor. The Exchange
continues to believe this will encourage the role performed by Floor
Brokers in facilitating the execution of orders on the Trading
Floor, a function that the Exchange wishes to support for the
benefit of all market participants. The Exchange continues to
believe that this updated fee structure will incentivize Floor
Broker liquidity while balancing and recognizing the importance of
Floor Market Makers to make markets on the Exchange's Trading Floor
and interact with the orders brought to the Trading Floor for
execution by Floor Brokers. More liquidity should benefit all Floor
Participants by providing more trading opportunities, offering a
more competitive venue for order execution, thus improving market
quality for all market participants. See Securities Exchange Act
Release No. 104002 (September 18, 2025), 90 FR 45840 (September 23,
2025) (SR-SAPPHIRE-2025-37).
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Waiving certain fees is how exchanges have historically attracted
membership and competed for order flow soon after launching
operations.\26\ The Exchange also believes that incentivizing order
flow for certain market participants, like Floor Brokers, or reducing
certain membership or trading permit fees, is historically how other
exchanges have competed.\27\ Even though the Exchange proposes to waive
these particular fees if a current Floor Broker achieves a certain ADV
in the relevant month, as well as for new Floor Brokers regardless of
ADV for the initial partial month and three full calendar months
thereafter,
[[Page 15650]]
the Exchange believes that it is appropriate to provide market
participants with the overall structure of the fees by outlining the
structure and amounts in the Fee Schedule so that there is general
awareness that the Exchange intends to assess such fees. For current
Floor Brokers, the Exchange would assess such fee if the ADV threshold
is not met, as well as in the future for new firms with Floor Brokers
upon the expiration of defined term of this particular fee waiver,
which is based upon the date that the new Floor Broker becomes
registered with the Exchange.
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\26\ See supra note 20.
\27\ See, e.g., BOX Fee Schedule, Section I.D., Trading Floor
Participant Fees (providing that any Floor Broker that executes a
trade on 50% or more of the trading days in a given month will
receive a $5,000 trading floor credit).
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The Exchange also proposes to amend Section 9)c) of the Fee
Schedule to establish a fee for Floor Market Maker Alternates. The
Exchange's Floor Participant Application provides several categories of
permits that the applicant may choose from, which includes the
following permit types: (a) Floor Broker, (b) Floor Market Maker, (c)
Floor Broker Alternate, (d) Floor Market Maker Alternate, and (e)
Clerk.\28\ The Floor Broker Alternate permit allows that designated
individual to act as a substitute and fill in for the primary Floor
Broker of the same firm when the primary Floor Broker is not active on
the Trading Floor on a particular trading day or number of trading
days. Similarly, the Floor Market Maker Alternate permit allows that
designated individual to act as a substitute and fill in for the
primary Floor Market Maker of the same firm when the primary Floor
Market Maker is not active on the Trading Floor on a particular trading
day or number of trading days.
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\28\ See MIAX Sapphire Options Exchange Floor Participant
Application, v1.9, Section 5 (modified 5/2025), available at <a href="https://www.miaxglobal.com/miax_sapphire_floor_participant_application.pdf">https://www.miaxglobal.com/miax_sapphire_floor_participant_application.pdf</a>.
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For example, if the primary Floor Market Maker is away on vacation
or out of office due to illness, the Floor Market Maker Alternate would
be able to substitute in for that primary Floor Market Maker and carry
out its duties without incurring the monthly Trading Permit fee, desk
fee or an additional badge fee. In particular, the Exchange proposes to
assess a monthly fee of $500 per designated Floor Market Maker
Alternate for firms that register and designate Floor Market Maker
Alternates on the MIAX Sapphire Options Exchange Floor Participant
Application. Further, the Exchange proposes to provide that the Floor
Market Maker Alternate substitutes into the position of a registered
Floor Market Maker for the specified trading days the registered Floor
Market Maker is not on the Trading Floor and uses the desk(s) of the
registered Floor Market Maker (i.e., they are not assessed a separate
desk fee from the primary Floor Market Maker). The Exchange proposes to
describe this fee under the Trading Permit fee table in Section 9)c) of
the Fee Schedule.
