What Is This Notice About?
The Securities and Exchange Commission (SEC) published a notice on January 16, 2026, that MIAX Pearl, LLC — a registered U.S. stock exchange — has adopted a new Market Quoting Program for its equities trading platform. The rule change took effect immediately upon filing on December 31, 2025, and is operationally active as of January 1, 2026.
This is a stock market fee schedule update. It has no connection to immigration law, visa policy, or the status of F-1 students, H-1B workers, or any other visa category.
What Is the Market Quoting Program?
The new program rewards certain equity trading firms — called "Equity Members" — with an enhanced rebate when they actively quote securities at the best available national price (known as the National Best Bid or Offer, or NBBO).
Key Details of the Program
- Enhanced rebate: $0.0026 per share for qualifying executions
- Eligible securities: Stocks priced at $1.00 per share or above
- Qualification requirement: An Equity Member must maintain a quoted price at the NBBO at least 50% of regular trading hours in at least 750 multi-listed securities during the relevant calendar month
- Trading sessions covered: Early (4:00 a.m.–9:30 a.m. ET), Regular, and Late (4:00 p.m.–8:00 p.m. ET)
- Exclusion: Members receiving this rebate are not eligible for the separate NBBO Setter Additive Rebate or NBBO First Joiner Additive Rebate in the same month
- Best rebate applies: Members automatically receive whichever is higher — the Market Quoting Program rebate or the NBBO Setter Plus Program tiered rebate
Why Did MIAX Pearl Create This Program?
MIAX Pearl states the program is designed to encourage trading firms to provide tighter bid-ask spreads and deeper liquidity across a broad range of securities, improving overall market quality for all investors. The exchange notes that similar quoting-based incentive programs exist at other U.S. equity exchanges, including MEMX.
For context, MIAX Pearl held approximately 0.96% of total U.S. equities market share as of November 2025, operating in a competitive landscape of 17 registered equities exchanges.
Who Is Actually Affected?
This rule change exclusively affects broker-dealers and market-making firms that are registered Equity Members of MIAX Pearl Equities. It is a routine competitive pricing adjustment in the U.S. stock market infrastructure.
What This Is NOT
This document has nothing to do with:
- H-1B visa petitions, renewals, or fees
- F-1 student status, OPT, or STEM OPT
- H-4 employment authorization
- Any immigration benefit, requirement, or policy
Readers of The Visa Pulse who follow U.S. immigration policy changes do not need to take any action based on this notice.
Comment Period
The SEC is accepting public comments on this rule change through February 6, 2026. Comments can be submitted via the SEC's website or by email referencing file number SR-PEARL-2025-53.