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Fee Change Alert

MIAX Pearl Equities

May 31, 2024 | 02:56 PM

MIAX Pearl Equities Exchange - June 1, 2024 Fee Changes

Effective June 1, 2024, pending filing with the SEC, MIAX Pearl Equities will amend the following transaction fees and tier programs:

  1. The “Remove Volume Tiers” Program in Section 1)(d) of the Fee Schedule will be discontinued
    1. For all executions removing liquidity in securities priced at or above $1.00 per share, all Members will be billed the Standard Rate of $0.00295 per share.
    2. Impacted Liquidity Codes:
      1. Liquidity Code RA, “Removes Liquidity, Displayed Order (Tape A)”
      2. Liquidity Code RB, “Removes Liquidity, Displayed Order (Tape B)”
      3. Liquidity Code RC, “Removes Liquidity, Displayed Order (Tape C)”
      4. Liquidity Code RR, “Retail Order, Removes Liquidity, Displayed Order (All Tapes)”
      5. Liquidity Code RT, “Removes Retail Liquidity, Displayed Order (All Tapes)”
      6. Liquidity Code Ra, “Removes Liquidity, Non-Displayed Order (Tape A)”
      7. Liquidity Code Rb, “Removes Liquidity, Non-Displayed Order (Tape B)”
      8. Liquidity Code Rc, “Removes Liquidity, Non-Displayed Order (Tape C)”
      9. Liquidity Code Rr, “Retail Order, Removes Liquidity, Non-Displayed Order (All Tapes)”
      10. Liquidity Code Rt, “Removes Retail Liquidity, Non-Displayed Order (All Tapes)”
  2. Update to Fee for "Removing Liquidity and Executing at the Midpoint, Non-Displayed Midpoint Peg Order"
    1. This Fee will be updated to $0.00295 per share for all executions removing liquidity in securities priced at or above $1.00 per share.
    2. Impacted Liquidity Code:
      1. Liquidity Code Rp, “Removes Liquidity and Executes at the Midpoint, Non-Displayed Midpoint Peg Order (All Tapes)”
  3. NBBO Setter Plus Program
    1. New Tier Qualification Method (“Method 4”) – ADAV as a % of TCV, Excluding Sub-Dollar Volume
      1. Members may now qualify into the NBBO Setter Plus Program via a new qualification method – if the member’s ADAV as a % of TCV, excluding all sub-dollar volume in determining both the member’s ADAV and the TCV, meets the below tier requirements, a member will qualify into the corresponding tier.
      2. The tier thresholds for the new qualification method are as follows:
        1. Tier 1: ADAV >= 0.00 and < 0.035% of the TCV, Excluding Sub-Dollar Volume
        2. Tier 2: ADAV >= 0.035% and < 0.050% of the TCV, Excluding Sub-Dollar Volume
        3. Tier 3: ADAV >= 0.050% and < 0.080% of the TCV, Excluding Sub-Dollar Volume
        4. Tier 4: ADAV >= 0.080% and < 0.20% of the TCV, Excluding Sub-Dollar Volume
        5. Tier 5: ADAV >= 0.20% and < 0.40% of the TCV, Excluding Sub-Dollar Volume
        6. Tier 6: ADAV >= 0.40% of the TCV, Excluding Sub-Dollar Volume
      3. All other qualification methods for the NBBO Setter Plus program will remain unchanged and MIAX will continue to assign members the highest possible tier status based on all qualification methods – i.e. highest of ADAV as a % of TCV (“Method 1”), NBBO Set Volume as a % of TCV (“Method 2”), ADV as a % of TCV (“Method 3”), ADAV as a % of TCV Excluding Sub-Dollar Volume (“Method 4”), and the Alternative Tier 5 Level C method.
      4. All rebates associated with the NBBO Setter Plus Program remain the same.
      5. The rebates for this program are applicable to the following fee codes for securities priced at or above $1.00:
        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 June 1, 2024, is posted on the MIAX website

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

For full details, please review the updated June 1, 2024 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.