U.S. Options

Effective September 1, 2024, pending filing with the SEC, MIAX Pearl Options will amend the MIAX Pearl Options Fee Schedule as follows:

1. Amend the Market Maker origin table to establish an enhanced “Step-Up Maker Rebate” for transactions in Non-Penny classes
   1. A Market Maker may qualify for a Step-Up Maker Rebate of ($0.86) per contract instead of the tiered Maker rebate for Non-Penny Classes for their Market Marker origin if the Market Maker executes an increase of at least 0.12% in adding liquidity volume in Non-Penny Classes as percentage of TCV in the relevant month as compared to the Market Maker’s added liquidity in Non-Penny Classes in July 2024
   2. The Step-Up Maker Rebate will expire no later than January 31, 2025. MIAX Pearl Options will issue a new alert if it determines to modify, extend or remove the Step-Up Maker Rebate, including the baseline month
2. Amend the Priority Customer origin table to increase Maker rebates for Penny Classes in certain tiers
   1. For Tier 1 and Tier 2 for the Priority Customer origin, the Maker rebates for Penny Classes will increase from ($0.25) to ($0.31) per contract
3. Remove certain alternative volume criteria and corresponding footnotes applicable to Market Maker and Professional Member origins
   1. Remove Footnote ** - “Members may qualify for the Maker Rebate and the Taker Fee associated with the highest Tier for transactions in Non-Penny classes if the Member executes more than 0.30% volume in Non-Penny classes, not including Excluded Contracts, as compared to the TCV in all MIAX Pearl listed option classes. For purposes of qualifying for such rates, the Exchange will aggregate the volume transacted by Members and their Affiliates in the following Origin types in Non-Penny classes: MIAX Pearl Market Makers, and Non-Priority Customer, Firm, BD, and Non-MIAX Pearl Market Makers”
   2. Remove Footnote ^ - “Members may qualify for Maker Rebates equal to the greater of: (A) ($0.37) for Penny Classes and ($0.65) for Non Penny Classes, or (B) the amount set forth in the applicable Tier reached by the Member in the relevant Origin, if the Member and their Affiliates execute at least 1.25% volume in the relevant month, in Priority Customer Origin type, in all options classes, not including Excluded Contracts, as compared to the TCV in all MIAX Pearl listed option classes”
   3. Remove an alternative threshold in Tier 2 under the Market Maker origin – “Tier 2 in both the “NBBO Setter Plus Program” and “Midpoint Peg Order Adding Liquidity at Midpoint Volume Tiers” on the Pearl Equities Exchange”

Attached is a highlighted summary of the September 2024 fee changes for the MIAX Pearl Options Exchange.

Complete details will be contained in the September 2024 MIAX Exchange Group Fee Schedules, when posted on the MIAX website at MIAX Pearl Options Fee Schedule.

For additional information, please contact MIAX Sales at Sales@miaxglobal.com or (609) 897-8177.

If you need assistance, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.