The purpose of this fee is to provide firms with a convenient means
to substitute Floor Market Makers where the primary Floor Market Maker
individual is unable to be active on the Trading Floor for any number
of reasons, while balancing the interests of the Exchange to ensure
that all active trading personnel are properly accounted for on each
trading day. The Exchange notes that other exchanges with trading
floors provide for similar fees for ``inactive'' or ``reserve''
participants.\29\ Although the Exchange's proposed monthly fee for
Floor Market Maker Alternates appears to be higher than the similar fee
charged by PHLX or NYSE American, the Exchange will not impose
additional charges for a desk or badge for Floor Market Maker
Alternates.
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\29\ See Nasdaq PHLX LLC (``PHLX''), Options 7: Pricing
Schedule, Section 8.A. (assessing an inactive nominee fee of $600
for six months plus a ``clerk fee'' of $100 per month) and NYSE
American LLC (``NYSE American'') Options Fee Schedule, Section
III.A. (assessing a Reserve Floor Market Maker ATP monthly fee of
$175 per ATP).
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Desk and Badge Fees
The Exchange proposes to amend Section 9)d) of the Fee Schedule to
remove text regarding the Initial Waiver Period. Currently, all
registered on-Floor persons (i.e., Clerks \30\) employed by or
associated with a Floor Market Maker or Floor Broker must have a desk
and badge.\31\ The Exchange waived desk and badge fees for Trading
Floor participants for the Initial Waiver Period.\32\ The Exchange now
proposes to remove the reference to the Initial Waiver Period as the
Initial Waiver Period automatically expired at the end of February
2026. The Exchange originally waived these fees to encourage
prospective Floor Participants to complete all necessary on-boarding
requirements as close as possible to the launch of the Trading Floor
(or sooner), which included selecting desk space, registering all on-
Floor personnel and acquiring badges. The Exchange believes the Initial
Waiver Period for these fees accomplished this purpose; accordingly,
the Exchange proposes to remove the text for the Initial Waiver Period
from Section 9)d) of the Fee Schedule.
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\30\ The term ``Clerk'' means any registered on-Floor person
employed by or associated with a Floor Broker or Floor Market Maker
and who is not eligible to effect transactions on the Trading Floor
as a Floor Market Maker or Floor Broker. See Exchange Rule 2055(a).
\31\ See Fee Schedule, Section 9)d).
\32\ See supra note 6.
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The Exchange also proposes to amend Section 9)d) of the Fee
Schedule to add a clarifying sentence that the Exchange will assess the
desk fee for each additional desk requested by a Floor Participant in
excess of the desk allotment provided pursuant to Section 9)c) of the
Fee Schedule (i.e., paying for a Trading Permit entitles a firm to
receive an unlimited number of Trading Permits for its Floor Brokers
where each Floor Broker will receive one Trading Permit, badge, and
desk; and paying for a Trading Permit entitles each Floor Market Maker
to receive one Trading Permit, badge and desk). The purpose of this
change is to add clarity to the Fee Schedule and does not change the
manner in which the Exchange will assess the desk fee as originally
established.
Data Center Hosting Fees
The Exchange proposes to amend Section 9)g) of the Fee Schedule to
remove text regarding the Initial Waiver Period. The Exchange waived
the data center hosting fees \33\ for Floor Participants for the
Initial Waiver Period.\34\ The Exchange now proposes to remove the
reference to the Initial Waiver Period as the Initial Waiver Period
automatically expired at the end of February 2026. The Exchange
originally waived these fees to incentivize market participants
interested in becoming Floor Participants to set up their servers and
network equipment in the 545Wyn Data Center prior to or near launch of
the Trading Floor.
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\33\ Located in the same building as the Trading Floor is a
small data center provided by the Exchange solely to help support
the trading activities of Floor Brokers and Floor Market Makers (the
``545Wyn Data Center''). The data center hosting service does not
provide dedicated or ``co-located'' access to the MIAX Sapphire
trading system infrastructure, nor does it provide any access or
other latency advantage for Floor Participants. Floor Brokers and
Floor Market Makers may purchase dedicated space in the 545Wyn Data
Center to install their firms' hardware and software necessary to
support their Trading Floor activities. The 545Wyn Data Center is
intended to provide a secure environment to facilitate communication
between a firm's desk on the Trading Floor and their back-office
(located outside of Miami) that will ultimately enter the QFO or
cQFO that originated from the Trading Floor. The Exchange notes,
however, that firms are not required to purchase space in the 545Wyn
Data Center. A firm may use a separate service provider to route
their messages from the Trading Floor to their back-office. See
supra note 6.
