MIAX Pearl Cuts Rebates in Setter Program Overhaul
Published Date: 6/17/2025
Notice
Summary
MIAX Pearl is changing its fee schedule to lower some rebates in the NBBO Setter Plus Program and tighten the rules to qualify for these rebates. Traders using this program will see smaller rewards starting immediately, which could affect their trading costs and strategies. These updates aim to keep the market fair and balanced while making the rebate system clearer.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
NBBO Setter Rebate Cut per Share
If you are an Equity Member trading on MIAX Pearl, the NBBO Setter Additive Rebate is reduced from $0.0004 to $0.0003 per share for executions that set the national best bid or offer in securities priced at or above $1.00 per share. This change was filed June 6, 2025 and is effective immediately.
NBBO First Joiner Rebate Halved
If you are an Equity Member on MIAX Pearl, the NBBO First Joiner Additive Rebate is reduced from $0.0002 to $0.0001 per share for the first member that brings MIAX Pearl to the established NBBO in securities priced at or above $1.00 per share. The filing was made June 6, 2025 and the change is effective immediately.
New Volume Threshold to Earn Additives
MIAX Pearl requires Equity Members to achieve an NBBO Set Volume of at least 0.015% of total consolidated volume (TCV) in the relevant month in order to qualify for the NBBO Setter Additive Rebate and/or the NBBO First Joiner Additive Rebate, in addition to existing requirements. This new qualification was proposed June 6, 2025 and is effective immediately.
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