U.S. Equities

MIAX Pearl Equities Alerts

Find more information on our U.S. equities exchange.

Back to MIAX Pearl Equities Alerts

Fee Change Alert

MIAX Pearl Equities

January 31, 2025 | 02:45 PM

MIAX Pearl Equities Exchange - February 1, 2025 Fee Changes

Effective February 1, 2025, pending filing with the SEC, MIAX Pearl Equities will amend the MIAX Pearl Equities Fee Schedule as outlined below.

  1. Establish New Liquidity Codes Applicable to Orders Executed During Extended Trading Hours:
    1. MIAX Pearl Equities will activate new Liquidity Codes specific to orders executed during the Early and Late Trading Sessions (collectively, “Extended Trading Hours”) once trading during Extended Trading Hours begins on February 20, 2025, as previously announced in the January 24, 2025 Alert.
    2. The 40 new Liquidity Codes that will be activated are highlighted in the updated MIAX Pearl Equities Liquidity Indicator Codes Guide.
      1. Liquidity Codes with a first character of “E” or “e” refer to the Early Trading Session, while codes with a first character of “F” or “f” refer to the Late Trading Session.
    3. The rates for all new Liquidity Codes applicable to orders executed during Extended Trading Hours will match the February 2025 rates for the corresponding codes for Regular Trading Hours.
  2. Update to the Fee for Removing Liquidity in Securities Priced At or Above $1.00 Per Share Across All Tapes:
    1. The Standard Rate for all executions of orders that remove liquidity in securities priced at or above $1.00 per share will be increased to $0.00295 per share.
    2. Impacted Liquidity Codes: RA, eA, fA, Ra, ea, fa, RB, eB, fB, Rb, eb, fb, RC, eC, fC, Rc, ec, fc, RR, eR, fR, Rr, er, fr, RT, eT, fT, Rt, et, ft, Rp, ep, fp.
  3. Updates to the NBBO Setter Plus Program:
    1. The Step-Up Rebate will expire at the end of the trading day on January 31, 2025 and will be eliminated.
    2. The updated list of Market Quality Securities qualifying for the NBBO Setter Plus Program, effective February 1, 2025, is posted on the MIAX website.
    3. Clarifications regarding Extended Trading Hours and rebates and volume calculations for the NBBO Setter Plus Program:
      1. The ‘Percent Time at NBBO’ calculation, which determines a Member’s qualification into Level A, B, or C of the NBBO Setter Plus Program, will exclude all quote updates during Extended Trading Hours. Only quote updates that occur during Regular Trading Hours will be considered for this calculation.
      2. Volume executed during the Early, Regular, and Late Trading Sessions will be included in each of the four volume calculation methods.
      3. The NBBO Setter Additive Rebate will be applied only to orders executed during the Regular Trading Session.
      4. The NBBO First Joiner Additive Rebate will be applied only to orders executed during the Regular Trading Session.
    4. All criteria and rebates associated with the NBBO Setter Plus Program remain the same.
    5. Member will received the rebates described in the NBBO Setter Plus table for volume executed during the Early, Regular, and Late Trading Sessions based on Tier achieved using the four volume-calculation methods and participation at the NBBO on the Exchange in MQ Securities.
      1. Impacted Liquidity Codes: AA, EA, FA, AB, EB, FB, AC, EC, FC.
  4. Updates to Liquidity Codes for Certain Orders Routed to Away Exchanges:
    1. Impacted Liquidity Codes and amended fee or rebate (noted in parentheses).
      1. XC, “Routed to NYSE, Opening/Re-Opening Auction”
        1. Rate for Executions in Securities Priced at or above $1.00 = $0.00105
        2. Rate for Executions in Securities Priced below $1.00 = 0.30% of Dollar Value
      2. XD, “Routed to NYSE, Closing Auction”
        1. Rate for Executions in Securities Priced at or above $1.00 = $0.00075
        2. Rate for Executions in Securities Priced below $1.00 = NO CHANGE
      3. XE, “Routed to NYSE, Adds Displayed Liquidity”
        1. Rate for Executions in Securities Priced at or above $1.00 = ($0.00215)
        2. Rate for Executions in Securities Priced below $1.00 = 0.005% of Dollar Value
      4. XF, “Routed to NYSE ARCA, Opening/Re-Opening Auction”
        1. Rate for Executions in Securities Priced at or above $1.00 = $0.00155
        2. Rate for Executions in Securities Priced below $1.00 = 0.105% of Dollar Value
      5. XH, “Routed to NYSE ARCA, Adds Displayed Liquidity”
        1. Rate for Executions in Securities Priced at or above $1.00 = ($0.00315)
        2. Rate for Executions in Securities Priced below $1.00 = 0.005% of Dollar Value
      6. XI, “Routed to NYSE American, Opening/Re-Opening Auction”
        1. Rate for Executions in Securities Priced at or above $1.00 = $0.00055
        2. Rate for Executions in Securities Priced below $1.00 = 0.055% of Dollar Value
      7. XK, “Routed to NYSE American, Adds Displayed Liquidity”
        1. Rate for Executions in Securities Priced at or above $1.00 = ($0.00155)
        2. Rate for Executions in Securities Priced below $1.00 = 0.005% of Dollar Value
      8. XL, “Routed to Cboe BZX, Opening/Re-Opening Auction”
        1. Rate for Executions in Securities Priced at or above $1.00 = $0.00135
        2. Rate for Executions in Securities Priced below $1.00 = NO CHANGE
      9. XM, “Routed to Cboe BZX, Closing Auction”
        1. Rate for Executions in Securities Priced at or above $1.00 = $0.00115
        2. Rate for Executions in Securities Priced below $1.00 = NO CHANGE
      10. XN, “Routed to Cboe BZX, Adds Displayed Liquidity”
        1. Rate for Executions in Securities Priced at or above $1.00 = ($0.00315)
        2. Rate for Executions in Securities Priced below $1.00 = 0.005% of Dollar Value
      11. XO, “Routed to Nasdaq, Opening/Re-Opening Auction”
        1. Rate for Executions in Securities Priced at or above $1.00 = $0.00155
        2. Rate for Executions in Securities Priced below $1.00 = 0.30% of Dollar Value
      12. XQ, “Routed to Nasdaq, Adds Displayed Liquidity”
        1. Rate for Executions in Securities Priced at or above $1.00 = ($0.00325)
        2. Rate for Executions in Securities Priced below $1.00 = 0.005% of Dollar Value
For full details, please review the updated February 1, 2025 MIAX Pearl Equities Fee Schedule when posted on the MIAX website at MIAX Pearl Equities Exchange Fees.

Attached is a highlighted summary of the February 1, 2025 fee changes.

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.