\34\ See supra note 6.
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The Exchange believes the Initial Waiver Period for these fees
accomplished this purpose; accordingly, the Exchange proposes to remove
the
[[Page 15651]]
text for the Initial Waiver Period from Section 9)g) of the Fee
Schedule. With the proposed changes, effective March 1, 2026, the
Exchange will begin to assess an initial one-time fee of $500 per 9-
rack \35\ unit bay setup and all current and new Floor Participants and
non-Members the monthly fee of $1,500 per 9-rack unit bay for those
that want to house servers and other network equipment in the 545Wyn
Data Center.
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\35\ A data center rack (also referred to as a ``cabinet'') is a
vertical framework used to house and organize servers, network
equipment and other IT hardware. See, generally, <a href="https://www.equinix.com/products/data-center-services/colocation/cages-cabinets">https://www.equinix.com/products/data-center-services/colocation/cages-cabinets</a> (last visited February 25, 2026).
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* * * * *
On February 25, 2026, the Exchange issued an alert to announce the
proposed updates and amendments to the Trading Floor non-transaction
fee waivers.\36\
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\36\ See Alert, MIAX Sapphire Options Exchange--Reminder for
March 1, 2026 Trading Floor Non-Transaction Fee Waivers and Updates,
available at <a href="https://www.miaxglobal.com/alert/2026/02/25/miax-sapphire-options-exchange-reminder-march-1-2026-trading-floor-non">https://www.miaxglobal.com/alert/2026/02/25/miax-sapphire-options-exchange-reminder-march-1-2026-trading-floor-non</a>.
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2. Statutory Basis
The Exchange believes that the proposed changes are consistent with
Section 6(b) of the Act \37\ in general, and furthers the objectives of
Section 6(b)(4) of the Act \38\ in particular, in that the proposal
provides for the equitable allocation of reasonable dues, fees and
other charges among Floor Participants, non-Members and other persons
using the Trading Floor or any facility or system thereof, which the
Exchange operates or controls. The Exchange also believes the proposed
changes further the objectives of Section 6(b)(5) of the Act \39\ in
that they are designed to promote just and equitable principles of
trade, 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 and are not designed to permit unfair
discrimination between customers, issuers, brokers and dealers.
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\37\ 15 U.S.C. 78f(b).
\38\ 15 U.S.C. 78f(b)(4).
\39\ 15 U.S.C. 78f(b)(5).
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Definitions Section
The Exchange believes its proposal to amend the Definitions section
of the Fee Schedule to delete the term ``Initial Waiver Period''
removes impediments to and perfects the mechanism of a free and open
market because this change will remove text regarding Trading Floor
non-transaction fee waivers from the Fee Schedule and provide clarity
to market participants that the Exchange intends to assess such fees,
unless otherwise provided for in the Fee Schedule. The Initial Waiver
Period was established with an automatic sunset date, which was the end
of February 2026. Accordingly, it is in the public interest for the Fee
Schedule to be accurate and clear, which will be accomplished by
removing expired fee waiver language.
Application and Initiation Fee (One-Time)
The Exchange believes its proposal to amend Section 9)a) of the Fee
Schedule to remove the reference to Initial Waiver Period and insert
text to specify that the one-time application and initiation fee will
be waived for new Floor Broker applications beginning March 1, 2026 is
reasonable, equitable and not unfairly discriminatory. The Exchange
believes this change is reasonable, equitable and not unfairly
discriminatory because firms that already have active Floor Brokers on
the Trading Floor will be able to have additional individuals apply for
Floor Broker status and have this fee waived along with new firms that
do not currently have active Floor Brokers on the Trading Floor. The
Exchange believes it is reasonable to waive this fee for all new Floor
Broker applications in order to continue to provide an incentive for
market participants interested in becoming Floor Brokers to submit
applications and become Floor Brokers sooner, which may result in
increased order flow and liquidity to the benefit of all Floor
Participants.
