# 2025-10973: MIAX Pearl Cuts Rebates in Setter Program Overhaul

2025-10973, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Equities Fee Schedule To Reduce Certain Rebates Provided Under the NBBO Setter Plus Program and the Requirements for Qualifying for the NBBO Setter Additive Rebate and NBBO First Joiner Additive Rebate Under the NBBO Setter Plus Program, is a Federal Register notice from Securities and Exchange Commission published 2025-06-17, effective 2025-06-06; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-10973
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-10973
- Title: Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Equities Fee Schedule To Reduce Certain Rebates Provided Under the NBBO Setter Plus Program and the Requirements for Qualifying for the NBBO Setter Additive Rebate and NBBO First Joiner Additive Rebate Under the NBBO Setter Plus Program
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 25699
- Published: 2025-06-17
- Effective: 2025-06-06
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

MIAX Pearl Cuts Rebates in Setter Program Overhaul

## 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.

## Effects PRIA read

- NBBO Setter Rebate Cut per Share: cost, medium. 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: cost, medium. 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 effe…
- New Volume Threshold to Earn Additives: cost, medium. 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 qualifica…

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-10973 on federalregister.gov](https://www.federalregister.gov/documents/2025/06/17/2025-10973/self-regulatory-organizations-miax-pearl-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2025-10973 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-06-17/pdf/2025-10973.pdf)

## Related
- [Previous: 2025-10972, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Imm…](https://policyrisk.com/federal-register/2025-10972)
- [Next: 2025-10974, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-10974)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-10973 (as of 2026-06-08).