U.S. Equities

Effective November 1, 2024, pending filing with the SEC, MIAX Pearl Equities will amend the standard and enhanced rebates in the NBBO Setter Plus Program for Adding Displayed Volume for executions of orders in securities priced at or above $1.00 per share, as follows:

1. Updated Rebates for the NBBO Setter Plus Program
   1. “Tier 1”
      1. Standard Rates/Level A (Base Rebate) = ($0.00210)
      2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00215)
      3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00220)
   2. “Tier 2”
      1. Standard Rates/Level A (Base Rebate) = ($0.00280)
      2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00285)
      3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00290)
   3. “Tier 3”
      1. Standard Rates/Level A (Base Rebate) = ($0.00290)
      2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00295)
      3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00300)
   4. “Tier 4”
      1. Standard Rates/Level A (Base Rebate) = ($0.00300)
      2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00305)
      3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00310)
   5. “Tier 5”
      1. Standard Rates/Level A (Base Rebate) = ($0.00325)
      2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00330)
      3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00335)
   6. “Tier 6”
      1. Standard Rates/Level A (Base Rebate) = ($0.00330)
      2. Level B (NBBO Plus >= 25% and < 50% of Time at the NBBO) = ($0.00335)
      3. Level C (NBBO Plus >= 50% of Time at the NBBO) = ($0.00340)
   7. 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)”
   8. The Qualification Requirements for all Methods for all Tiers remain unchanged.
   9. The NBBO Setter Additive rebate and NBBO First Joiner Additive Rebate remain unchanged.
   10. The rebate for Retail Order, Adds Liquidity, and Displayed Order remains unchanged.
2. Updated list of Market Quality Securities qualifying for the "NBBO Setter Plus Program"
   1. The updated Market Quality Securities list, effective November 1, 2024, is posted on the MIAX website.

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

For full details, please review the updated November 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.