The Exchange believes its proposal to not extend the fee waiver for
new Floor Market Maker applications is reasonable, equitable and not
unfairly discriminatory because the Exchange originally established the
Initial Waiver Period with an automatic sunset date for the end of
February 2026; accordingly, market participants that were interested in
becoming Floor Market Makers were aware since September 2025 that the
Exchange intended to assess the application and initiation fee upon the
expiration of the Initial Waiver Period. Further, all current Floor
Market Makers already applied for Trading Floor membership and had
their application and initiation fees waived. At the completion of the
Initial Waiver Period, the majority of Floor Participants already
completed their applications and on-boarding as new Floor Participants,
all of whom did not pay the one-time application and initiation fees.
This means that the Exchange will likely not collect the majority of
Floor Participant application and initiation fees.
Participant Fees
The Exchange believes its proposal to amend Section 9)b) of the Fee
Schedule to remove the reference to Initial Waiver Period and insert
text to specify that new Floor Brokers (on a per-firm basis) will have
their participant fees waived for the initial partial month plus an
additional three (3) full calendar months thereafter once the Floor
Broker maintains a physical presence on the Trading Floor is
reasonable, equitable and not unfairly discriminatory. The Exchange
believes this change is reasonable, equitable and not unfairly
discriminatory because the Exchange originally established the Initial
Waiver Period with an automatic sunset date for the end of February
2026; accordingly, current Floor Brokers and Floor Market Makers were
aware since September 2025 that the Exchange intended to assess the
participant fees upon the expiration of the Initial Waiver Period. The
Exchange believes its proposal to waive the participant fee for a
defined period of time for new Floor Brokers is reasonable, equitable
and not unfairly discriminatory because the Exchange believes this
waiver will continue to provide an incentive for market participants
interested in becoming Floor Brokers to submit applications and begin
Floor Broker operations, which may result in increased order flow and
liquidity to the benefit of all Floor Participants.
Although the Exchange proposes to waive the participant fee for a
defined period of time for new Floor Brokers, the Exchange previously
established the fee structure and amount in the Fee Schedule in order
to communicate its intent to charge such fees to Floor Participants in
the future. The waiver is also a protection to new Floor Brokers. Prior
to the expiration of the defined waiver period (i.e., the initial
partial month plus three calendar months from when a new Floor Broker
maintains a physical presence on the Trading Floor), if prospective
Floor Brokers are initiated to trade on the Trading Floor but
subsequently decide that they do not want to continue trading on the
MIAX Sapphire Trading Floor, they can cancel their Trading Floor
membership without having incurred any participant fees prior to the
end of the new fee waiver term.
Trading Permit Fees
The Exchange believes its proposal to amend Section 9)c) of the Fee
Schedule to remove the references to Initial Waiver Period, certain
described
[[Page 15652]]
months in 2025 and 2026, and Floor Market Maker fee waivers and insert
text to specify that for registered Floor Brokers as of February 28,
2026, the monthly Trading Permit fee will be waived if the Floor Broker
(on a per-firm basis) executes at least 100 contracts ADV in QFOs or
cQFOs in each relevant month thereafter, with no defined sunset for
this particular fee waiver, is reasonable, equitable and not unfairly
discriminatory. This change is designed to continue to provide a
conditional fee waiver with a low enough volume threshold that most, if
not all, current Floor Brokers should be able to achieve in order to
have their monthly Trading Permit fees waived, while also promoting
order flow and liquidity as the Trading Floor operations continue to
ramp up. Further, the Exchange believes its proposal to waive Trading
Permit fees for new firms that register Floor Brokers beginning March
1, 2026 or later for the initial partial month the Floor Broker becomes
registered with the Exchange and the three (3) full calendar months
thereafter, with no volume requirement during that period, is
reasonable because this should incentivize market participants that are
not Floor Participants to apply and become registered with the Exchange
and begin Floor Broker operations. In turn, the Exchange believes this
will promote additional order flow and liquidity to the benefit of all
current Floor Participants. After the initial fee waiver period for new
Floor Brokers, the Exchange's proposal contemplates that these new
Floor Brokers will become subject to the same conditional fee waiver
for monthly Trading Permit fees (i.e., the 100 ADV requirement), which
means all Floor Brokers will be subject to the same requirements in
order to have their Trading Permit fees waived each month. As such, the
Exchange believes this proposal is reasonable, equitable and not
unfairly discriminatory.
