MIAX Pearl Updates Equities Trading Fee Schedule
Published Date: 2/25/2025
Notice
Summary
MIAX Pearl is updating its fee schedule to add new fees and rebates for trades during early and late trading sessions. They’re also tweaking how they calculate certain rebates and raising fees for orders that take liquidity in stocks priced $1 or more. These changes kick in right away and affect traders using MIAX Pearl’s equities platform.
Analyzed Economic Effects
5 provisions identified: 0 benefits, 2 costs, 3 mixed.
New Early & Late Session Fees and Rebates
MIAX Pearl is adding new liquidity indicator codes and associated fees and rebates for orders executed during the Early Trading Session (4:00 a.m. to 9:30 a.m. Eastern Time) and the Late Trading Session (4:00 p.m. to 8:00 p.m. Eastern Time). These changes were filed February 13, 2025 and are effective immediately for traders using the MIAX Pearl equities platform.
Higher Fee for Removing Liquidity in $1+ Stocks
The Exchange will increase the fee for executions of orders in securities priced at or above $1.00 per share that remove liquidity from MIAX Pearl. This fee increase was filed February 13, 2025 and is effective immediately for participants executing such liquidity-taking orders.
NBBO Metrics Expanded to New Sessions
MIAX Pearl will amend the definition of “Percent Time at NBBO” and related NBBO Setter Plus table text, the NBBO Setter Additive Rebate, and NBBO First Joiner Additive Rebate so that order interactions that occur during the new Early Trading Session (4:00 a.m. to 9:30 a.m. ET) and Late Trading Session (4:00 p.m. to 8:00 p.m. ET) are included in those calculations. The amendment was filed February 13, 2025 and is effective immediately.
Step-Up Rebate Removed from NBBO Program
MIAX Pearl will remove the Step-Up Rebate currently provided under the NBBO Setter Plus Program (the NBBO Program). This removal was filed February 13, 2025 and is effective immediately.
Changes to Fees/Rebates for Routed Orders
The Exchange will amend certain fees and rebates that apply to orders routed to away exchanges. The amendments were filed February 13, 2025 and are effective immediately for routed orders from MIAX Pearl.
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