Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Provide API Access to the Member Firm Portal

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Release No. 34-104016; File No. SR-SAPPHIRE-2025-35]</DEPDOC> <SUBJECT>Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Provide API Access to the Member Firm Portal</SUBJECT> <DATE>September 22, 2025.</DATE> Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)  <SU>1</SU> <FTREF/> and Rule 19b-4 thereunder, <SU>2</SU> <FTREF/> notice is hereby given that on September 15, 2025, MIAX Sapphire, LLC (“MIAX Sapphire” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) a proposed rule change as described in Items I and II 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. <FTNT> <SU>1</SU>  15 U.S.C. 78s(b)(1). </FTNT> <FTNT> <SU>2</SU>  17 CFR 240.19b-4. </FTNT> <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD> The Exchange proposes to provide an additional means to access its Member Firm Portal (described below). The text of the proposed rule change is available on the Exchange's website at <E T="03">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings,</E> and at the Exchange's principal office. <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> 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. <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> <HD SOURCE="HD3">1. Purpose</HD> The Exchange provides Members  <SU>3</SU> <FTREF/> access to an internet-facing portal which provides self-service functions to Members, known as the Member Firm Portal (“MFP”). <SU>4</SU> <FTREF/> Specifically, the MFP allows Members to correct certain trade information required by the Options Clearing Corporation (“OCC”), such as the trade's account number, sub-account number, Clearing Member Trade Assignment (“CMTA”), Clearing Participant Give-Up, or account type. The MFP also provides Members the ability to adjust risk settings and allows Market Makers  <SU>5</SU> <FTREF/> to request options class assignments. Members may also perform the following functions via the MFP: selecting symbol assignments; editing existing symbol assignments; unassigning one or more symbols; retrieving symbol assignments; receiving export of symbol assignments for a business day; and retrieving assignment history for a given symbol assignment. The MFP allows Members to more efficiently manage their back office operations and assist them in providing accurate clearing information to the OCC. Currently, access to the MFP is provided on a per user basis, whereby Members seek to have individuals within their organization permissioned to access the MFP via a web portal on their behalf (known as the “MFP User Interface” or “MFP UI”). The Exchange notes that other options exchanges make similar products available to firms for a monthly per user fee. <SU>6</SU> <FTREF/> The Exchange provides the MFP UI to Members for free. <FTNT> <SU>3</SU>   <E T="03">See</E> Exchange Rule 100. </FTNT> <FTNT> <SU>4</SU>   <E T="03">See</E> MIAX Sapphire Options Exchange User Manual, Version 1.1.0 (revision date July 9, 2025), <E T="03">available at https://www.miaxglobal.com/miax_sapphire_user_manual.pdf. See also</E> MIAX Exchanges Member Firm Portal User Manual (modified July 2025), <E T="03">available at https://www.miaxglobal.com/miax_exchanges_member_firm_portal_user_manual.pdf.</E> </FTNT> <FTNT> <SU>5</SU>   <E T="03">See</E> Exchange Rule 100. </FTNT> <FTNT> <SU>6</SU>   <E T="03">See</E> BOX Exchange LLC Fee Schedule, Section III. D., Trade Management System (assessing a fee of $350 per month, per user); The Nasdaq Stock Market LLC (“Nasdaq”) charges $200 per month, per user. <E T="03">See</E> Nasdaq Rules Options 7 Pricing Schedule, Section 6, Nasdaq Options Maintenance Tool. <E T="03">See also</E> Securities Exchange Act Release No. 96723 (January 20, 2023), 88 FR 5046 (January 26, 2023) (SR-BOX-2023-03) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Establish a New Service and Related Fees for Use of the BOX Options Market LLC (“BOX”) Trade Management System). </FTNT> Members may also access the MFP via an Application Programming Interface  <SU>7</SU> <FTREF/> (“API” and together “MFP API”), in addition to the current MFP UI accessed via the web portal. In sum, an API is a way for two or more computer programs to talk to each other. It is a software to software interface