Penny Stocks Get Post-Only Perks on MIAX PEARL Exchange
Published Date: 12/29/2025
Notice
Summary
MIAX PEARL is updating its rules to let traders use Post-Only orders for stocks priced under $1. This change aims to boost trading and make prices clearer on their platform, helping MIAX PEARL compete better with other exchanges. The new rules could bring more action and money flow starting soon after approval.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Post-Only Orders Allowed Under $1
MIAX PEARL filed a rule change on December 10, 2025 to allow the Post Only order instruction for equity orders priced below $1.00 on its MIAX Pearl Equities platform. This means traders can now submit Post Only limit or pegged orders in sub-dollar stocks so those orders can post to the exchange book rather than immediately remove liquidity.
Price-Improvement Test for Sub-Dollar Post-Only
For orders in securities priced below $1.00, MIAX PEARL will only allow a Post Only order to remove liquidity if the value of executing now equals or exceeds the value of posting and later providing liquidity, including fees and rebates. MIAX PEARL states its highest possible fee for removing liquidity in sub-dollar securities is 0.20% of the trade value and its highest possible rebate for providing liquidity is (0.15%), which together require at least 0.35% price improvement for an execution to remove liquidity.
Reprice Non-Displayed Orders to Avoid Crosses
MIAX PEARL will reprice certain non-displayed Post Only orders in securities priced below $1.00 to the locking price of the displayed order on its book when the incoming order, if posted at its limit, would cross a displayed order. This repricing is intended to reduce instances of an internally crossed market on the exchange.
Apply Half-Tick Execution Rule Below $1
MIAX PEARL proposes to apply its existing Exchange Rule 2617(a)(4)(iv) to securities priced below $1.00 so that, in the rare event of a non-displayed internally locked or crossed book, an incoming marketable order may execute against the non-displayed order at one-half the minimum price variation greater or less than the displayed resting order. The Exchange notes minimum price increments are $0.01 for securities priced at or above $1.00 and $0.0001 for securities priced below $1.00.
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