U.S. Equities

Effective April 1, 2022, pending filing with the SEC, MIAX Pearl Equities will implement the following fee changes:

1. MIAX Pearl Equities will introduce 2 tiers for per share rebates for orders that Add Liquidity at the Midpoint using a Midpoint Peg Order. Rebates (across all Tapes) and required thresholds include:
   1. Base: ($0.0021) Non-Displayed Rebate for Adding Liquidity
   2. Tier 1: ($0.0025) requires Midpoint ADAV >= 500,000 shares
   3. Tier 2: ($0.0027) requires Midpoint ADAV >= 1,000,000 shares
   4. Tiers will be determined by a Member’s Volume total from all orders that Add Liquidity at the Midpoint using a Midpoint Peg Order, inclusive of all Tapes and sub-dollar volume. Midpoint Peg Orders that Add Liquidity and execute at the midpoint will receive new Liquidity Code Ap.
   5. These tiered rebates apply to securities priced at or above $1
2. The new Liquidity Code Ap will be activated effective April 1, 2022 and will include all orders that Add Liquidity at the Midpoint using a Midpoint Peg Order.  The Ap Liquidity Code is currently available for testing in the MIAX Pearl Equities Firm Test Bed 2 Environment.
3. MIAX Pearl Equities will modify tier rates for per share fees for orders Removing Liquidity. The revised fees (across all Tapes) are as follows:
   1. Tier 1: $0.0028 requires ADV >= 0.10% of TCV
   2. Tier 2: $0.0027 requires ADV >= 0.15% of TCV
   3. These tiered fees apply to securities priced at or above $1

Additionally, the following Liquidity Indicator Codes will be activated at a future date:

1. Liquidity Code Am: Adds Liquidity, Midpoint Peg Order
2. Liquidity Code Rp: Removes Liquidity at Midpoint, Midpoint Peg Order
3. Liquidity Code RD: Removes Liquidity on Arrival, Displayed Retail RHO Order

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

MIAX Pearl Equities has published an updated specification of all Liquidity Codes, which can be found here.  Liquidity Codes that will be activated at a future date are designated as “Future Implementation."

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

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