U.S. Equities

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

1. Primary Auction (PAC) Routing Rates
   1. For orders executed as part of the Primary Listing Market’s Opening or Re-Opening Auction, the Fee will be updated to:
      1. Securities Priced at or Above $1.00: $0.00005
      2. Securities Priced Below $1.00: 0.00% of the Dollar Value of the transaction
   2. Impacted Liquidity Codes:
      1. Liquidity Code XC, “Routed to NYSE, Opening / Re-Opening Auction”
      2. Liquidity Code XF, “Routed to NYSE Arca, Opening / Re-Opening Auction”
      3. Liquidity Code XI, “Routed to NYSE American, Opening / Re-Opening Auction”
      4. Liquidity Code XL, “Routed to Cboe BZX, Opening / Re-Opening Auction”
      5. Liquidity Code XO, “Routed to Nasdaq, Opening / Re-Opening Auction”

Attached is a highlighted summary of the May 1, 2023 fee changes.

For full details, please review the May 1, 2023 MIAX Pearl Equities Fee Schedule when posted on the MIAX website at MIAX Pearl Equities Exchange Fees.

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

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