U.S. Equities

Effective October 1, 2023, pending review by the SEC, MIAX Pearl Equities will update the criteria for the Step-Up Added Liquidity Rebate.

1. Step-Up Added Liquidity Rebate Program
   1. The baseline month for this Program will be updated from May 2023 to July 2023. The new criteria for this program are as follows:
      1. Step-Up Average Daily Added Volume (ADAV) as a % of Total Consolidated Volume (TCV) for July 2023 >= 0.03% of the TCV  
      2. This criteria will expire no later than January 31, 2024
      3. The rebate for this program continues to be ($0.0031)
   2. The rebate for this program is applicable to the following Fee 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. Updated list of Market Quality Securities qualifying for the NBBO Setter Plus Program
   1. The updated Market Quality Securities list, effective October 1, 2023, is posted on the MIAX website
   2. All other criteria of the NBBO Setter Plus Program remain the same
   3. All rebates associated with the NBBO Setter Plus Program remain the same
   4. The rebates for this program are applicable to the following Fee 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)”

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

For full details, please review the October 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.