U.S. Equities

Effective June 1, 2025, pending filing with the SEC, MIAX Pearl Equities will amend the NBBO Setter Plus Program as follows:

1. Update to NBBO Setter and NBBO First Joiner Additive Rebates
   1. The NBBO Setter Additive Rebate will be updated to ($0.0003)
   2. The NBBO First Joiner Additive Rebate will be updated to ($0.0001)
   3. Additionally, a Member must execute NBBO Set Volume as a % of TCV of >=0.015% for the relevant month to qualify for both the NBBO Setter and the NBBO First Joiner Additive Rebates
   4. All other criteria for the NBBO Setter and First Joiner Additive Rebates remain the same
   5. Additive rebates 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)”
2. Updated list of Market Quality Securities qualifying for the "NBBO Setter Plus Program"
   1. The updated Market Quality Securities list, effective June 1, 2025, is posted on the MIAX website
3. All other criteria for the NBBO Setter Plus Program remain the same
4. All rebates associated with the NBBO Setter Plus Program remain the same

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

For full details, please review the updated MIAX Pearl Equities Fee Schedule located at MIAX Pearl Equities Exchange Fees. 

To learn more about MIAX Pearl Equities, please contact MIAX Sales at 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.