MIAX Pearl adds liquidity codes to equities fee schedule

On Oct. 14, 2026, MIAX Pearl, LLC filed a proposed rule change (Release No. 34-106724; File No. SR-PEARL-2026-43) to amend its equities fee schedule. The Securities and Exchange Commission published the notice on Oct. 22, 2026 (FR Doc No. 2026-21837) and indicated that the change is immediately effective under Section 19(b)(1) of the Securities Exchange Act and Rule 19b-4.

The amendment revises Section 1)e) of the fee schedule to insert the liquidity indicator codes "Ep" and "Fp" beneath the table titled "Midpoint Peg Order Adding Liquidity at Midpoint Volume Tiers." Those codes have been in use for Early Trading Session and Late Trading Session executions since the Exchange's February 2025 filing.

The change is described as non-substantive and clarifying; it does not modify any rebate or fee amounts. MIAX Pearl continues to provide a standard rebate of ($0.00200) per share for Midpoint Peg Orders in securities priced at or above $1.00 that add liquidity at the midpoint of the Protected NBBO, and tiered rebates of ($0.0025), ($0.0027) and ($0.0029) per share for members achieving Midpoint ADAV thresholds of 500,000, 1,000,000 and 1,500,000 shares respectively.

The Exchange cites statutory authority under Section 6(b) of the Act and argues that the clarification promotes just and equitable principles of trade, improves market transparency, and reduces potential confusion for Equity Members and the public.

The Commission is soliciting comments on the proposed rule change. Interested parties may review the filing on the MIAX Pearl website or at the Exchange's principal office.