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Fee Change Alert

MIAX Pearl Equities

August 30, 2024 | 02:05 PM

MIAX Pearl Equities Exchange - September 1, 2024 Fee Changes

Effective September 1, 2024, pending filing with the SEC, MIAX Pearl Equities will amend the following fees and rebates:

  1. Decrease Fee for Removing Liquidity
    1. The new Standard Rate for all executions removing liquidity in securities priced at or above $1.00 per share will be $0.00285 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 Rp, “Removes Liquidity and Executes at the Midpoint, Non-Displayed Midpoint Peg Order (All Tapes)”
      10. Liquidity Code Rr, “Retail Order, Removes Liquidity, Non-Displayed Order (All Tapes)”
      11. Liquidity Code Rt, “Removes Retail Liquidity, Non-Displayed Order (All Tapes)”
  2. Update to Additive Step-Up Rebate for the NBBO Setter Plus Program
    1. The Baseline Month for this program will be updated from February 2024 to July 2024:
      1. Members will qualify for the Step Up rebate if either
        1. Displayed ADAV as a % of TCV >= 0.35%, and the Increase in the % of Displayed ADAV as a % of TCV from July 2024 >= 0.05%, OR
        2. Displayed ADAV as a % of TCV >=0.35%, excluding all sub-dollar volume in both the member’s Displayed ADAV and the TCV, and the Increase in the % of Displayed ADAV as a % of TCV from July 2024 >= 0.05%, excluding all sub-dollar volume in both the member’s Displayed ADAV and the TCV
    2. The Sunset Date for this program will be updated from August 31, 2024 to January 31, 2025
    3. The additive Step-Up Rebate remains ($0.0001) per share
    4. All other 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)”
  3. Updated list of Market Quality Securities qualifying for the "NBBO Setter Plus Program"
    1. The updated Market Quality Securities list, effective September 1, 2024, is posted on the MIAX website
Attached is a highlighted summary of the September 1, 2024 fee changes.

For full details, please review the updated September 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.