MIAX Pearl Polishes Trading Rules for Clarity Only
Published Date: 6/17/2025
Notice
Summary
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.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Clarifying Edits to MIAX Pearl Rules
MIAX PEARL made minor, non‑substantive clarifying edits to Exchange Rules 2618, 2621, 2626, and 2900. The edits reorganize and renumber internal headings and update internal cross‑references, do not change how the rules operate, and do not cost anyone extra. The changes became effective immediately on June 5, 2025.
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Previous / Next Documents
Previous: 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
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.
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Investors Exchange (IEX) is rolling out a free 30-day trial for their real-time market data products, letting users test the info before paying. They’re also cleaning up their fee schedule by removing outdated notes. This change kicks in right away, making it easier and risk-free for traders and investors to explore IEX’s data.