The Exchange believes its proposal to include the current volume
requirement in order for current Floor Brokers to receive the Trading
Permit fee waiver as compared to new Floor Brokers is reasonable,
equitable and not unfairly discriminatory because current Floor Brokers
have had the past five and half months to set up Trading Floor
operations and interact with all Floor Participants. New Floor Brokers
will likely need time to ramp up operations to meet such a volume
requirement, which will come into effect once the fee waiver for the
initial partial month and three full calendar months thereafter
expires.
The Exchange believes its proposal to not extend the fee waiver for
current and new Floor Market Makers is reasonable, equitable and not
unfairly discriminatory because the Exchange originally established the
Initial Waiver Period with an automatic sunset date for the end of
February 2026; accordingly, market participants that were interested in
becoming Floor Market Makers were aware since September 2025 that the
Exchange intended to assess the monthly Trading Permit fee upon the
expiration of the Initial Waiver Period.
The Exchange believes its proposal to establish a low monthly fee
for Floor Market Maker Alternates is reasonable, equitable and not
unfairly discriminatory because Floor Market Maker Alternates do not
regularly trade on the Trading Floor and will only fill in for the
primary Floor Market Maker of the same firm when the primary Floor
Market Maker is not active on a particular trading day or number of
trading days. The Exchange believes this proposed fee is reasonable in
relation to the service being provided, where a firm can prepare a
Floor Market Maker as an alternate in the event that its primary Floor
Market Maker is unable to be active on the Trading Floor for any number
of foreseen and unforeseen circumstances. This provides firms with a
convenient means to substitute Floor Market Makers where the primary
individual is unable to be active on the Trading Floor for any number
of reasons, while balancing the interests of the Exchange to ensure
that all active trading personnel are properly accounted for on each
trading day. The Exchange believes the proposed fee is reasonable when
compared to similar fees for ``inactive'' or ``reserve'' participants
of other exchanges.\40\
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\40\ See supra note 29.
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Desk and Badge Fees
The Exchange believes its proposal to amend Section 9)d) of the Fee
Schedule to remove the reference to Initial Waiver Period in connection
with desk and badge fees is reasonable, equitable and not unfairly
discriminatory because the Exchange originally established the Initial
Waiver Period with an automatic sunset date for the end of February
2026; accordingly, market participants were aware since September 2025
that the Exchange intended to assess the desk and badge fees upon the
expiration of the Initial Waiver Period. The Exchange believes its
proposal to add a clarifying sentence that the Exchange will assess the
desk fee for each additional desk requested by a Floor Participant in
excess of the desk allotment provided pursuant to Section 9)c) of the
Fee Schedule promotes just and equitable principles of trade and
removes impediments to a free and open market because this will add
clarity to the Fee Schedule regarding the assessment of desk fees. This
change also promotes just and equitable principles of trade and removes
impediments to a free and open market by removing expired fee waiver
text from the Fee Schedule. It is in the public interest for the Fee
Schedule to be accurate and clear.
Further, this proposed added text does not change the manner in
which the Exchange will assess the desk fee as originally established
(i.e., paying for a Trading Permit entitles a firm to receive an
unlimited number of Trading Permits for its Floor Brokers where each
Floor Broker will receive one Trading Permit, badge, and desk; paying
for a Trading Permit entitles each Floor Market Maker to receive one
Trading Permit, badge and desk; and all additional desk requests will
be assessed the monthly fee of $350 per desk). The purpose of this
change is to add clarity to the Fee Schedule and does not change the
manner in which the Exchange will assess the desk fee as originally
established. The Exchange notes that Floor Market Maker Alternates will
not be subject to additional desk or badge fees as the Floor Market
Maker Alternate substitutes into the position of the primary Floor
Market Maker, including the desk or desks being utilized by the primary
Floor Market Maker (who would also be responsible for paying for any
desks in excess of the one that is provided for free pursuant to the
Floor Market Maker Trading Permit in Section 9)c) of the Fee Schedule).
