Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Fees Applicable to the Floor Market Maker Fee and Floor Broker Breakup Credit for Transactions in Non-Penny Classes

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<title>Federal Register, Volume 91 Issue 215 (Monday, November 9, 2026)</title>
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[Federal Register Volume 91, Number 215 (Monday, November 9, 2026)]
[Notices]
[Pages 70916-70920]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-22754]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106812; File No. SR-SAPPHIRE-2026-37]


Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Fees Applicable to the Floor Market Maker Fee and Floor Broker Breakup 
Credit for Transactions in Non-Penny Classes

November 4, 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 October 27, 2026, MIAX Sapphire, LLC (``MIAX

[[Page 70917]]

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 proposes to amend the MIAX Sapphire Options Exchange 
Fee Schedule (``Fee Schedule'') to: (1) increase the per contract fee 
assessed to Floor Market Makers for QFO and cQFO transactions in non-
Penny classes that trade against all other origins; and (2) increase 
the per contract Floor Broker Breakup Credit for QFO and cQFO 
transactions in non-Penny classes (all terms defined below).
    The text of the proposed rule change is available on the Exchange's 
website at <a href="https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings">https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings</a>, and at the Exchange'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 Fee Schedule to: (1) increase 
the per contract fee assessed to Floor Market Makers \3\ for Qualified 
Floor Order (``QFO'') \4\ and Complex Qualified Floor Order (``cQFO'') 
\5\ transactions \6\ in non-Penny classes \7\ that trade against all 
other origins; and (2) increase the per contract Floor Broker \8\ 
Breakup Credit for QFO and cQFO transactions in non-Penny classes. The 
Exchange originally filed this proposal on August 31, 2026.\9\ On 
October 27, 2026, the Exchange withdrew SR-SAPPHIRE-2026-35 and refiled 
this proposal.
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    \3\ The term ``Floor Market Maker'' means 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 the Definitions section of the Fee Schedule and 
Exchange Rule 2105.
    \4\ See Exchange Rule 2040.
    \5\ See Exchange Rule 2040(a)(4).
    \6\ A QFO or cQFO must be entered as a two-sided order, with an 
initiating side and a contra side and the QFO and cQFO fees, 
rebates, and applicable fee and rebate caps will apply to both sides 
of the order. Further, cQFO fees and rebates are per executed side 
per leg. See Fee Schedule, Section 1)c)i).
    \7\ See Exchange Rule 510(c).
    \8\ The term ``Floor Broker'' means 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 the 
Definitions section of the Fee Schedule and Exchange Rule 2015. The 
term ``Floor Participant'' means Floor Brokers as defined in Rule 
2015 and Floor Market Makers as defined in Rule 2105(b). See id. and 
Exchange Rule 100.
    \9\ See Securities Exchange Act Release No. 106314 (September 9, 
2026), 91 FR 58231 (September 14, 2026) (SR-SAPPHIRE-2026-35).
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Background of Fees and Rebates for Transactions on the Trading Floor
    The Exchange assesses fees for transactions on the Trading Floor 
\10\ based on origin and provides rebates in certain situations. 
Currently, for Priority Customers \11\ and Professional Customers,\12\ 
