U.S. Equities

As previously announced in the January 31, 2024 Alert, effective April 1, 2024, pending filing with the SEC, MIAX Pearl Equities will implement the following market data fees:

1. Top of Market (“ToM”) Data Feed
   1. Internal Distributor: $1,000/month
   2. External Distributor: $2,000/month
   3. Professional User Fee: $2/user
   4. Non-Professional User Fee: $0.10/user
   5. Enterprise Fee: $15,000/month (i)
   6. Non-Display Usage: $1,000/month (ii)
   7. Non-Display Usage by Trading Platform: $2,500/month (iii),(iv)
2. Depth of Market (“DoM”) Data Feed
   1. Internal Distributor: $2,000/month
   2. External Distributor: $2,500/month
   3. Professional User Fee: $30/user
   4. Non-Professional User Fee: $3/user
   5. Enterprise Fee: $25,000/month (i)
   6. Non-Display Usage: $2,500/month (ii)
   7. Non-Display Usage by Trading Platform: $2,500/month (iii),(iv)

1. As an alternative to user fees, a recipient firm may purchase a monthly Enterprise license to receive ToM (or DoM, as applicable) feed for distribution to an unlimited number of Professional and Non-Professional Users.
2. Subscribers of Non-Display Usage for both the ToM and DoM feed will only be subject to the Non-Display Usage fee for the DoM feed.
3. Subscribers of Non-Display Usage by Trading Platform for both the ToM and DoM feed will only be subject to the Non-Display Usage by Trading Platforms fee for the DoM feed.
4. Fee is charged per subscriber using the data within a Trading Platform.  The fee represents the maximum charge per subscriber regardless of the number of Trading Platforms operated by the subscriber that receives the data for Non-Display Usage.