Effective Friday, December 1, 2023, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
• Delete criteria (2) of Liquidity Provision Tier 5 due to its expiration.
Changes are reflected in bold text below.
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Liquidity Provision Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0033) | (1) Member has an ADAV (excluding Retail Orders) ≥ 0.45% of the TCV;or(2) Member has a Step-Up ADAV (excluding Retail Orders) from September 2023 ≥ .05% of the TCV, an ADV ≥ 0.50% of the TCV, and a Non-Displayed ADAV ≥ 5,000,000 shares*;or(3) Member has an ADAV ≥ 0.30% of the TCV and a Non-Displayed ADAV ≥ 7,000,000 shares |
| Tier 2 | $(0.0032) | (1) Member has an ADAV ≥ 0.25% of the TCV and a Non-Displayed ADAV ≥ 4,000,000 shares;or (2) Member has a Step-Up Displayed ADAV of the TCV from September 2023 ≥ 0.10% and a Displayed ADAV (excluding Retail Orders) ≥ 0.20% of the TCV** |
| Tier 3 | $(0.0030) | Member has an ADAV ≥ 0.175% of the TCV |
| Tier 4 | $(0.0029) | (1) Member has an ADAV (excluding Retail Orders) ≥ 0.09% of the TCV;or (2) Member has an ADAV ≥ 0.06% of the TCV and a Step-Up ADAV from June 2023 ≥ 40% of the Member’s June 2023 ADAV*** |
| Tier 5 | $(0.0025) |
* Criteria (2) of Liquidity Provision Tier 1 will expire no later than March 31, 2024.
** Criteria (2) of Liquidity Provision Tier 2 will expire no later than March 31, 2024.
*** Criteria (2) of Liquidity Provision Tier 4 will expire no later than December 31, 2023.
**** Criteria (2) of Liquidity Provision Tier 5 will expire no later than November 30, 2023.
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Please see the Fee Schedule for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.