Effective Thursday, June 1, 2023, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Modify the required criteria under Liquidity Provision Tier 4.
- Adopt a new Liquidity Provision Tier 6.
- Increase the fee and change the required criteria under Liquidity Removal Tier 1.
- Eliminate Liquidity Removal Tier 2.
Changes are reflected in bold text below.
Transaction Fees
| Fee Code | Description | Fee/(Rebate) – Securities at or above $1.00 (“A”) | Fee/(Rebate) – Securities below $1.00 (“B”) |
| B, D or J | Added displayed volume | $(0.0018) | (0.075% of total dollar value) |
| B1, D1 or J1 | Added displayed volume, Liquidity Provision Tier 1 | $(0.00335) | (0.075% of total dollar value) |
| B2, D2 or J2 | Added displayed volume, Liquidity Provision Tier 2 | $(0.00325) | (0.075% of total dollar value) |
| B3, D3 or J3 | Added displayed volume, Liquidity Provision Tier 3 | $(0.0031) | (0.075% of total dollar value) |
| B4, D4 or J4 | Added displayed volume, Liquidity Provision Tier 4 | $(0.0029) | (0.075% of total dollar value) |
| B5, D5 or J5 | Added displayed volume, Liquidity Provision Tier 5 | $(0.0027) | (0.075% of total dollar value) |
| B6, D6 or J6 | Added displayed volume, Liquidity Provision Tier 6 | $(0.0024) | (0.075% of total dollar value) |
| Bq1, Dq1 or Jq1 | Added displayed volume, DLI Tier 1 | $(0.0031) | (0.075% of total dollar value) |
| Bq2, Dq2 or Jq2 | Added displayed volume, DLI Tier 2 | $(0.0028) | (0.075% of total dollar value) |
| Br, Dr or Jr | Added displayed volume, Retail Order | $(0.0034) | (0.075% of total dollar value) |
| P | Added volume, order subject to Display-Price Sliding that receives price improvement when executed | $(0.0010) | Free |
| H | Added non-displayed volume | $(0.0010) | Free |
| M | Added non-displayed volume, Midpoint Peg | $(0.0010) | Free |
| H1, M1, P1 | Added non-displayed volume, Non-Display Add Tier 1 | $(0.0027) | Free |
| H2, M2, P2 | Added non-displayed volume, Non-Display Add Tier 2 | $(0.0024) | Free |
| H3, M3, P3 | Added non-displayed volume, Non-Display Add Tier 3 | $(0.0018) | Free |
| R | Removed volume from MEMX Book | $0.0030 | 0.28% of total dollar value |
| R1 | Removed volume from MEMX Book, Liquidity Removal Tier 1 | $0.00295 | 0.28% of total dollar value |
| Rr0 | Removed volume from MEMX Book upon entry, Retail Order (Day/GTT/RHO) | Free | Free |
| Z | Routed to another market, removed liquidity | $0.0030 | 0.30% of total dollar value |
Liquidity Provision Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.00335) | Member has an ADAV (excluding Retail Orders) ≥ 0.45% of the TCV |
| Tier 2 | $(0.00325) | Member has (1) an ADAV (excluding retail orders) ≥ 0.25% of the TCV; and (2) a Non-Displayed ADAV ≥ 4,000,000 shares |
| Tier 3 | $(0.0031) | Member has an ADAV ≥ 0.20% of the TCV |
| Tier 4 | $(0.0029) | Member has (1) an ADAV ≥ 0.15% of the TCV; or (2) a Displayed ADAV ≥ 0.02% of the TCV and a Step-Up Displayed ADAV of the TCV from April 2023 ≥ 50% of the Member’s April 2023 Displayed ADAV of the TCV |
| Tier 5 | $(0.0027) | Member has an ADAV ≥ 0.075% of the TCV |
| Tier 6 | $(0.0024) | Member has a Displayed ADAV ≥ 0.007% of the TCV and has a Step-Up Displayed ADAV of the TCV from May 2023 ≥ 50% of the Member’s May 2023 Displayed ADAV of the TCV** |
*Criteria (2) of Liquidity Provision Tier 4 will expire no later than October 31, 2023.
**Liquidity Provision Tier 6 will expire no later than November 30, 2023.
Liquidity Removal Tiers
| Tier | Fee Per Share | Required Criteria |
| Tier 1 | $0.00295 | Member has (1) an ADV ≥ 0.50% of the TCV |
Please see the Fee Schedule for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.