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Fee Change Alert

MIAX Pearl Equities

July 31, 2025 | 03:00 PM

MIAX Pearl Equities Exchange - August 1, 2025 Fee Changes

Effective August 1, 2025, pending filing with the SEC, MIAX Pearl Equities will amend the standard and enhanced rebates in the NBBO Setter Plus Program for Adding Displayed Volume for executions of orders in securities priced at or above $1.00 per share, as follows:
 

  1. Updated Rebates for the NBBO Setter Plus Program
    1. “Tier 1”
      1. Standard Rates/Level A (Base Rebate) = ($0.00180)
      2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00210)
      3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00215)
    2. “Tier 2”
      1. Standard Rates/Level A (Base Rebate) = ($0.00275)
      2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00280)
      3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00285)
    3. “Tier 3”
      1. Standard Rates/Level A (Base Rebate) = ($0.00285)
      2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00290)
      3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00295)
    4. “Tier 4”
      1. Standard Rates/Level A (Base Rebate) = ($0.00295)
      2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00300)
      3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00305)
    5. “Tier 5”
      1. Standard Rates/Level A (Base Rebate) = ($0.00320)
      2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00325)
      3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00330)
    6. “Tier 6”
      1. Standard Rates/Level A (Base Rebate) = ($0.00325)
      2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00330)
      3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00335)
    7. 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)”
      4. Liquidity Code EA, “Early Trading Session, Adds Liquidity, Displayed Order (Tape A)”
      5. Liquidity Code EB, “Early Trading Session, Adds Liquidity, Displayed Order (Tape B)”
      6. Liquidity Code EC, “Early Trading Session, Adds Liquidity, Displayed Order (Tape C)”
      7. Liquidity Code FA, “Late Trading Session, Adds Liquidity, Displayed Order (Tape A)”
      8. Liquidity Code FB, “Late Trading Session, Adds Liquidity, Displayed Order (Tape B)”
      9. Liquidity Code FC, “Late Trading Session, Adds Liquidity, Displayed Order (Tape C)”
    8. The Qualification Requirements for all Methods for all Tiers remain unchanged.
    9. The NBBO Setter Additive rebate and NBBO First Joiner Additive Rebate remain unchanged.
    10. The rebate for Retail Order, Adds Liquidity, and Displayed Order remains unchanged.
  2. Updated list of Market Quality Securities qualifying for the "NBBO Setter Plus Program"
    1. The updated Market Quality Securities list, effective August 1, 2025, is posted on the MIAX website.
 
For full details, please review the MIAX Pearl Equities Fee Schedule 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 https://www.miaxglobal.com
 
For further information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.