U.S. Equities

Effective July 1, 2024, pending filing with the SEC, MIAX Pearl Equities will amend the NBBO Setter Plus Program as follows:

1. Update to Additive Step-Up Rebate for the NBBO Setter Plus Program
   1. An alternative qualification method for the Step-Up Rebate will be introduced that excludes sub-dollar volume in both the member’s Average Daily Added Volume (ADAV) and the Total Consolidated Volume (TCV) calculations. Members may now qualify for the Step-Up Rebate through two possible qualification methods:
      1. Qualification Method 1 (Existing):
         1. ADAV as a % of TCV >= 0.35%
         2. Increase in the % of Displayed ADAV as a % of TCV from February 2024 >= 0.05%
      2. Qualification Method 2 (New):
         1. ADAV as a % of TCV, excluding all sub-dollar volume in both the member’s ADAV and the TCV >= 0.35%
         2. Increase in the % of Displayed ADAV as a % of TCV, excluding all sub-dollar volume in both the member’s ADAV and the TCV, from February 2024 >= 0.05%
   2. The additive Step-Up Rebate remains ($0.0001) per share.
   3. All other rebates associated with the NBBO Setter Plus Program remain the same.
   4. 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 July 1, 2024, is posted on the MIAX website.

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

For full details, please review the updated July 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.