the Exchange does not assess a per contract fee for QFO and cQFO 
transactions in SPY/QQQ/IWM, Penny classes (excluding SPY/QQQ/IWM), and 
non-Penny classes. The Exchange assesses a $0.25 per contract fee for 
QFO and cQFO transactions in SPY/QQQ/IWM, Penny classes (excluding SPY/
QQQ/IWM), and non-Penny classes for Away Market Maker,\13\ Firm, and 
Broker-Dealer origins. The Exchange does not assess a fee for QFO and 
cQFO transactions in SPY/QQQ/IWM, Penny classes (excluding SPY/QQQ/
IWM), and non-Penny classes for Firm and Broker-Dealer origins that are 
facilitating a Priority Customer or Professional Customer order. The 
Exchange assesses Floor Market Makers a fee of $0.50 per contract for 
QFO and cQFO transactions in all classes that trade against all other 
origins.\14\ The Exchange provides a rebate of ($0.10) per contract for 
QFO and cQFO transactions in SPY/QQQ/IWM, Penny classes (excluding SPY/
QQQ/IWM), and non-Penny classes for Floor Broker origins on both the 
agency and contra sides when that side is billable. The Exchange 
provides a Floor Broker Breakup Credit of ($0.20) per contract for QFO 
and cQFO transactions in SPY/QQQ/IWM, Penny classes (excluding SPY/QQQ/
IWM), and non-Penny classes.\15\ The Exchange also assesses lower fees 
for Away Market Maker Facilitation transactions based on the monthly 
percentage of order volume that is broken up and depending on whether 
certain volume thresholds are met for each qualifying QFO or cQFO. The 
Away Market Maker Facilitation rates apply to any Trading Floor 
transaction where a Member firm Away Market Maker directs a paired 
order to the Trading Floor, where the agency order is a customer of the 
affiliated Member firm, and where the contra-side of the transaction is 
the Away Market Maker of the Member firm.\16\
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    \10\ The term ``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.
    \11\ 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 id.
    \12\ The term ``Professional Customer'' for the purposes of the 
Fee Schedule, shall mean a Public Customer that is not a Priority 
Customer. See the Definitions section of the Fee Schedule. The term 
``Public Customer'' means a person that is not a broker or dealer in 
securities. See id.
    \13\ The term ``Away Market Maker'' for the purposes of the Fee 
Schedule, shall mean a non MIAX Sapphire Market Maker.
    \14\ See Fee Schedule, Section 1)c)i).
    \15\ The Floor Broker Breakup Credit will apply to the Floor 
Broker that submits the QFO or cQFO instead of the Floor Broker 
rebate for executions that trade with a Floor Market Maker. See id.
    \16\ See Fee Schedule, Section 1)c)i), Away Market Maker 
Facilitation Breakup Table.
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Proposal to Increase the Floor Market Maker Fee for QFO and cQFO 
Transactions in Non-Penny Classes
    The Exchange proposes to amend the table of QFO and cQFO fees and 
rebates in section 1)c)i) of the Fee Schedule to increase the fee 
assessed to Floor Market Makers for QFO and cQFO transactions in non-
Penny classes that trade against all other origins. Currently, the 
Exchange assesses Floor Market Makers a fee of $0.50 per contract for 
QFO and cQFO transactions in non-Penny classes that trade against all 
other origins. The Exchange now proposes to assess Floor Market Makers 
a fee of $0.94 per contract for QFO and cQFO transactions in non-Penny 
classes that trade against all other origins. The purpose of this 
change is for business and competitive reasons. The Exchange believes 
that even with the proposed increased fee,

