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Fee Change Alert

MIAX Pearl Equities

September 30, 2025 | 03:14 PM

MIAX Pearl Equities Exchange - October 1, 2025 Fee Changes

Effective October 1, 2025, pending filing with the SEC, MIAX Pearl Equities will amend the following transaction fees and NBBO Setter Plus Program. All criteria and rebates that have been updated are in bold below:

  1. Standard Rate for Adding Displayed Liquidity in Securities Priced at or above $1.00
    1. For orders adding displayed liquidity in securities priced at or above $1.00 per share, the Standard Rate will be decreased to ($0.0016)
    2. Impacted Liquidity Codes:
      1. AA, AB, AC, EA, EB, EC, FA, FB, FC
  2. Standard Rate for Adding Non-Displayed Liquidity in Securities Priced at or above $1.00
    1. For orders adding displayed liquidity in securities priced at or above $1.00 per share, the Standard Rate will be decreased to ($0.00200)
    2. Impacted Liquidity Codes:
      1. Aa, Ab, Ac, Ap, Ar, Ea, Eb, Ec, Ep, Er, Fa, Fb, Fc, Fp, Fr
  3. Standard Rate for Removing Liquidity in Securities Priced at or above $1.00
    1. For orders removing displayed liquidity in securities priced at or above $1.00 per share, the Standard Rate will be increased to $0.0030
    2. Impacted Liquidity Codes:
      1. RA, RB, RC, RR, RT, Ra, Rb, Rc, Rp, Rr, Rt, eA, fA, eB, fB, eC, fC, eR, fR, eT, fT, ea, fa, eb, fb, ec, fc, ep, fp, er, fr, et, ft
  4. Updates to the NBBO Setter Plus Program:
    1. “Tier 1”
      1. To achieve Tier 1, a member must satisfy the following criteria:
        1. ADAV % of TCV >= 0.00% and < 0.040%, OR
        2. NBBO Set Volume % of TCV >= 0.00% and < 0.01%, OR
        3. ADV % of TCV >= 0.00% and < 0.15%, OR
        4. ADAV % of TCV, excluding sub-dollar volume >= 0.00% and < 0.040%
      2. The following rebates will apply for Tier 1:
        1. Level A (Base Rebate) = ($0.00160)
        2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00165)
        3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00170)
    2. “Tier 2”
      1. To achieve Tier 2, a member must satisfy the following criteria:
        1. ADAV % of TCV >= 0.040% and < 0.060%, OR
        2. NBBO Set Volume % of TCV >= 0.01% and < 0.015%, OR
        3. ADV % of TCV >= 0.15% and < 0.18%, OR
        4. ADAV % of TCV, excluding sub-dollar volume >= 0.040% and < 0.060%,
      2. The following rebates will apply for Tier 2:
        1. Level A (Base Rebate) = ($0.00245)
        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) = ($0.00255)
    3. “Tier 3”
      1. To achieve Tier 3, a member must satisfy the following criteria:
        1. ADAV % of TCV >= 0.060% and < 0.10%, OR
        2. NBBO Set Volume % of TCV >= 0.015% and < 0.02%, OR
        3. ADV % of TCV >= 0.18% and < 0.25%, OR
        4. ADAV % of TCV, excluding sub-dollar volume >= 0.060% and < 0.10%,
      2. The following rebates will apply for Tier 3:
        1. Level A (Base Rebate) = ($0.00265)
        2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00270)
        3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00275)
    4. “Tier 4”
      1. To achieve Tier 4, a member must satisfy the following criteria:
        1. ADAV % of TCV >= 0.10% and < 0.20%, OR
        2. NBBO Set Volume % of TCV >= 0.02% and < 0.03%, OR
        3. ADV % of TCV >= 0.25% and < 0.60%, OR
        4. ADAV % of TCV, excluding sub-dollar volume >= 0.10% and < 0.20%,
      2. The following rebates will apply for Tier 4:
        1. 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)
    5. “Tier 5”
      1. To achieve Tier 5, a member must satisfy the following criteria:
        1. ADAV % of TCV >= 0.20% and < 0.40%, OR
        2. NBBO Set Volume % of TCV >= 0.03% and < 0.08%, OR
        3. ADV % of TCV >= 0.60% and < 1.00%, OR
        4. ADAV % of TCV, excluding sub-dollar volume >= 0.20% and < 0.40%,
      2. The following rebates will apply for Tier 5:
        1. Level A (Base Rebate) = ($0.00310)
        2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00315)
        3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00325)
    6. “Tier 6”
      1. To achieve Tier 6, a member must satisfy the following criteria:
        1. ADAV % of TCV >= 0.40%, OR
        2. NBBO Set Volume % of TCV >= 0.08%, OR
        3. ADV % of TCV >= 1.00%, OR
        4. ADAV % of TCV, excluding sub-dollar volume >= 0.40%,
      2. The following rebates will apply for Tier 6:
        1. 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. For the alternative qualification method for Tier 5, Level C, the criteria for receiving the enhanced rebate will be as follows:
      1. Midpoint ADAV for the current month >= 7,000,000 shares
      2. Displayed ADAV >= 10,000,000 shares
      3. Percent Time at the NBBO >= 50% for at least 200 securities on Market Quality list
    8. The NBBO Setter Additive Rebate will be increased to ($0.00035)
    9. The NBBO First Joiner Additive Rebate will remain unchanged
    10. Additionally, the updated Market Quality Securities list, effective October 1, 2025, is posted on the MIAX website
    11. 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)”
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 miaxglobal.com.
 
For further information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.