U.S. Equities

Effective February 1, 2026, pending filing with the SEC, MIAX Pearl Equities will make the below described changes to the Market Quoting Program.  MIAX Pearl Equities will also employ a new billing methodology to comply with new Regulation NMS Rule 610(d).
 

1. As previously mentioned in the December 30, 2025 Alert, beginning February 1, 2026 and in compliance with new Regulation NMS Rule 610(d), MIAX Pearl Equities will begin calculating pricing tiers for the current month based on the prior month’s trading activity.  For example, February tier qualifications will be based on trading activity in January.  New Equity Members of MIAX Pearl Equities will default to base pricing tiers as no prior month activity will be available.
2. The minimum threshold to qualify for the Market Quoting Program will be increased from an average of at least 750 securities per day to an average of at least 900 securities per day
   1. Note: The updated minimum threshold of 900 securities will need to be achieved in February 2026 to qualify for and receive the rebate under this program for transactions in March 2026
   2. The required “Percent Time at NBBO” will remain greater than or equal to 50%
   3. The enhanced rebate received for this program will remain ($0.0026)
   4. 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 updated Market Quality Securities list (effective February 1, 2026) and MIAX Pearl Equities Fee Schedule posted on the MIAX website.
 
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.