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Fee Change Alert

MIAX Pearl Equities

September 30, 2024 | 03:58 PM

MIAX Pearl Equities Exchange - October 1, 2024 Fee Changes

Effective October 1, 2024, MIAX Pearl Equities will amend the following transaction fees and NBBO Setter Plus Program:

  1. Decrease Fee for Removing Liquidity in Sub-Dollar Securities
    1. The new Standard Rate for all executions removing liquidity in securities priced less than $1.00 per share will be 0.20% of the Notional Dollar Value of the trade.
    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. Updated list of Market Quality Securities qualifying for the "NBBO Setter Plus Program"
    1. The updated Market Quality Securities list, effective October 1, 2024, is posted on the MIAX website.
    2. All other criteria for the NBBO Setter Plus Program remain the same.
    3. All rebates associated with the NBBO Setter Plus Program remain the same
    4. Rebates for this program are applicable to the following Fee Codes:
      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)”

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

For full details, please review the updated October 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.