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.
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.
2026-12260 — Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend its Rules Related to Market Makers
The Long-Term Stock Exchange (LTSE) wants to update its rules for Market Makers—those who help keep trading smooth and steady. They’re adding clear definitions, setting up a new registration system, and creating fresh responsibilities for Market Makers and their traders. These changes aim to make trading fairer and more organized, with no big cost changes expected, and they’re open for public comments now.
Previous / Next Documents
Previous: 2025-23807 — Proposed Collection; Comment Request
The Department of Defense wants your thoughts on a form called DD Form 93, which helps service members pick who gets benefits if something happens to them. They’re checking if the form is useful, clear, and not too much work to fill out. You’ve got until February 27, 2026, to share your ideas—no cost to comment, just your time!
Next: 2025-23810 — Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 11.9(c)(8) To Clarify Pegged Order Operation and To Align BYX Rule 11.9(c)(8) With the Corresponding Rule of Its Affiliate Exchanges, Cboe EDGA Exchange, Inc. (“EDGA”) and Cboe EDGX Exchange, Inc. (“EDGX”)
Cboe BYX Exchange is updating its rule about Pegged Orders to make things clearer and match the rules of its sister exchanges, EDGA and EDGX. This change affects traders using BYX and takes effect immediately, with no extra costs involved. It’s all about making trading smoother and more consistent across these exchanges.