[[Page 70918]]

the Exchange's transaction fees for Floor Market Makers will remain 
competitive with the fees assessed by other equity options exchanges 
that offer trading floors for transactions by their market makers in 
non-penny classes when trading against all other origins.\17\
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    \17\ See Nasdaq PHLX LLC (``PHLX'') Rules, Options 7: Pricing 
Schedule, Section 4 (assessing PHLX market makers a fee of $1.00 per 
contract for floor transactions in non-penny symbols); BOX Exchange 
LLC (``BOX'') Fee Schedule, Section V.A. (assessing BOX market 
makers a fee of $1.00 per contract for manual transactions in non-
penny classes); NYSE American LLC (``NYSE American'') Options Fee 
Schedule, Section I.A. (assessing NYSE American market makers a fee 
of $0.90 per contract for manual transactions in non-penny classes); 
NYSE Arca, Inc. (``NYSE Arca'') Options Fees and Charges, page 6, 
Transaction Fee for Manual Executions--Per Contract (assessing NYSE 
Arca market makers a fee of $0.90 per contract for manual 
transactions in non-penny classes).
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Proposal To Increase the Floor Broker Breakup Credit for QFO and cQFO 
Transactions in Non-Penny Classes
    Next, the Exchange proposes to amend the table of QFO and cQFO fees 
and rebates in section 1)c)i) of the Fee Schedule to increase the per 
contract Floor Broker Breakup Credit for QFO and cQFO transactions in 
non-Penny classes. Currently, the Exchange provides a Floor Broker 
Breakup Credit of ($0.20) per contract for QFO and cQFO transactions in 
SPY/QQQ/IWM, Penny classes (excluding SPY/QQQ/IWM), and non-Penny 
classes. The Exchange now proposes to increase the Floor Broker Breakup 
Credit to ($0.25) per contract for QFO and cQFO transactions in non-
Penny classes. The purpose of this change is for business and 
competitive reasons. The Exchange believes this change may encourage 
additional Floor Broker liquidity in non-Penny Classes. Additional 
liquidity in non-Penny classes may benefit all market participants 
because it will attract additional liquidity to the Exchange by 
providing more trading opportunities. Further, additional liquidity 
helps contribute to a robust trading environment on the Exchange's 
Trading Floor, particularly as it continues to ramp up operations, 
having launched only a year ago.
* * * * *
    The proposed changes are immediately effective.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\18\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\19\ in particular, in that it 
is not designed to permit unfair discrimination among customers, 
brokers, or dealers. The Exchange also believes that its proposal is 
consistent with Section 6(b)(4) of the Act \20\ because it represents 
an equitable allocation of reasonable dues, fees and other charges 
among its Members or issuers using its facilities.
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    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
    \20\ 15 U.S.C. 78f(b)(4).
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Proposal To Increase the Floor Market Maker Fee for QFO and cQFO 
Transactions in Non-Penny Classes
    The Exchange believes the proposal to amend the Floor Market Maker 
origin to increase the fee to $0.94 per contract for QFO and cQFO 
transactions in non-Penny classes is reasonable, equitably allocated, 
and not unfairly discriminatory because, even with the proposed 
increase, the Exchange believes the proposed fee will not discourage 
Floor Market Maker order flow. The Exchange notes that even with the 
proposed increase to the Floor Market Maker fee for transactions in 
non-Penny classes proposed herein, the Exchange's proposed fee of $0.94 
per contract for the Floor Market Maker origin in non-Penny classes 
