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Fee Change Alert

MIAX Pearl Equities

December 31, 2025 | 01:59 PM

MIAX Pearl Equities Exchange January 1, 2026 Fee Changes

Effective January 1, 2026, pending filing with the SEC, MIAX Pearl Equities will introduce a new Market Quoting Program. Firms whose "Percent Time at NBBO" is greater than or equal to 50% in an average of at least 750 securities per day for the month will receive an enhanced rebate of ($0.0026) per share for executions resulting from adding displayed liquidity in securities priced at or above $1.00.
 
Additional details for the Market Quoting Program include the following:

  1. The minimum threshold of an average of at least 750 securities per day can be achieved from all multi-listed securities, not just those on the Market Quality Securities list.
  2. Firms who qualify for the Market Quoting Program and receive this rebate will NOT be eligible to receive the NBBO Setter Additive Rebate or the NBBO First Joiner Additive Rebate.
  3. Firms who qualify for the Market Quoting Program and the NBBO Setter Plus Program will receive the higher rebate offered between the two programs.
  4. Only performance during the Regular Trading Session will count towards a Firm’s eligibility in the Market Quoting Program.
  5. 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)”
The updated Market Quality Securities list, effective January 1, 2026, 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 miaxglobal.com.
 
For further information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.