2026-00797Notice

Traders Get Rebate Boost for Posting Stock Quotes All Day

Published Date: 1/16/2026

Notice

Summary

MIAX Pearl is rolling out a new Market Quoting Program that rewards traders who add displayed liquidity in stocks priced $1 or more during all trading sessions. This means traders can earn better rebates if they meet certain market quality goals. The change kicks in right away, making it a win-win for active traders and the exchange’s market quality.

Analyzed Economic Effects

3 provisions identified: 1 benefits, 1 costs, 1 mixed.

New $0.0026 Per-Share Rebate

If you are an Equity Member of MIAX Pearl, you can earn an enhanced rebate of $0.0026 per share for executions that add displayed liquidity in securities priced at or above $1.00 per share during all trading sessions if, in the relevant month, you achieve a Percent Time at NBBO of at least 50% in at least 750 multi-listed securities.

No Stacking of Certain Additive Rebates

Equity Members who receive the Market Quoting Program enhanced rebate will not be eligible for the NBBO Setter Additive Rebate (listed as $0.00035 per share) or the NBBO First Joiner Additive Rebate (listed as $0.0001 per share); instead, members will receive the higher of the NBBO Setter Plus tiered rebates or the enhanced $0.0026 per-share rebate.

NBBO Time Measured During Regular Session

For the Market Quoting Program, the 'Percent Time at NBBO' metric counts only the percentage of time during the Regular Trading Session when a member has a displayed order at the national best bid or offer; only orders at the NBB or NBO during the Regular Trading Session count toward the 50% requirement.

Your PRIA Score

Score Hidden

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.

Free to start

Key Dates

Effective Date
Published Date
1/1/2026
1/16/2026

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
Source: View HTML

Related Federal Register Documents

Previous / Next Documents

Back to Federal Register

Take It Personal

Get Your Personalized Policy View

Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.

Already have an account? Sign in