remains competitive with, and lower than (in at least one instance), 
the fee charged by other equity options exchanges to their floor market 
makers for transactions in non-penny classes.\21\
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    \21\ See supra note 17.
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    The Exchange believes that increasing fees for QFO and cQFO 
transactions by Floor Market Makers in non-Penny classes, but not for 
other market participants, represents an equitable, non-discriminatory 
allocation of fees because the proposal is based on the type of 
business transacted by Floor Market Makers on the Exchange, and Floor 
Market Makers are not obligated to engage in transactions on the 
Trading Floor. Rather, Floor Market Makers trade for their own accounts 
and benefit from having access to interact with orders that are made 
available in open outcry on the Trading Floor. Despite higher fees for 
certain Floor Market Maker transactions since this proposal was 
initially established for September 1st effectiveness, the Exchange has 
continued to observe consistent Floor Market Maker interest on the 
Trading Floor in non-Penny classes where the fee was specifically 
increased, demonstrating that this fee has not deterred, and likely 
will not deter Floor Market Maker participation.
Proposal To Increase the Floor Broker Breakup Credit for QFO and cQFO 
Transactions in Non-Penny Classes
    The Exchange believes the proposal to increase the Floor Broker 
Breakup Credit to ($0.25) per contract for QFO and cQFO transactions in 
non-Penny classes is reasonable, equitably allocated and not unfairly 
discriminatory because the Exchange believes this change may encourage 
additional Floor Broker liquidity in non-Penny Classes. The Exchange 
believes additional liquidity in non-Penny classes, to the extent the 
proposed change accomplishes this goal, may benefit all Floor 
Participants because it will attract additional liquidity to the 
Exchange by providing more trading opportunities. Further, additional 
liquidity helps contribute to a robust trading environment on the 
Exchange's Trading Floor, particularly as it continues to ramp up 
operations, having launched only a year ago. The Exchange believes the 
proposed increased Floor Broker Breakup Credit in non-Penny classes is 
equitable and not unfairly discriminatory because it will apply equally 
to all Floor Brokers who submit orders in non-Penny classes on the 
Trading Floor and have those orders broken up by trading with a Floor 
Market Maker.
    In addition, the proposal is also consistent with Section 6(b)(5) 
of the Act \22\ because it perfects the mechanisms of a free and open 
market and a national market system and protects investors and the 
public interest because it applies equally to all eligible Floor Broker 
QFOs and cQFOs that are broken up and access to the Exchange is offered 
on terms that are not unfairly discriminatory. The Exchange believes it 
is equitable to apply the proposed enhanced breakup credit only to 
Floor Brokers and not Floor Market Makers. Floor Market Makers 
represent their own interest on the Trading Floor and, therefore, the 
Exchange believes these market participants may not need a similar 
incentive. Additionally, Floor Market Makers may choose to conduct 
their business on a trading floor or in an electronic market, unlike 
Floor Brokers, who have a business model that is naturally tied to the 
physical trading space. The Exchange believes the proposed rule change 
is equitable because the proposed enhanced breakup credit applies to 
all Floor Brokers who submit orders that are broken up, regardless of 
the type of business transacted on the Exchange. The Exchange also 
believes that providing

