MIAX Pearl® Equities Exchange Rule Filings
As a registered national securities exchange, MIAX Pearl is required to submit to the SEC, pursuant to Section 19 of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 19b-4 thereunder, proposed rule changes. MIAX Pearl is required to post its rule filings on its website within two business days after submission. Rule filings are not effective until approved by the SEC, with the exception of certain types of rule filings that may take effect upon filing with the SEC if they meet the conditions specified under Section 19 of the Exchange Act and Rule 19b-4 thereunder. MIAX Pearl will post below pending rule filings submitted by the Exchange, followed by rule changes that have been approved by the SEC or became immediately effective pursuant to the Exchange Act.
SR-PEARL-2025-47
Pending
Amend Rule 517A, Aggregate Risk Manager for EEMs ("ARM-E") and Rule 517B, Aggregate Risk Manager for Market Makers ("ARM-M"), to adopt a new Origin Multiplier to be used when calculating EEM Trade Percentage and MM Trade Percentage.
November 20, 2025
SR-PEARL-2025-46
Effective / Approved
Proposal to amend the MIAX Pearl Equities Fee Schedule to amend the following: (i) standard rebates for added displayed and non-displayed volume in securities priced at or above $1.00; (ii) standard fee for removed volume in securities priced at or above $1.00; (iii) certain NBBO Program tier thresholds; (iv) standard and enhanced rebates in the NBBO Program; and (v) the NBBO Setter Additive Rebate.
September 30, 2025
SR-PEARL-2025-45
Effective / Approved
Amend the MIAX Pearl Options Fee Schedule to: (i) temporarily decrease the ORF from $0.0018 per contract to $0.0014 per contract between September 1, 2025 and December 31, 2025; and (ii) increase the ORF from $0.0014 per contract to $0.0016 per contract, effective January 1, 2026.
September 23, 2025
SR-PEARL-2025-44
Withdrawn
This filing has been withdrawn on September 23, 2025 and replaced with SR-PEARL-2025-45.
September 12, 2025
SR-PEARL-2025-42
Effective / Approved
Amend Exchange Rule 402, Criteria for Underlying Securities, to permit the listing of options on an exchange traded fund as defined in Rule 6c-11 under the Investment Company Act of 1940.
September 09, 2025
SR-PEARL-2025-43
Effective / Approved
Proposal to amend Exchange Rule 2613 to specify the Exchange's source of market data for 24X National Exchange LLC.
August 29, 2025
SR-PEARL-2025-41
Withdrawn
This filing has been withdrawn on September 12, 2025 and replaced with SR-PEARL-2025-44.
August 28, 2025
SR-PEARL-2025-40
Effective / Approved
Proposal to introduce a new version of the Open-Close Report to be known as the One-Minute Interval Intra-Day Open Close Report.
August 27, 2025