Stock Traders Get New Quoting Rebate Rules Overnight
Published Date: 2/11/2026
Notice
Summary
MIAX Pearl is updating its fee schedule to change the quoting rules for its Market Quoting Program. This affects traders using the program by adjusting how they qualify for rebates on stocks priced $1 or more. The new rules took effect right away on January 30, 2026, aiming to keep things fair and rewarding for active market participants.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Tougher Hurdle to Qualify
If you are an MIAX Pearl Equity Member, the minimum number of multi-listed securities in which you must achieve a Percent Time at NBBO of at least 50% to qualify for the Market Quoting Program increased from 750 to 900 securities. This change takes effect February 1, 2026 and applies to qualifying measurements for the relevant month.
Enhanced $0.0026 Per-Share Rebate
MIAX Pearl offers an enhanced rebate of ($0.0026) per share for executions that add displayed liquidity in securities priced at or above $1.00 per share across all Tapes during the Early, Regular, and Late Trading Sessions for Equity Members who meet the Market Quoting Program criteria. Although the rule change is effective February 1, 2026, members who meet the new criteria in February 2026 would receive the enhanced rebate beginning March 1, 2026.
Loss of Certain Additive Rebates
Equity Members who achieve and receive the Market Quoting Program enhanced rebate will not be eligible for the NBBO Setter Additive Rebate of ($0.00035) per share or the NBBO First Joiner Additive Rebate of ($0.0001) per share. Members will receive the higher rebate of either the NBBO Setter Plus tiered rebates or the Market Quoting Program enhanced rebate.
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