# MIAX Pearl Launches Market Quoting Program With Enhanced Rebates for Active Market Makers > MIAX Pearl Equities introduced a new Market Quoting Program effective January 1, 2026, offering an enhanced rebate of $0.0026 per share to equity members who quote at the national best bid or offer in at least 750 securities for at least 50% of trading time. This program is a stock exchange fee schedule change and has no direct impact on H-1B workers, F-1 students, or other visa holders. Canonical URL: https://thevisapulse.com/updates/miax-pearl-market-quoting-program-2026 ## At a glance - **Policy status:** Status unverified - **Last verified:** Not recorded - **Human review:** No human review recorded - **Published:** 2026-01-16 - **Effective:** 2026-01-01 - **Impact:** low - **Document type:** Notice - **Source agency:** Securities and Exchange Commission - **Document number:** 2026-00797 Publication dates and impact ratings do not establish whether a policy is in force. Verify current status against the linked government evidence. See /about for our editorial process. ## Who is affected - MIAX Pearl Equities registered broker-dealer members - Market-making firms active on MIAX Pearl Equities ## Key changes - MIAX Pearl adopted a new Market Quoting Program effective January 1, 2026, offering an enhanced rebate of $0.0026 per share to qualifying equity members. - To qualify, an Equity Member must quote at the NBBO at least 50% of regular trading hours in at least 750 multi-listed securities per month. - Members receiving the Market Quoting Program rebate are ineligible for the NBBO Setter Additive Rebate or NBBO First Joiner Additive Rebate in the same month. - This change has no effect on immigration policy, visa holders, or any immigration-related process. ## What you should do No immediate action required. This notice does not affect visa holders, F-1 students, H-1B workers, or any immigration process. ## 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. ## Sources - Government source · federalregister.gov: https://www.federalregister.gov/documents/2026/01/16/2026-00797/self-regulatory-organizations-miax-pearl-llc-notice-of-filing-and-immediate-effectiveness-of-a - Source PDF: https://www.govinfo.gov/content/pkg/FR-2026-01-16/pdf/2026-00797.pdf --- _The Visa Pulse — Immigration Policy, Explained. 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