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Fee Change Alert

MIAX Pearl Equities

August 31, 2023 | 02:02 PM

MIAX Pearl Equities Exchange - September 1, 2023 Fee Changes

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

  1. Sunset of the “Add Volume Tiers” Program
  2. Sunset of the “Market Quality Tiers” Program 
  3. 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 ($0.0024)
    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)”
  4. Introduction of the “NBBO Setter Plus” Program
    1. Overview
      1. MIAX Pearl Equities Members will be able to qualify for an National Best Bid or Offer (NBBO) Setter Plus Program Tier by satisfying one of three qualification methods, all of which are based on volume as a percentage of Total Consolidated Volume (TCV).
        1. The 1st Qualification Method will be based on the Member’s Average Daily Add Volume (ADAV) as percent of TCV.
        2. The 2nd Qualification Method will be based on the Member’s NBBO Set Volume as a percent of TCV. NBBO Set Volume is the ADAV that sets the National Best Bid (NBB) or National Best Offer (NBO) on MIAX Pearl Equities, with a minimum size of one Round Lot.
        3. The 3rd Qualification Method will be based on the Member’s Average Daily Volume (ADV) as a percent of TCV.
        4. A Member will qualify for the NBBO Setter Program by satisfying one of the three qualification methods. The Member will not be required to fulfill multiple methods to qualify for that Tier.
      2. After qualifying for a Tier based on volume, the Member will have the ability to qualify for an enhanced rebate level based on their performance in the NBBO Setter Plus Program, which will require the Member to meet specific “Percent Time at the NBBO” requirements in at least 200 securities from the list of Market Quality (MQ) Securities. The list of MQ Securities will be determined by MIAX Pearl Equities and will be listed on the MIAX Pearl Equities website.
      3. NBBO Setter Additive Rebate of ($0.0003) per share for executions of orders in securities priced at or above $1.00 per share that set the NBB or NBO on the Exchange with a minimum size of one Round Lot, as outlined below.
        1. Orders with a Liquidity Code of AA, AB and AC that set the NBBO with a Round Lot Size will be eligible for this Additive Rebate.
        2. Retail Orders are not eligible for this Additive Rebate.
        3. NBBO Setter Additive Rebate volume will be identified on the Execution Notification with an Additional Liquidity Code of “1” (NBBO Setter).
    2. Program Details
      1. The following Qualification Tiers and rebates will apply for executions of orders in securities priced >=$1.00 per share for Added Displayed Volume across all Tapes for Liquidity Codes: AA, AB, AC.
        1. Tier 1:
          1. Qualification:
            1. Qualification Method 1: An ADAV >= 0.00% and < 0.08% of TCV, OR
            2. Qualification Method 2: An NBBO Set Volume >= 0.00% and < 0.02% of TCV, OR
            3. Qualification Method 3: An ADV >= 0.00% and < 0.20% of TCV
          2. The following rebates will apply:
            1. Level A (Base Rebate) = ($0.00240)
            2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00250)
            3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00260)
        2. Tier 2:
          1. Qualification:
            1. Qualification Method 1: An ADAV >= 0.08% and < 0.25% of TCV, OR
            2. Qualification Method 2: An NBBO Set Volume >= 0.02% and < 0.03% of TCV, OR
            3. Qualification Method 3: An ADV >= 0.20% and < 0.60% of TCV
          2. The following rebates will apply:
            1. Level A (Base Rebate) = ($0.00310)
            2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00315)
            3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00320)
        3. Tier 3:
          1. Qualification:
            1. Qualification Method 1: An ADAV >= 0.25% and < 0.40% of TCV, OR
            2. Qualification Method 2: An NBBO Set Volume >= 0.03% and < 0.08% of TCV, OR
            3. Qualification Method 3: An ADV >= 0.60% and < 1.00% of TCV
          2. The following rebates will apply:
            1. Level A (Base Rebate) = ($0.00345)
            2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00350)
            3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00355)
        4. Tier 4:
          1. Qualification:
            1. Qualification Method 1: An ADAV >= 0.40% of TCV, OR
            2. Qualification Method 2: An NBBO Set Volume of >= 0.08% of TCV, OR
            3. Qualification Method 3: An ADV of >= 1.00% of TCV
          2. The following rebates will apply:
            1. Level A (Base Rebate) = ($0.00350)
            2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00355)
            3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00360)
Attached is a highlighted summary of the September 1, 2023 fee changes.

For full details, please review the September 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, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.