# 2025-23809: Penny Stocks Get Post-Only Perks on MIAX PEARL Exchange

2025-23809, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing of a Proposed Rule Change To Allow Post-Only Orders in Sub-Dollar Securities, is a Federal Register notice from Securities and Exchange Commission published 2025-12-29, effective The filing was submitted December 10, 2025; Federal Register notice published December 29, 2025. (No specific operative effective date stated in provided text.) (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-23809
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-23809
- Title: Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing of a Proposed Rule Change To Allow Post-Only Orders in Sub-Dollar Securities
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 60807
- Published: 2025-12-29
- Effective: The filing was submitted December 10, 2025; Federal Register notice published December 29, 2025. (No specific operative effective date stated in provided text.)
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Penny Stocks Get Post-Only Perks on MIAX PEARL Exchange

## 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.

## Effects PRIA read

- Post-Only Orders Allowed Under $1: benefit, medium. 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 boo…
- Price-Improvement Test for Sub-Dollar Post-Only: cost, low. 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 liqui…
- Reprice Non-Displayed Orders to Avoid Crosses: benefit, low. 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 cro…
- Apply Half-Tick Execution Rule Below $1: benefit, low. 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 g…

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## Sources
- [2025-23809 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/29/2025-23809/self-regulatory-organizations-miax-pearl-llc-notice-of-filing-of-a-proposed-rule-change-to-allow)
- [2025-23809 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-29/pdf/2025-23809.pdf)

## Related
- [Previous: 2025-23807, Proposed Collection; Comment Request](https://policyrisk.com/federal-register/2025-23807)
- [Next: 2025-23810, Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Im…](https://policyrisk.com/federal-register/2025-23810)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-23809 (as of 2026-06-08).