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Fee Change Alert

MIAX Pearl Equities

November 30, 2023 | 03:03 PM

MIAX Pearl Equities Exchange - December 1, 2023 Fee Changes

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

  1. Remove Volume Tiers
    1. The requirements to qualify for Remove Volume Tier 1 will be modified to the following:
      1. Average Daily Volume (ADV) >= 0.20% of Total Consolidated Volume (TCV) and >= 1,000 shares of added liquidity
      2. The fee for Remove Volume Tier 1 will continue to be $0.00290
    2. Remove Volume Tier 2 will be removed.
    3. The fee for Remove Volume Tier 1 is applicable to the following Fee Codes for Securities Priced at or above $1.00:
      1. Liquidity Code RA, “Removes Liquidity, Displayed Order (Tape A)”
      2. Liquidity Code RB, “Removes Liquidity, Displayed Order (Tape B)”
      3. Liquidity Code RC, “Removes Liquidity, Displayed Order (Tape C)”
      4. Liquidity Code RR, “Retail Order, Removes Liquidity, Displayed Order (All Tapes)”
      5. Liquidity Code RT, “Removes Retail Liquidity, Displayed Order (All Tapes)”
      6. Liquidity Code Ra, “Removes Liquidity, Non-Displayed Order (Tape A)”
      7. Liquidity Code Rb, “Removes Liquidity, Non-Displayed Order (Tape B)”
      8. Liquidity Code Rc, “Removes Liquidity, Non-Displayed Order (Tape C)”
      9. Liquidity Code Rr, “Retail Order, Removes Liquidity, Non-Displayed Order (All Tapes)”
      10. Liquidity Code Rt, “Removes Retail Liquidity, Non-Displayed Order (All Tapes)”
  2. Step-Up Added Liquidity Rebate Program
    1. The sunset date for this enhanced rebate will be extended from November 30, 2023 to February 29, 2024.
      1. The requirements to qualify for this program will remain unchanged:
        1. Step-Up Average Daily Add Volume (ADAV) as a % of TCV from May 2023 >= 0.03% of the TCV
      2. The rebate for this program will continue to be ($0.0031).
    2. The rebate for this program is applicable to the following Fee Codes for Securities Priced at or above $1.00:
      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)”
  3. Updated List of Market Quality Securities Qualifying for the NBBO Setter Plus Program
    1. The updated Market Quality Securities List, effective December 1, 2023 is currently posted on the MIAX website.
    2. All other criteria of the NBBO Setter Plus Program remain the same.
    3. All rebates associated with this program remain the same.
Attached is a highlighted summary of the December 1, 2023 fee changes.

For full details, please review the December 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.