MIAX Pearl Announces Immediate Fee Schedule Changes for Non-Penny Options
Market makers and professional-origin participants on MIAX Pearl face reduced rebates and higher taker fees effective upon filing on July 31 2026
On August 12 2026, MIAX Pearl, LLC filed a proposed rule change with the Securities and Exchange Commission (Release No. 34-106095; File No. SR-PEARL-2026-36) to amend its Options Exchange Fee Schedule. The filing, made on July 31 2026, is designated for immediate effectiveness under Section 19(b)(1) of the Securities Exchange Act of 1934, and the notice was published in the Federal Register on August 17 2026 (FR Doc No. 2026-16694).
The amendment targets the Market Maker origin table and the Professional origin table - covering Non-Priority Customer, Firm, BD, and Non-MIAX Pearl Market Maker participants. It proposes to reduce maker rebates in certain volume-tier levels and to increase taker fees across all tiers for transactions in non-Penny Classes.
Under the current schedule, market makers receive a maker rebate of ($0.80) per contract and incur a taker fee of $1.21 per contract in tier 1 when their executed volume falls between 0.00% and at least 0.20% of total consolidated volume (TCV). Tier 2 eligibility requires at least 0.20% to 0.50% of TCV, or specific percentages in SPY/QQQ/IWM classes, while tier 3 requires at least 0.50% to 0.85% of TCV or alternative thresholds. The proposed rule would lower the rebates in selected tiers and raise the taker fees for all tiers in non-Penny Classes.
The fee schedule calculates participant fees and rebates based on monthly executed volume expressed as a percentage of TCV, excluding excluded contracts and periods of Exchange System Disruption. The Exchange has posted the full text of the proposed rule change on its website and at its principal office, inviting comments from interested parties during the comment period.