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Fee Change Alert

MIAX Pearl Equities

December 29, 2023 | 03:26 PM

MIAX Pearl Equities Exchange - January 1, 2024 Fee Changes

Effective January 1, 2024, pending filing with the SEC, MIAX Pearl Equities will modify the following Fee Programs:

  1. Elimination of the “Step-Up Added Liquidity Rebate” Program
  2. Updated Tier 1, Addition of New Tiers, and Market Quality List for “NBBO Setter Plus” Program
    1. Tier 1 (UPDATED)
      1. To achieve Tier 1, a member must satisfy the following criteria:
        1. ADAV % of TCV >= 0.00% and < 0.035%, OR
        2. NBBO Set Volume % of TCV >= 0.00% and < 0.01%, OR
        3. ADV % of TCV >= 0.00% and < 0.15%
      2. The following rebates will apply for Tier 1:
        1. Level A (Base Rebate) = ($0.00240)
        2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00250)
        3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00260)
    2. Tier 2 (NEW)
      1. To achieve Tier 2, a member must satisfy the following criteria:
        1. ADAV % of TCV >= 0.035% and < 0.05%, OR
        2. NBBO Set Volume % of TCV >= 0.01% and < 0.015%, OR
        3. ADV % of TCV >= 0.15% and < 0.18%
      2. The following rebates will apply for Tier 2:
        1. Level A (Base Rebate) = ($0.00290)
        2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00295)
        3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00300)
    3. Tier 3 (NEW)
      1. To achieve Tier 3, a member must satisfy the following criteria:
        1. ADAV % of TCV >= 0.05% and < 0.08%, OR
        2. NBBO Set Volume % of TCV >= 0.015% and < 0.02%, OR
        3. ADV % of TCV >= 0.18% and < 0.20%
      2. The following rebates will apply for Tier 3:
        1. Level A (Base Rebate) = ($0.00300)
        2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00305)
        3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00310)
    4. Thresholds and incentives for all other tiers remain unchanged and will be renumbered as Tiers 4, 5 and 6
    5. The updated Market Quality Securities list, effective January 1, 2024, is posted on the MIAX website
    6. The rebates for the NBBO Setter Plus program are 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)”
Attached is a highlighted summary of the January 1, 2024 fee changes.

For full details, please review the January 1, 2024 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.