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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-16101, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE American Options Fee Schedule To Amend the Manual Billable Rebate Program and Add a Credit Under the Firm Monthly Fee Cap
Starting August 3, 2026, NYSE American is updating its options fee schedule to rename and tweak the Manual Billable Program, swapping some rebates for a new bonus. They’re also adding a credit for Floor Brokers under the Firm Monthly Fee Cap, which could save some firms money. These changes mainly affect traders and firms using the Exchange’s options services.
2026-16086, Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 15g-2
Previous / Next Documents
Previous: 2025-10972, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule To Modify the Required Criteria for a Displayed Liquidity Adding Rebate Tier for Executions Priced At or Above $1.00 Per Share
Investors Exchange (IEX) is updating its fee schedule starting June 1, 2025, by changing the rules for earning a rebate when adding displayed liquidity on trades priced $1.00 or more per share. This affects traders and members who want to save money by meeting the new criteria for rebates. The change kicks in immediately, aiming to keep trading fair and fees clear.
Next: 2025-10974, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rules 2618, Risk Settings and Trading Risk Metrics, 2621, Clearly Erroneous Executions, 2626, Retail Order Attribution Program, and 2900, Unlisted Trading Privileges
MIAX PEARL is updating some of its trading rules to make them clearer and easier to understand. These changes affect traders using MIAX Pearl Equities and won’t change how the rules work or cost anyone extra. The updates took effect right away on June 5, 2025, so everyone can trade with more confidence and less confusion.