U.S. Equities

Effective April 1, 2024 and pending filing with the SEC, MIAX Pearl Equities will implement the market data fees as previously announced in the March 15, 2024 Alert, amend certain rebates and volume thresholds in the NBBO Setter Plus Program, and establish two additional rebates for executions of orders in securities priced at or above $1.00 per share for Added Displayed Volume in all Tapes, as follows:

1. Establish New “NBBO First Joiner Additive Rebate,” Update NBBO Setter Additive Rebate, Update Tier Volume Thresholds, Update Rebate Amounts, and Update Market Quality List for NBBO Setter Plus Program (“NBBO Program”)
   1. “NBBO First Joiner Additive Rebate” (NEW)
      1. An NBBO First Joiner Additive Rebate of ($0.0002) per share in securities priced at or above $1.00 per share will be given for executions to the first order that brings the MIAX Pearl Equities Best Bid to the Away Best Bid or the MIAX Pearl Equities Best Offer to the Away Best Offer with a minimum size of one Round Lot, as outlined below:
         1. Orders with a Liquidity Code of AA, AB and AC will be eligible for the NBBO First Joiner Additive Rebate.
         2. Retail Orders are not eligible.
         3. NBBO First Joiner Additive Rebate will be identified on the Execution Notification with an Additional Liquidity Code of “3” (NBBO First Joiner).
   2. “NBBO Setter Additive Rebate” (UPDATED)
      1. The NBBO Setter Additive Rebate will be increased from ($0.0003) to ($0.0004)
      2. The requirements for receiving the NBBO Setter Additive Rebate will remain unchanged.
   3. “Tier 1” (UPDATED)
      1. The rebates for Tier 1 of the NBBO Program will be updated as follows:
         1. Standard Rates/Level A (Base Rebate) = ($0.00220)
         2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00225)
         3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00230)
      2. The volume requirements to qualify for this tier will remain unchanged.
   4. “Tier 5” (UPDATED)
      1. The rebates for Tier 5 will be updated as follows:
         1. Level A (Base Rebate) = ($0.00335)
         2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00340)
         3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00345)
      2. Qualification Method 1 (ADAV as a % of TCV) for Tiers 4 and 5 will be updated as follows:
         1. For Tier 4, ADVA % of TCV >= 0.08% and < 0.20%
         2. For Tier 5, ADAV % of TCV >= 0.20% and < 0.40%
      3. Qualification Method 2 (NBBO Set Volume as a % of TCV) and Qualification Method 3 (ADV as a % of TCV) for Tiers 4 and 5 will remain unchanged.
   5. “Tier 6” (UPDATED)
      1. The rebates for Tier 6 will be updated as follows:
         1. Level A (Base Rebate) = ($0.00340)
         2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00345)
         3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00350)
      2. The volume requirements to qualify for this tier will remain unchanged.
   6. All other criteria and rebates for this program remain unchanged.
   7. The updated Market Quality Securities list, effective April 1, 2024, is posted on the MIAX website.
   8. The rebates for this program are applicable to the following Fee Codes for Securities Priced at or Above $1.00 per share:
      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)”
2. Introduction of Step-Up Rebate
   1. The requirements to qualify for the Step-Up Rebate will be as follows:
      1. ADAV as a % of TCV >= 0.35%
      2. Increase in the % of Displayed ADAV as a ^% of TCV from February 2024 >= 0.05%
   2. Members qualifying for the Step-Up Rebate will receive an additive rebate of ($0.0001) per share
   3. The rebates for this 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 the highlighted summary of the April 1, 2024 fee changes for the MIAX Pearl Equities Exchange.

Full details will be available in 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.