SECURITIES AND EXCHANGE COMMISSION

(Release No. 34-98746; File No. 10-240)

October 13, 2023

MIAX Sapphire, LLC; Notice of Filing of Application for Registration as a National Securities 

Exchange under Section 6 of the Securities Exchange Act of 1934

On September 26, 2023, MIAX Sapphire, LLC (“MIAX Sapphire” or “Applicant”) 

submitted to the Securities and Exchange Commission (“Commission”) a Form 1 application 

under the Securities Exchange Act of 1934 (“Exchange Act”), seeking registration as a national 

securities exchange under Section 6 of the Exchange Act. 

The Commission is publishing this notice to solicit comments on MIAX Sapphire’s Form 

1 application. The Commission will take any comments it receives into consideration in making 

its determination about whether to grant MIAX Sapphire’s request to be registered as a national 

securities exchange. The Commission will grant the registration if it finds that the requirements 

of the Exchange Act and the rules and regulations thereunder with respect to MIAX Sapphire are 

satisfied.1

 

The Applicant’s Form 1 application provides detailed information on how MIAX 

Sapphire proposes to satisfy the requirements of the Exchange Act. The Form 1 application also 

provides that MIAX Sapphire would operate a fully automated electronic trading platform for the 

trading of listed options. It also provides that liquidity would be derived from quotes as well as 

orders to buy and orders to sell submitted to MIAX Sapphire electronically by its registered 

broker-dealer members from remote locations. The Form 1 application further provides that 

there would be a physical trading floor located in Miami, Florida. MIAX Sapphire would have 

two types of members on the electronic trading platform, market makers and electronic exchange 

1 15 U.S.C. 78s(a).
2 

members, and two types of floor participants, floor brokers and floor market makers. Further, 

the Form 1 application states that MIAX Sapphire would be wholly-owned by its parent 

company, Miami International Holdings, Inc. (“Miami Holdings”), which is also the parent 

company of four existing national securities exchanges, Miami International Securities 

Exchange, LLC, MIAX PEARL, LLC, MIAX Emerald, LLC, and Minneapolis Grain Exchange, 

LLC.

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A more detailed description of the manner of operation of MIAX Sapphire’s proposed 

system can be found in Exhibit E to MIAX Sapphire’s Form 1 application. The proposed 

rulebook for the proposed exchange can be found in Exhibit B to MIAX Sapphire’s Form 1 

application, and the governing documents for both MIAX Sapphire and Miami Holdings can be 

found in Exhibit A and Exhibit C to MIAX Sapphire’s Form 1 application, respectively. A 

listing of the officers and directors of MIAX Sapphire can be found in Exhibit J to MIAX 

Sapphire’s Form 1 application. A complete set of forms concerning membership and access can 

be found in Exhibit F to MIAX Sapphire’s Form 1 application. 

MIAX Sapphire’s Form 1 application, including all of the Exhibits referenced above, is 

available online at www.sec.gov/rules/other.shtml as well as in the Commission’s Public 

Reference Room. Interested persons are invited to submit written data, views, and arguments 

concerning MIAX Sapphire’s Form 1, including whether the application is consistent with the 

Exchange Act. 

Comments may be submitted by any of the following methods: 

2

 Minneapolis Grain Exchange, LLC is also a designated contract market and derivatives clearing 

organization that operates under the regulatory oversight of the Commodity Futures Trading Commission 

pursuant to Section 5 of the Commodity Exchange Act. 7 U.S.C. 7.
3 

Electronic Comments: 

• Use the Commission’s Internet comment form 

(http://www.sec.gov/rules/other.shtml); or 

• Send an e-mail to rule-comments@sec.gov. Please include File Number 10-240 on 

the subject line. 

Paper Comments: 

• 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 10-240. 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 (http://www.sec.gov/rules/other.shtml). Copies 

of the submission, all subsequent amendments, all written statements with respect to MIAX 

Sapphire’s Form 1 filed with the Commission, and all written communications relating to the 

application between the Commission and any person, other than those that may be withheld from 

the public in accordance with the provisions of 5 U.S.C. 552, will be available for website 

viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, 

Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. 

Copies of the filing also 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. 
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All submissions should refer to File Number 10-240 and should be submitted on or before 

[INSERT DATE 45 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL 

REGISTER].

For the Commission, by the Division of Trading and Markets, pursuant to delegated 

authority.3

 

Sherry R. Haywood, 

Assistant Secretary. 

 

3

 17 CFR 200.30-3(a)(71)(i).