Traders Get Rebate Boost for Posting Stock Quotes All Day
Published Date: 1/16/2026
Notice
Summary
MIAX Pearl is rolling out a new Market Quoting Program that rewards traders who add displayed liquidity in stocks priced $1 or more during all trading sessions. This means traders can earn better rebates if they meet certain market quality goals. The change kicks in right away, making it a win-win for active traders and the exchange’s market quality.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
New $0.0026 Per-Share Rebate
If you are an Equity Member of MIAX Pearl, you can earn an enhanced rebate of $0.0026 per share for executions that add displayed liquidity in securities priced at or above $1.00 per share during all trading sessions if, in the relevant month, you achieve a Percent Time at NBBO of at least 50% in at least 750 multi-listed securities.
No Stacking of Certain Additive Rebates
Equity Members who receive the Market Quoting Program enhanced rebate will not be eligible for the NBBO Setter Additive Rebate (listed as $0.00035 per share) or the NBBO First Joiner Additive Rebate (listed as $0.0001 per share); instead, members will receive the higher of the NBBO Setter Plus tiered rebates or the enhanced $0.0026 per-share rebate.
NBBO Time Measured During Regular Session
For the Market Quoting Program, the 'Percent Time at NBBO' metric counts only the percentage of time during the Regular Trading Session when a member has a displayed order at the national best bid or offer; only orders at the NBB or NBO during the Regular Trading Session count toward the 50% requirement.
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