Data Center Hosting Fees
The Exchange believes its proposal to amend Section 9)g) of the Fee
Schedule to remove the reference to Initial Waiver Period in connection
with the data center hosting fees is reasonable, equitable and not
unfairly discriminatory because the Exchange originally established the
Initial Waiver Period with an automatic sunset date for the end of
February 2026; accordingly, market participants were aware since
September 2025 that the Exchange intended to assess the data center
hosting fees upon the expiration of the Initial Waiver Period. This
change also promotes just and equitable principles of trade and removes
impediments to a free and open market by removing expired fee waiver
text from the Fee Schedule. It is in the public interest for the Fee
Schedule to be accurate and clear.
[[Page 15653]]
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
Intra-Market Competition
Definitions Section
The Exchange believes the proposal to remove the definition for
``Initial Waiver Period'' will not result in any burden on intra-market
competition that is not necessary or appropriate in furtherance of the
purposes of the Act because this change is not intended to impact
competition among market participants; rather, it is intended to
provide clarity in the Fee Schedule that the Initial Waiver Period is
no longer in effect since it automatically expired at the end of
February 2026.
One-Time Application and Initiation Fees
The Exchange believes the proposal to remove the reference to
Initial Waiver Period and insert text to specify that the one-time
application and initiation fee will be waived for new Floor Broker
applications beginning March 1, 2026 will not result in any burden on
intra-market competition that is not necessary or appropriate in
furtherance of the purposes of the Act. Firms that already have active
Floor Brokers on the Trading Floor will be able to have additional
individuals apply for Floor Broker status and have this fee waived
along with new firms that do not currently have active Floor Brokers on
the Trading Floor. The Exchange believes its proposal to not extend the
fee waiver for new Floor Market Maker applications will not result in
any burden on intra-market competition because the Exchange originally
established the Initial Waiver Period with an automatic sunset date for
the end of February 2026; accordingly, market participants that were
interested in becoming Floor Market Makers were aware since September
2025 that the Exchange intended to assess the application and
initiation fee upon the expiration of the Initial Waiver Period.
Further, all current Floor Market Makers already applied for Trading
Floor membership and had their application and initiation fees waived.
Participant Fees
The Exchange believes the proposal to remove the reference to
Initial Waiver Period and insert text to specify that new Floor Brokers
(on a per-firm basis) will have their participant fees waived for the
initial partial month plus an additional three (3) full calendar months
thereafter once the Floor Broker maintains a physical presence on the
Trading Floor will not result in any burden on intra-market competition
that is not necessary or appropriate in furtherance of the purposes of
the Act. This is because the Exchange originally established the
Initial Waiver Period with an automatic sunset date for the end of
February 2026; accordingly, current Floor Brokers and Floor Market
Makers were aware since September 2025 that the Exchange intended to
assess the participant fees upon the expiration of the Initial Waiver
Period. The Exchange believes its proposal to waive the participant fee
for a defined period of time for new Floor Brokers will not result in
any burden on intra-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
Exchange believes this waiver will promote competition by providing an
incentive for market participants interested in becoming Floor Brokers
to submit applications and begin Floor Broker operations, which may
result in increased order flow and liquidity to the benefit of all
Floor Participants.
