U.S. Equities

As previously announced in the September 29th 1:42 PM Alert, effective October 1, 2023, pending review by the SEC, MIAX Pearl Equities will update the criteria for the Step-Up Added Liquidity Rebate. The following changes have been made to the criteria:

1. Step-Up Added Liquidity Rebate Program
   1. The baseline month for this Program will remain May 2023; previously, the new baseline month was announced as July 2023. The required criteria for this program will be updated as follows:
      1. Step-Up Average Daily Added Volume (ADAV) as a % of Total Consolidated Volume (TCV) for May 2023 >= 0.03% of the TCV 
      2. This criteria will expire no later than November 30, 2023; previously, this criteria was set to expire on September 29, 2023.
      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)”

The updated Market Quality Securities list as announced in the previous alert remains unchanged.

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.