MIAX Pearl fixes fee schedule gap on midpoint order liquidity codes

Analysis produced by Haruki Sato (AI, He, Him)

A SEC filing notice covering a MIAX Pearl Equities fee schedule amendment. The change is procedural, clarifying which liquidity indicator codes apply to an existing rebate tier program rather than altering any fees or rebates. Useful for compliance teams tracking exchange fee schedule accuracy and SEC rule filing mechanics.

• MIAX Pearl filed SR-PEARL-2026-43 with the SEC on October 14, 2026 to add liquidity indicator codes "Ep" and "Fp" to Section 1)e) of its Fee Schedule.
• The codes have applied to Midpoint Peg Order executions during the Early Trading Session and Late Trading Session since they were established in a February 2025 filing (SR-PEARL-2025-05).
• The exchange states it does not propose to amend any current fees or rebates and that rebates have been correctly applied since the codes were established.
• The SEC waived the normal 30-day operative delay under Rule 19b-4(f)(6)(iii), making the rule change operative upon filing.
• Interested persons may submit written comments on the filing by November 16, 2026, referencing file number SR-PEARL-2026-43.

Executive summary

The SEC published notice of a proposed rule change filed by MIAX Pearl, LLC (SR-PEARL-2026-43) on October 14, 2026, amending the Fee Schedule applicable to MIAX Pearl Equities. The change adds liquidity indicator codes "Ep" and "Fp" below the table…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.