[[Page 70919]]

the proposed breakup credit to Floor Brokers is equitable because it is 
intended to support Floor Brokers' role in facilitating the execution 
of open outcry orders, a function which benefits all market 
participants on the Trading Floor.
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    \22\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes the Floor Broker Breakup Credit is consistent 
with Section 6(b)(4) of the Act \23\ because it will continue to 
encourage market participants to execute orders on the Trading Floor. 
The Exchange believes that the Floor Broker Breakup Credit could 
continue to improve liquidity on the Exchange to the benefit of all 
market participants. The Exchange notes that providing breakup credits 
to certain market participants is not new or novel. The Exchange's 
affiliate, Miami International Securities Exchange, LLC (``MIAX 
Options''), provides for a similar concept in its fee schedule. For 
example, MIAX Options encourages market participants to participate in 
PRIME and cPRIME Auctions and provides a higher breakup credit to 
market participants for breakups in non-penny classes.\24\ Further, for 
PRIME Auctions, MIAX Options offers a higher breakup credit in non-
penny classes for Members that submit Priority Customer orders as 
compared to other origins if a certain breakup threshold is met.\25\ In 
addition, the proposal is also consistent with Section 6(b)(5) of the 
Act \26\ because it perfects the mechanisms of a free and open market 
and a national market system and protects investors and the public 
interest because it applies equally to all Floor Broker QFOs and cQFOs 
which are subject to a breakup and access to the Exchange is offered on 
terms that are not unfairly discriminatory.
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    \23\ 15 U.S.C. 78f(b)(4).
    \24\ See MIAX Options Fee Schedule, Sections 1)a)v)-vi).
    \25\ See MIAX Options Fee Schedule, Section 1)a)v), including 
footnote ``*''.
    \26\ 15 U.S.C. 78f(b)(1) and (b)(5).
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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.
Inter-Market Competition
    The Exchange believes the proposed changes do not impose an undue 
burden on inter-market competition because the changes are to remain 
competitive with other options exchanges that offer a trading floor. 
The Exchange believes the proposed changes will help the Exchange 
remain competitive in order to be able to provide market participants 
with another choice of where to execute such floor transactions. The 
Exchange notes that it operates in a highly competitive market in which 
market participants can readily favor competing venues if they deem fee 
levels at a particular venue to be excessive, or rebate opportunities 
available at other venues to be more favorable. In such an environment, 
the Exchange must continually adjust its fees and rebates to remain 
competitive with other exchanges that offer trading floors. Because 
competitors are free to modify their own fees or rebates in response to 
this proposal, and because market participants may readily adjust their 
order routing practices, the Exchange believes that the degree to which 
fee and rebate changes in this market may impose any burden on 
competition is limited.
Intra-Market Competition
    In accordance with Section 6(b)(8) of the Act, the Exchange does 
not believe that the proposed rule changes would impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act. The Exchange believes the proposed change to amend 
the Floor Market Maker origin to increase the fee to $0.94 per contract 
for QFO and cQFO transactions in non-Penny classes will not discourage 
Floor Market Maker order flow. This is because even with the change, 
the Exchange's proposed fee of $0.94 per contract for the Floor Market 
Maker origin in non-Penny classes remains competitive with, and lower 
than (in at least one instance), the fee charged by other equity 
options exchanges to their floor market makers for transactions in non-
penny classes.\27\
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    \27\ See supra note 17.
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    The Exchange believes the proposed change to increase the Floor 
Broker Breakup Credit for QFO and cQFO transactions in non-Penny 
classes will encourage the submission of additional non-Penny class 
liquidity to a public exchange's Trading Floor, thereby promoting 
market depth, price discovery and transparency and enhancing order 
execution opportunities for all Floor Participants, especially as the 
Trading Floor continues to ramp up operations since it launched in 
September 2025. As a result, the Exchange believes that the proposed 
changes further the Commission's goal in adopting Regulation NMS of 
fostering integrated competition among orders.
    The Exchange believes that the proposed fee assessed to Floor 
Market Maker QFOs and cQFOs in non-Penny classes and the proposed 
enhanced Floor Broker break credit in non-Penny classes may encourage 
Floor Broker open outcry order flow and would not disincentivize Floor 
Market Maker activity on the Trading Floor. The Exchange does not 
believe that Floor Market Makers will be discouraged from transacting 
on the Trading Floor, as Floor Market Makers trade for their own 
accounts and benefit from having access to interact with orders that 
are made available in open outcry on the Trading Floor. The Exchange 
also believes that Floor Market Maker fees relative to other market 
participants do not impose an undue burden on competition because Floor 
Market Makers are not obligated to engage in transactions on the 
Trading Floor. To the extent that there is an additional competitive 
burden on Floor Market Makers, the Exchange believes that any such 
burden would be appropriate because Floor Brokers serve an important 
function in facilitating the execution of orders and price discovery 
for all market participants. Further, to the extent this proposal is 
successful, it may increase trading opportunities for Floor Market 
Makers because Floor Market Makers trade for their own accounts and 
benefit from having the opportunity to interact with orders that are 
made available in open outcry on the Trading Floor. Greater liquidity 
benefits all market participants on the Exchange and increased order 
flow would increase opportunities for execution of other trading 
interest. The proposed modifications would apply and be available to 
all similarly-situated market participants that execute open outcry 
orders on the Trading Floor, and, accordingly, the proposed changes 
would not impose a disparate burden on competition among market 
participants on the Exchange.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or 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,\28\ and Rule 19b-4(f)(2) \29\ thereunder. 
At any time within 60 days of the filing of such proposed rule change, 
the Commission

[[Page 70920]]

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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    \28\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \29\ 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#344641585119575b5959515a4047744751571a535b42"><span class="__cf_email__" data-cfemail="86f4f3eae3abe5e9ebebe3e8f2f5c6f5e3e5a8e1e9f0">[email&#160;protected]</span></a>. Please include 
file number SR-SAPPHIRE-2026-37 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-2026-37. 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-2026-37 and 
should be submitted on or before November 30, 2026.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-22754 Filed 11-6-26; 8:45 am]
BILLING CODE 8011-01-P


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