11 Aug 2025
📉MIAX Pearl Fee Schedule Changes Effective August 2025
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Equities Fee Schedule To Modify the Rebates for Executions of Orders in Securities Priced at or Above $1.00 per Share That Add Displayed Liquidity
Summary
The Securities and Exchange Commission has announced a modification to the MIAX Pearl Equities Fee Schedule, focusing on amendments to rebate structures for executions of orders in securities priced at or above $1.00 per share. The changes aim to enhance competitive positioning while ensuring the clarity and consistency of associated liquidity indicator codes.
Agencies
- Securities and Exchange Commission
Business Impact
$$ - Med
The proposed rule change reduces rebates for order executions, which may affect business costs and competitive positioning for equity members on MIAX Pearl. By not significantly altering pricing but adjusting rebates, the changes aim to streamline operations while remaining competitive.