Pearl Exchange Rebates Get a Liquidity Liquidity Lift
Published Date: 8/11/2025
Notice
Summary
MIAX Pearl is changing its fee schedule to adjust the rebates for orders in stocks priced $1.00 or more that add visible liquidity to the market. Traders who add displayed liquidity will see new rebate amounts starting right away, aiming to keep the market fair and competitive. These updates also tweak special rebate tables to better reward certain trades.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
Standard rebate cut for displayed liquidity
If you are an Equity Member that adds displayed liquidity in stocks priced at or above $1.00 per share, the Exchange’s standard rebate for those executions is reduced from ($0.0021) per share to ($0.0018) per share. This change applies across all Tapes and in the Early, Regular, and Late Trading Sessions and is effective August 1, 2025.
NBBO Program rebates reduced across tiers
MIAX Pearl reduces the NBBO Setter Plus Table rebates for executions that add displayed liquidity in securities priced at or above $1.00 per share for all tiers and Levels A/B/C. For example, Level A Tier 1 changes from ($0.00210) to ($0.00180) per share and Level C Tier 6 changes from ($0.00340) to ($0.00335) per share; similar reductions apply across all listed tiers and levels. These NBBO Program changes are effective August 1, 2025.
Liquidity indicator codes updated to show new rebate
MIAX Pearl updates the Liquidity Indicator Codes table to reflect the new standard rebate of ($0.0018) per share associated with codes AA, EA, FA, AB, EB, FB, AC, EC, and FC for executions in securities priced at or above $1.00 per share. The change clarifies which executions receive the amended rebate and takes effect August 1, 2025.
Certain NBBO additive rebates remain unchanged
MIAX Pearl does not change the NBBO Setter Additive Rebate of ($0.0003) per share or the NBBO First Joiner Additive Rebate of ($0.0001) per share for executions in securities priced at or above $1.00 per share that meet the program’s conditions. Those additive rebates and their qualification requirement (e.g., minimum round-lot size and at least 0.015% of NBBO Set Volume as a percentage of TCV) remain in place.
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