that defines the data and the transactions that can be communicated between systems. In providing the MFP API, functions that would otherwise be done manually via the MFP UI, can be automated. The MFP API, in essence, facilitates and expedites the transaction processing for the supported functionality such that Exchange Members can automate their interactions with the MFP. This allows for more efficient processing, the potential reduction of operational risk due to issues caused by human error, and the timeliness of the completion of MFP-related functions. <SU>8</SU> <FTREF/> Providing API access to the MFP would allow Members to enable their systems and applications to communicate directly with the MFP, thereby eliminating or reducing the need for individuals to access the MFP UI via the web portal. <FTNT> <SU>7</SU>  If the Exchange determines to propose fees for API access to the MFP, the Exchange will submit a separate filing with the U.S. Securities and Exchange Commission pursuant to Section 19(b)(1) to propose such fees. </FTNT> <FTNT> <SU>8</SU>   <E T="03">See, e.g., What is an API?, available at https://www.ibm.com/topics/api</E> (last visited August 27, 2025). </FTNT> The Exchange does not propose to alter the current MFP or MFP UI. The Exchange simply proposes to provide an additional and optional means to access the MFP, in the form of an API, and Members would be able to perform the same functions they do today when they access the MFP UI via the web portal. API access to the MFP would allow a Member's applications to communicate directly with the MFP. Therefore, by its nature, the MFP API does not lend itself to access on a per user basis, as is the case today with the MFP UI via the web portal. API access would allow Members to automate functions they perform today on the MFP, such as adjusting risk settings or managing options assignments. Members who do not prefer to access the MFP API would be able to perform the same functions when accessing the MFP UI via the current web portal. The Exchange notes that use of accessing the MFP API would be completely voluntary and would simply be second optional means to access the MFP. Members who wish to continue to access the MFP UI via the web portal may continue to do so for no fee. The Exchange's affiliates, Miami International Securities Exchange, LLC (“MIAX”), MIAX PEARL, LLC (“MIAX Pearl”), and MIAX Emerald, LLC (“MIAX Emerald”), previously filed to provide their members with the ability to access the MFP via an API. <SU>9</SU> <FTREF/> <FTNT> <SU>9</SU>   <E T="03">See</E> Securities Exchange Act Release Nos. 98016 (July 28, 2023), 88 FR 51364 (August 3, 2023) (SR-PEARL-2023-32); 98018 (July 28, 2023), 88 FR 51374 (August 3, 2023) (SR-EMERALD-2023-18); <E T="03">and</E> 98017 (July 28, 2023), 88 FR 51366 (August 3, 2023) (SR-MIAX-2023-29). </FTNT> <HD SOURCE="HD3">2. Statutory Basis</HD> The Exchange believes the proposed rule change is consistent with the requirements of Section 6(b) of the Act, <SU>10</SU> <FTREF/> in general, and Section 6(b)(5), <SU>11</SU> <FTREF/> in particular, because it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. <FTNT> <SU>10</SU>  15 U.S.C. 78f(b). </FTNT> <FTNT> <SU>11</SU>  15 U.S.C. 78f(b)(5). </FTNT> The Exchange notes that providing the MFP API to Members is consistent with the Act in that the use of MFP API is completely voluntary and simply provides Members with an additional means to access the Exchange's MFP. The MFP is a useful tool for Members to manage their trading on the Exchange, including back office operations, risk controls settings, and Market Maker options assignments. As noted above, accessing the MFP via an API would be an optional alternative to web access. Those not electing to access the MFP via an API may continue to use the MFP UI via the web portal free of charge. The MFP, whether accessed via an API or web portal, allow Members to more efficiently manage their back office operations, assist them in providing accurate clearing information to the OCC and in selecting Market Maker options assignments. The Exchange notes that trade information in the MFP is specific to each Member and their trades, allowing them to conveniently verify, update, and/or correct ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 18k characters. 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