U.S. Equities

Effective March 1, 2024, pending filing with the SEC, MIAX Pearl Equities will modify the following Tier 5 Level C qualification criteria: 

1. New Alternative Method in NBBO Setter Plus Program to Achieve Tier 5 Level C
   1. A MIAX Pearl Equities Member may qualify for Tier 5 Level C via alternative method by satisfying all of the following three requirements:
      1. >= 2,500,000 Midpoint ADAV; AND
      2. >= 10,000,000 in Displayed ADAV; AND
      3. Achieving Level C NBBO Plus (>= 50% Percent Time at the NBBO in at least 200 names from the Market Quality Securities List)
   2. Current qualification criteria for the original Tier 5 Level C will remain the same.
   3. The rebate for Tier 5 Level C will remain at ($0.00355) per share regardless of qualification method.
   4. All other criteria and rebates in the NBBO Setter Plus Program remain unchanged.
   5. 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)”
2. Updated list of Market Quality Securities qualifying for the NBBO Setter Plus Program
   1. The updated Market Quality Securities list, effective March 1, 2024, is posted on the MIAX website.

Attached is a highlighted summary of the March 1, 2024 fee changes.

Full details will be available in the 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.