Low ImpactNotice/Securities and Exchange Commission

SEC Notice: MIAX Pearl Launches Market Quoting Program — Not an Immigration Story

January 16, 2026

Effective January 1, 2026

This Federal Register notice covers a Securities and Exchange Commission filing by MIAX Pearl, a stock exchange, introducing a new rebate program for equity traders. It has no connection to US immigration policy, visa programs, or the readers of The Visa Pulse. No action needed for F-1 students or H-1B workers.

This Document Does Not Affect Visa Holders

The Securities and Exchange Commission (SEC) published a routine notice on January 16, 2026, about MIAX Pearl, LLC — a registered stock exchange — amending its equities fee schedule. This is a financial markets regulatory filing, not an immigration policy document.

Key Points

What: MIAX Pearl Exchange adopted a new Market Quoting Program offering enhanced trading rebates to equity market members
Who: Equity Members of MIAX Pearl Equities (broker-dealers and market makers on the exchange)
When: Effective January 1, 2026
Impact: Zero impact on visa holders, F-1 students, H-1B workers, or any immigration-related process

What This Actually Is

This notice describes a new rebate program for professional equity traders (called "Equity Members") who maintain displayed quotes at the National Best Bid or Offer (NBBO) — essentially the best available buy or sell price — in at least 750 securities for at least 50% of trading time each month.

Qualifying members receive an enhanced rebate of $0.0026 per share on executed orders in securities priced at $1.00 or above.

This is a standard market microstructure incentive program, similar to programs at other exchanges like MEMX. It is entirely unrelated to immigration.

Why This Appeared in Our Feed

This document was flagged by automated keyword monitoring but contains no immigration-relevant content. MIAX Pearl is a financial exchange. The SEC is a financial regulator. Neither this notice nor this program touches visa policy, USCIS, DHS, DOL, or any immigration authority.

What You Should Do

No action required — this document has no relevance to F-1 students, H-1B workers, H-4 holders, OPT participants, or any other visa category. If you are a broker-dealer or market maker trading on MIAX Pearl Equities, consult your compliance team about eligibility for the new rebate program.

Federal Register Source Download PDF

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