U.S. Equities

The MIAX Pearl Equities (EPRL) Exchange will begin to honor the Post Only Order Instruction for securities priced below $1.00 beginning Wednesday, April 15, 2026.

1. Consistent with current above dollar handling, an order that provides a Post Only Order Instruction in a sub-dollar security will only remove liquidity from the MIAX Pearl Equities book if the dollar value of the trade is greater than or equal to the value of the trade if the member were to add liquidity, inclusive of all fees charged and rebates provided.
   1. To determine at the time of a potential execution whether the value of such execution when removing liquidity is greater than or equal to the value of such execution if the order instead posted to the MIAX Pearl Equities book and subsequently added liquidity, the Exchange will use the highest possible rebate paid and highest possible fee charged for such executions on the Exchange.
   2. Based on the current MIAX Pearl Equities Fee Schedule, the price improvement gained from executing as a remover must be greater than or equal to 0.35% of the dollar value of trade. Otherwise, the Post Only Order will be posted to the book.
2. Certification is only required for sub-dollar securities if certification has not already been completed for dollar securities. Contact TradingOperations@miaxglobal.com with questions or to arrange certification testing.
3. An application upgrade is not required to use this feature; members will use the existing order entry handling to denote an order as Post Only.
   1. FIX Interface: Tag 76 “ExecBroker”
   2. MEO Interface: Order Instructions Field “Bit 4 – Post Only”
4. Please refer to the updated MIAX Pearl Equities User Manual found here for additional order book handling information.
5. Further details can be found in the MIAX Pearl Equities RC-2026-04 and related rule filing and SEC approval order.

For further information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.

Regulatory inquiries should be directed to Regulatory@miaxglobal.com or (609) 897-7309.

To learn more about MIAX Pearl Equities please contact Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.