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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions 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!
2026-12252 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Establish Fees for the Trade-by-Trade Report
MIAX Pearl Options Exchange is adding new fees for their Trade-by-Trade Report starting now. Traders and firms who want this detailed report will pay a monthly subscription or a fee for one-time historical data requests, with discounts if they also buy related reports. This change helps the Exchange cover costs and keeps data access clear and fair.
2026-12259 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Options Regulatory Fee (ORF)
Starting July 1, 2026, Nasdaq Texas is raising the fee traders pay when they trade options, called the Options Regulatory Fee (ORF). This change affects anyone trading options on Nasdaq Texas and updates how the fee is described to match other Nasdaq exchanges. The new fee kicks in right after the filing, so traders should get ready for a slightly higher cost soon!
Previous / Next Documents
Previous: 2025-15169 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Equity 7, Section 115 To Introduce a New Feature Within the Nasdaq WorkX Platform That Will Automate the Method for Users To Resubmit, and for the System To Process, Rejected Trade Reports and To Amend the Timeframe for Users To Submit Price Override Requests
Nasdaq is rolling out a cool new feature in its WorkX platform that makes fixing rejected trade reports super easy by automating the resubmission process. Plus, they’re changing the deadline for submitting price override requests to give users a better timeline. This update kicks off in the third quarter of 2025 and will help traders save time and avoid headaches.
Next: 2025-15171 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Fees for Cboe Timestamping Service Reports To Allow Sponsored Participants To Purchase These Reports Directly
Starting July 25, 2025, Cboe EDGA Exchange is changing its fees so that Sponsored Participants can buy Cboe Timestamping Service reports directly. This means more flexibility for those who track order times, with no extra hassle. If you’re a Sponsored Participant, you’ll now have a smoother way to get these important reports, helping you stay on top of your trading game.