Securities and Exchange Commission
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-104583; File No. SR-PEARL-2025-53] ( printed page 2223) January 13, 2026. Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)  [ 1 ] and Rule 19b-4 thereunder, [ 2 ] notice is hereby given that on December 31, 2025, MIAX PEARL, LLC (“MIAX Pearl” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the fee schedule (the “Fee Schedule”) applicable to MIAX Pearl Equities, an equities trading facility of the Exchange, to adopt a new Market Quoting Program (described below) to provide an enhanced rebate for executions of orders in securities priced at or above $1.00 per share during the Early, [ 3 ] Regular, [ 4 ] and Late Trading Sessions  [ 5 ] (together “all trading sessions”) that add displayed liquidity to the Exchange across all Tapes and where the Equity Member  [ 6 ] meets certain market quality measures in a certain number of securities. The text of the proposed rule change is available on the Exchange's website…
Citation: 91 FR 2223
