U.S. Equities

Effective November 1, 2023, pending filing with the SEC, MIAX Pearl Equities will update the following Fee Programs:

1. Midpoint Peg Order Adding Liquidity at Midpoint Volume Tiers Program
   1. A new Tier will be added to this Program – “Tier 3”
      1. To achieve this Tier, a member must satisfy the following criteria:
         1. Midpoint Average Daily Add Volume (ADAV) >= 1,500,000 shares
      2. The rebate for this Tier will be ($0.0029)
   2. Tier 1 and Tier 2 of this Program will be unchanged.
   3. The rebate for this program is applicable to the following Fee Code for Securities Priced at or Above $1.00:
      1. Liquidity Code Ap, “Adds Liquidity and Executes at the Midpoint, Non-Displayed Midpoint Peg Order (All Tapes)”
2. Updated list of Market Quality Securities qualifying for the NBBO Setter Plus Program
   1. The updated Market Quality Securities list, effective November 1, 2023, is posted on the MIAX website
   2. All other criteria of the NBBO Setter Plus Program remain the same
   3. All rebates associated with the NBBO Setter Plus Program remain the same
   4. The rebates for this program are applicable to the following Fee Codes:
      1. Liquidity Code AA, “Adds Liquidity, Displayed Order (Tape A)”
      2. Liquidity Code AB, “Adds Liquidity, Displayed Order (Tape B)”
      3. Liquidity Code AC, “Adds Liquidity, Displayed Order (Tape C)”

Attached is a highlighted summary of the November 1, 2023 fee changes.

For full details, please review the November 1, 2023 MIAX Pearl Equities Fee Schedule when posted on the MIAX website at MIAX Pearl Equities Exchange Fees.

To learn more about MIAX Pearl Equities please contact Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.

For further information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.