U.S. Equities

Effective July 1, 2023, pending filing with the SEC, MIAX Pearl Equities will amend the following transaction fees and rebates:

1. Standard Rate for Adding Displayed Liquidity
   1. For orders adding displayed liquidity in securities priced at or above $1.00 per share, the Standard Rate will be decreased to ($0.0027)
   2. Impacted Liquidity Indicator Codes:
      1. Liquidity Code AA, “Adds Liquidity, Displayed Order (Tape A)”
      2. Liquidity Code AB, “Adds Liquidity, Displayed Order (Tape B)”
      3. Liquidity Code AC, “Adds Liquidity, Displayed Order (Tape C)”
2. Adopt New Liquidity Indicator Codes and Associated Fees for Orders that Remove Retail Liquidity (Displayed and Non-Displayed)
   1. For orders that remove Displayed Retail liquidity:
      1. New Liquidity Indicator Code “RT”: fees of $0.00295 per share in securities priced at or above $1.00 per share and 0.25% of the transactions total dollar value in securities priced below $1.00 per share
   2. For orders that remove Non-Displayed Retail liquidity:
      1. New Liquidity Indicator Code “Rt”: fees of $0.00295 per share in securities priced at or above $1.00 per share and 0.25% of the transactions total dollar value in securities priced below $1.00 per share
3. Remove Volume Tiers Program
   1. For orders removing liquidity in securities priced at or above $1.00 per share and qualifying for a Remove Volume Tier, the fees will be amended to:
      1. Tier 1 (ADV > or = 0.10% of TCV and > or = 1,000 shares of added liquidity): $0.0029
      2. Tier 2 (ADV > or = 0.15% of TCV and > or = 1,000 shares of added liquidity): $0.00285
      3. The criteria to qualify for the above two Tiers remains unchanged.
   2. Impacted Liquidity Indicator Codes:
      1. Liquidity Code RA, “Removes Liquidity, Displayed Order (Tape A)”
      2. Liquidity Code RB, “Removes Liquidity, Displayed Order (Tape B)”
      3. Liquidity Code RC, “Removes Liquidity, Displayed Order (Tape C)”
      4. Liquidity Code RR, “Retail Order, Removes Liquidity, Displayed Order (All Tapes)”
      5. Liquidity Code Ra, “Removes Liquidity, Non-Displayed Order (Tape A)”
      6. Liquidity Code Rb, “Removes Liquidity, Non-Displayed Order (Tape B)”
      7. Liquidity Code Rc, “Removes Liquidity, Non-Displayed Order (Tape C)”
      8. Liquidity Code Rr, “Retail Order, Removes Liquidity, Non-Displayed Order (All Tapes)”
      9. Liquidity Code RT, “Removes Retail Liquidity, Displayed Order (All Tapes)”
      10. Liquidity Code Rt, “Removes Retail Liquidity, Non-Displayed Order (All Tapes)”

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

For full details, please review the July 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.