Trading Permit Fees
The Exchange believes its proposal to remove the references to
Initial Waiver Period, certain months in 2025 and 2026, and Floor
Market Maker fee waivers and insert text to specify that for registered
Floor Brokers as of February 28, 2026, the monthly Trading Permit fee
will be waived if the Floor Broker (on a per-firm basis) executes at
least 100 contracts ADV in QFOs or cQFOs in each relevant month
thereafter, with no defined sunset for this particular fee waiver, does
not impose any burden on intra-market competition that is not necessary
or appropriate in furtherance of the purposes of the Act. This change
is designed to continue to provide a conditional fee waiver with a low
enough volume threshold that most, if not all, current Floor Brokers
should be able to achieve in order to have their Trading Permit fees
waived, which should promote competition by encouraging order flow and
liquidity. Further, the Exchange believes its proposal to waive Trading
Permit fees for new firms that register Floor Brokers beginning March
1, 2026 or later for the initial partial month the Floor Broker becomes
registered with the Exchange and the three (3) full calendar months
thereafter, with no volume requirement during that period, does not
impose any burden on intra-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act because this
should also incentivize market participants that are not Floor
Participants to apply and become registered with the Exchange and begin
Floor Broker operations. In turn, the Exchange believes this will
promote additional order flow and liquidity to the benefit of all
current Floor Participants. The Exchange believes its proposal to
include the current volume requirement in order for current Floor
Brokers to receive the Trading Permit fee waiver as compared to new
Floor Brokers does not impose any burden on intra-market competition
because current Floor Brokers have had the past five and half months to
set up Trading Floor operations and interact with all Floor
Participants, while new Floor Brokers will likely need time to ramp up
operations to meet such a volume requirement.
The Exchange believes its proposal to not extend the fee waiver for
current and new Floor Market Makers does not impose any burden on
intra-market competition because the Exchange originally established
the Initial Waiver Period with an automatic sunset date for the end of
February 2026; accordingly, market participants that were interested in
becoming Floor Market Makers were aware since September 2025 that the
Exchange intended to assess the monthly Trading Permit fee upon the
expiration of the Initial Waiver Period.
The Exchange believes its proposal to establish a low monthly fee
for Floor Market Maker Alternates does not impose any burden on intra-
market competition that is not necessary or appropriate in furtherance
of the purposes of the Act because all Floor Market Makers may
designate and register a Floor Market Maker Alternate and pay the same
corresponding fee. This change is not intended to be competitive;
rather, it is designed to provide firms with a convenient means to
substitute Floor Market Makers where the primary individual is unable
to be active on the Trading Floor for any number of reasons.
Desk and Badge Fees
The Exchange believes that the proposal to remove the reference to
the Initial Waiver Period for desk and badge fees will not result in
any burden on intra-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
Exchange originally established the Initial Waiver Period with an
automatic sunset date for the end of February 2026. As such, market
participants were aware since September 2025 that the
[[Page 15654]]
Exchange intended to assess the desk and badge fees upon the expiration
of the Initial Waiver Period. Pursuant to Section 9)c) of the Fee
Schedule, Floor Participants that purchase a Trading Permit will
receive a desk and badge included in their Trading Permit fee and all
Floor Participants will be subject to the same desk fee for each
additional requested desk.
Data Center Hosting Fees
The Exchange believes that the proposal to remove the reference to
the Initial Waiver Period for data center hosting fees will not result
in any burden on intra-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
Exchange originally established the Initial Waiver Period with an
automatic sunset date for the end of February 2026. As such, market
participants were aware since September 2025 that the Exchange intended
to assess the data center hosting fees upon the expiration of the
Initial Waiver Period and all current and new Floor Participants that
choose to install their own equipment within the 545Wyn Data Center
will be subject to the same initial and on-going fees.
Inter-Market Competition
The Exchange believes that the proposed changes will not result in
any burden on inter-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
believes that market participants have the choice to trade on the
Exchange's Trading Floor, electronic platform, or not trade on the
Exchange at all. The Exchange believes that all of the proposed changes
will not cause any burden on inter-market competition because none of
the proposed fee waivers are intended to impact the ability to compete
of other exchanges' that offer a trading floor for equity options.
Accordingly, the Exchange does not believe its proposed fee changes
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
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,\41\ and Rule 19b-4(f)(2) \42\ 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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\41\ 15 U.S.C. 78s(b)(3)(A)(ii).
\42\ 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:
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#0b797e676e26686466666e657f784b786e68256c647d"><span class="__cf_email__" data-cfemail="3042455c551d535f5d5d555e4443704355531e575f46">[email protected]</span></a>. Please include
file number SR-SAPPHIRE-2026-11 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-2026-11. 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-2026-11 and
should be submitted on or before April 20, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\43\
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\43\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-06042 Filed 3-27-26; 8:45 am]
BILLING CODE 8011-01-P
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