U.S. Equities

Effective April 1, 2024, pending filing with the SEC, MIAX Pearl Equities will implement the following market data fees:

1. Top of Market (“ToM”) Data Feed
   1. Internal Distributor: $1,000/month
   2. External Distributor: $2,000/month
   3. Non-Display Usage (Not by Trading Platform) : $1,000/month (1)
   4. Non-Display Usage (Trading Platform): $2,500/month (1), (2)
   5. Professional User Fee: $2/user
   6. Non-Professional User Fee: $0.10/user
2. Depth of Market (“DoM”) Data Feed
   1. Internal Distributor: $2,000/month
   2. External Distributor: $2,500/month
   3. Non-Display Usage (Not by Trading Platform): $2,500/month (1)
   4. Non-Display Usage (Trading Platform): $2,500/month (1), (2)
   5. Professional User Fee: $30/user
   6. Non-Professional User Fee: $3/user

Notes:
(1) For firms that subscribe to both ToM and DoM for non-display use, whether by a Trading Platform or not by Trading Platform, only the DoM Non-Display fee for that category of use will be applicable.
(2) The Non-Display Trading Platform fee represents the maximum charge per subscriber regardless of the number of Trading Platforms operated by the subscriber. 

Reporting Requirement:
In connection with the above fees, MIAX Pearl Equities will implement monthly reporting requirements for market data customers to report usage.  The first month’s reporting (covering usage for April 2024) will be due by May 15, 2024.  The reporting requirements are outlined in the attached document and included within the updated Market Data Policies document, available on our website under View Policies.

Full details will also be available within the 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.