Gateway Release: Miami Pearl Equities Exchange (MIAX)

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December 31, 2021

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:

GatewayLiquidity FlagsDescriptionOverdollar FeeSubdollar Fee
MIAXAAdd Displayed for Tape B (AMEX) Over Dollar Symbols-0.0035-5 BP
MIAXBAdd Non-Displayed-0.0022-5 BP
MIAXRRemove Displayed0.0025 (from .0027)5 BP (from 30)
MIAXSRemove Non-Displayed0.0025 (from .0027)30 BP
MIAXXRouted Trade0.00330 BP
GatewayLiquidity FlagsDescriptionCurrent FeeNew Fee
MIAXAA or AB or ACAdded displayed liquidity (Over $1)-0.0029-0.003
MIAXAa or Ab or AcAdd Non-Displayed-0.0025-0.0021
MIAXRA or RB or RCRemove Displayed0.00250.0029
MIAXRa or Rb or RcRemove Non-Displayed0.00250.0029

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 BTape 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.

CategoryAdding Liquidity Displayed OrderAdding Liquidity Non-Displayed OrderRemoving LiquidityRouting and Removing LiquidityOpening or Re-Opening Process
Securities at or above $1.00Tapes A and C
Tape B
Securities below $1.00(0.05% of Dollar Value)(0.05% of Dollar Value)0.05% of Dollar Value0.30% of Dollar Value$0.00

For more information about MIAX, you can read this page: For the currently available symbol list, please see:

With thanks,

Communications Team

*Remember to access our PPro8 Wiki and Knowledge Base to learn more.

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