U.S. Equities

Effective Friday, November 11, 2022, MIAX Pearl Equities will add three symbols (DOW, MMM, TRV) to the Market Quality “MQ” Securities List as part of the Market Quality Tiers introduced in May 2022. The Market Quality Tiers provide increased rebates for Displayed Orders Adding Liquidity to Members who are at the NBBO at least 25% of the trading day in a minimum number of securities. Other requirements of the program remain unchanged and are described below:
 
Market Quality Tiers:

1. Tier 1 ($0.0032), Adds Liquidity, Displayed Order rebate, requiring
   1. >=25% time at the NBBO in an average of at least 250 securities, at least 50 of which must be from the MQ Securities List, per trading day each month
2. Tier 2 ($0.0035), Adds Liquidity, Displayed Order rebate, requiring
   1. >=25% time at the NBBO in an average of at least 1000 securities, at least 100 of which must be from the MQ Securities List, per trading day each month

Definitions:

1. MQ Securities List: List of securities defined by MIAX Pearl Equities that can be found here
2. Percent Time at NBBO: The aggregate of the percentage of time during regular trading hours where a Member has at least one Displayed Round Lot at the NBB, NBO or NBBO
3. To determine if a Member qualifies for the Market Quality Tiers, the number of securities meeting the percent time at NBBO requirement on a daily basis will be summed for each day and divided by the number of trading days for the month
4. Requirements must be met on a monthly basis
5. Members who qualify for multiple tier programs will be given the highest rebate for which they qualify

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

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

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