# 2025-15170: Pearl Exchange Rebates Get a Liquidity Liquidity Lift

2025-15170, 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 Modify the Rebates for Executions of Orders in Securities Priced at or Above $1.00 per Share That Add Displayed Liquidity, is a Federal Register notice from Securities and Exchange Commission published 2025-08-11, effective 2025-08-01; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-15170
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-15170
- 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 Modify the Rebates for Executions of Orders in Securities Priced at or Above $1.00 per Share That Add Displayed Liquidity
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 38677
- Published: 2025-08-11
- Effective: 2025-08-01
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Pearl Exchange Rebates Get a Liquidity Liquidity Lift

## 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.

## Effects PRIA read

- Standard rebate cut for displayed liquidity: cost, medium. 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 Se…
- NBBO Program rebates reduced across tiers: cost, medium. 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) t…
- Liquidity indicator codes updated to show new rebate: mixed, low. 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 re…
- Certain NBBO additive rebates remain unchanged: benefit, low. 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 requir…

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## Sources
- [2025-15170 on federalregister.gov](https://www.federalregister.gov/documents/2025/08/11/2025-15170/self-regulatory-organizations-miax-pearl-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2025-15170 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-08-11/pdf/2025-15170.pdf)

## Related
- [Previous: 2025-15169, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing an…](https://policyrisk.com/federal-register/2025-15169)
- [Next: 2025-15171, Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and I…](https://policyrisk.com/federal-register/2025-15171)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-15170 (as of 2026-06-08).