U.S. Equities

Effective December 1, 2022, MIAX Pearl Equities will update transaction fees as follows, pending filing with the SEC:

• MIAX Pearl Equities will introduce a new Liquidity Indicator Code (Rp) for a Midpoint Peg Order that removes liquidity at the midpoint of the Protected NBBO
• A fee of $0.00265 per share for securities priced at or above $1.00 and 0.20% of dollar value for securities priced below $1.00 in all Tapes will be assessed for orders with Liquidity Indicator Code Rp

Attached is a highlighted summary of the December 1, 2022 fee changes.  For full details, please review the December 1, 2022 MIAX Pearl Equities Fee Schedule when posted on the MIAX website at miaxoptions.com/fees/pearl-equities.

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

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.