
Dear Manager,
We are glad to announce that effective Tuesday, October 6, 2020, we will be able to access the new Miami Pearl Equities Exchange (MIAX) gateway in US markets.
In a statement, Miami International Chairman and CEO Thomas Gallagher said, “The MIAX Exchange Group has made its name in the options sector, and we expect to do the same in equities by leveraging our stablished MIAX technology to make MIAX PEARL Equities the transparent, low-cost venue with competitive pricing that so many firms have long sought.”
Traders can select Gateway: MIAX to access this new exchange. The trading fees (last time updated December 31, 2021) are as follows:
Gateway | Liquidity Flags | Description | Overdollar Fee | Subdollar Fee |
MIAX | A | Add Displayed for Tape B (AMEX) Over Dollar Symbols | -0.0035 | -5 BP |
MIAX | B | Add Non-Displayed | -0.0022 | -5 BP |
MIAX | R | Remove Displayed | 0.0025 (from .0027) | 5 BP (from 30) |
MIAX | S | Remove Non-Displayed | 0.0025 (from .0027) | 30 BP |
MIAX | X | Routed Trade | 0.003 | 30 BP |
MIAX | O | Opening/Re-Opening | 0 | 0 |
Gateway | Liquidity Flags | Description | Current Fee | New Fee |
MIAX | AA or AB or AC | Added displayed liquidity (Over $1) | -0.0029 | -0.003 |
MIAX | Aa or Ab or Ac | Add Non-Displayed | -0.0025 | -0.0021 |
MIAX | RA or RB or RC | Remove Displayed | 0.0025 | 0.0029 |
MIAX | Ra or Rb or Rc | Remove Non-Displayed | 0.0025 | 0.0029 |
Contents
Important update [April 16, 2021]
The MIAX gateway is seeing gradual wins with this month’s fee change to a $.0025 take fee across all three tapes as the routers are moving them up in the tables as the days go on.
They’re also seeing a concentration of liquidity provision in Tape B. Tape A and particularly Tape C names are where there’s little competition and opportunity.
If you look at the most active symbols below, you’ll see the percentages and that there’s an opportunity to improve the market here, or even to be at the top of the queue when getting swept at the NBBO because of the take fees.

Category | Adding Liquidity Displayed Order | Adding Liquidity Non-Displayed Order | Removing Liquidity | Routing and Removing Liquidity | Opening or Re-Opening Process |
Securities at or above $1.00 | Tapes A and C ($0.0032) Tape B ($0.0035) | ($0.0022) | $0.0025 | $0.0030 | $0.00 |
Securities below $1.00 | (0.05% of Dollar Value) | (0.05% of Dollar Value) | 0.05% of Dollar Value | 0.30% of Dollar Value | $0.00 |
For more information about MIAX, you can read this page: https://miaxequities.com/about-miax. For the currently available symbol list, please see: https://miaxequities.com/listings/pearl-equities.
With thanks,
Communications Team
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