U.S. Equities

Effective April 1, 2023, pending filing with the SEC, MIAX Pearl Equities will update the following transaction programs and fees:

1. Add Volume Tiers – Update to Tier 3 Threshold
   1. Add Volume Tier 3 Threshold will be updated to: ADAV >= 0.30% of TCV
      1. The rebate for this Tier remains unchanged at ($0.0036)
   2. This program applies to the following Liquidity Codes in all Tapes:
      1. Displayed Orders (AA, AB, AC)
2. Securities Priced Below $1.00 (Sub-Dollar) Adding Liquidity Rate
   1. The Standard Rate will be updated to (0.15%) of Dollar Value
   2. This rate applies to the following Liquidity Codes in all Tapes:
      1. Displayed Orders (AA, AB, AC)
      2. Non Displayed Orders (Aa, Ab, Ac)
      3. Retail Orders (AR, Ar)
      4. Midpoint Peg Orders Adding at the Midpoint (Ap)
3. Securities Priced Below $1.00 (Sub-Dollar) Removing Liquidity Rate
   1. The Standard Rate will be updated to 0.25% of Dollar Value
   2. This rate applies to the following Liquidity Codes in all Tapes:
      1. Displayed Orders (RA, RB, RC)
      2. Non Displayed Orders (Ra, Rb, Rc)
      3. Retail Orders (RR, Rr)
      4. Midpoint Peg Orders Removing at the Midpoint (Rp)

Attached is a highlighted summary of the April 1, 2023 fee changes. For full details, please review the April 1, 2023 MIAX Pearl Equities Fee Schedule when 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.