Penny Stock Traders Get Smarter Orders to Avoid Fee Traps
Published Date: 3/24/2026
Notice
Summary
MIAX PEARL just got the green light to let traders use Post Only orders for stocks priced under $1.00. This means orders won’t accidentally take away trading chances but will add to the market instead, helping keep things fair and smooth. Traders in sub-dollar stocks can start using this new feature soon, making their trades smarter and potentially saving money on fees.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Post Only Orders Allowed Under $1.00
The exchange now allows a Post Only order instruction to be applied to displayed and non-displayed orders in securities priced below $1.00 per share (sub-dollar securities). This means Equity Members may designate orders in sub-dollar stocks as Post Only so the order is designed to post to the Exchange's Equities Book and not remove liquidity unless the exchange's economic test allows removal.
New Re-Pricing and Execution Handling Rules
The exchange will re-price certain non-displayed Post Only orders in sub-dollar securities to avoid internally locked or crossed books. When a non-displayed order posts that would lock or cross displayed interest, an Aggressing Order or incoming order may execute against the non-displayed order at one-half minimum price variation higher (for buys) or lower (for sells) than the displayed price.
Same Economic Test Applied to Sub-Dollar Orders
The Exchange will apply an economic analysis for Post Only orders in sub-dollar securities the same way it does for securities at or above $1.00: a Post Only order will remove liquidity only if the value of such execution would equal or exceed the value of executing after posting, with that test based on the highest possible fee charged and highest possible rebate paid. The rule change eliminates the prior exception that allowed sub-dollar Post Only orders to remove liquidity without that economic analysis.
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