U.S. Equities

Effective January 1, 2022, pending filing with the SEC, MIAX Pearl Equities will 1) introduce tiers for Displayed Orders Adding Liquidity, 2) introduce tiers for Orders Removing Liquidity, and 3) modify the per share rebate for Non-Displayed Orders Adding Liquidity.

1. MIAX Pearl Equities will introduce 3 tiers for per share rebates for Displayed Orders Adding Liquidity in addition to the base rate.  Rebates (across all Tapes) and required threshold of total consolidated volume (TCV) below:
   1. Base Rate: ($0.0029) requires 0% of TCV
   2. Tier 1: ($0.0032) requires 0.07% of TCV
   3. Tier 2: ($0.0035) requires 0.10% of TCV
   4. Tier 3: ($0.0036) requires 0.20% of TCV
   5. Tiers will be determined by a Member’s Volume that Added Liquidity (as a Displayed, Non-Displayed, or Retail Order) as a percent of TCV.  Certain volume exclusions apply.
2. MIAX Pearl Equities will introduce 2 tiers for per share fees for Orders Removing Liquidity in addition to the base rate.  Fees (across all Tapes) and required threshold of TCV below:
   1. Base Rate: $0.0029 requires 0% of TCV
   2. Tier 1: $0.0027 requires 0.10% of TCV
   3. Tier 2: $0.00265 requires 0.15% of TCV
   4. Tiers will be determined by a Member’s Volume that Added or Removed Liquidity (as a Displayed, Non-Displayed, or Retail Order) as a percent of TCV.  Certain volume exclusions apply.
3. MIAX Pearl Equities will modify the rebate of Non-Displayed Orders Adding Liquidity to ($0.0021) across all Tapes.

A summary of the January 1, 2022 fee changes is attached.  All fees and rebates referenced in this alert apply to securities priced at or above $1. For full details, please review the January 1, 2022 MIAX Pearl Equities Fee Schedule posted on the MIAX website at  miaxoptions.com/fees/pearl-equities.

For additional information, please contact MIAX Sales at Sales@MIAXEquities.com or (609) 897-8177.

If you need assistance, please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.