Effective Thursday, February 1, 2024, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Increase the base rebate for executions of Retail Orders that add displayed volume in securities priced below $1.00.
- Add an alternative criteria to NBBO Setter Tier 1 and provide an additional additive rebate for executions with Fee Code D or J that meet the criteria under NBBO Setter Tier 1.
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 | $(0.0015) | (0.075% of total dollar value) |
| B1, D1 or J1 | Added displayed volume, Liquidity Provision Tier 1 | $(0.0033) | (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) |
| 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 | $(0.0026) | (0.075% of total dollar value) |
| Br, Dr or Jr | Added displayed volume, Retail Order | $(0.0032) | ( |
| Br1, Dr1 or Jr1 | Added displayed volume, Retail Tier 1 | $(0.0034) | ( |
| P | Added volume, order subject to Display-Price Sliding that receives price improvement when executed | $(0.0008) | (0.075% of total dollar value) |
| H | Added non-displayed volume | $(0.0008) | (0.075% of total dollar value) |
| M | Added non-displayed volume, Midpoint Peg | $(0.0008) | (0.075% of total dollar value) |
| H1, M1, P1 | Added non-displayed volume, Non-Display Add Tier 1 | $(0.0028) | (0.075% of total dollar value) |
| H2, M2, P2 | Added non-displayed volume, Non-Display Add Tier 2 | $(0.0027) | (0.075% of total dollar value) |
| H3, M3, P3 | Added non-displayed volume, Non-Display Add Tier 3 | $(0.0024) | (0.075% of total dollar value) |
| H4, M4, P4 | Added non-displayed volume, Non-Display Add Tier 4 | $(0.0018) | (0.075% of total dollar value) |
| 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 |
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NBBO Setter Tier
| Tier | Additive Rebate Per Share* | Required Criteria |
| Tier 1 | $(0.0002) for Fee Code B, and $(0.0001) for Fee Code D, J | (1) Member has an ADAV with respect to orders with Fee Code B ≥ 0.10% of the TCV, or (2) Member has an ADAV with respect to orders with Fee Code B ≥ 0.05% and has a Step-Up ADAV with respect to orders with a Fee Code B ≥ 75% of the Member’s December 2023 ADAV with respect to orders with a Fee Code B** |
*Rebate is in addition to otherwise applicable rebate for executions of added displayed volume (other than Retail Orders) in securities priced at or above $1.00 per share. that establish the NBBO. MEMX will append Fee Code “S1” (for Tier 1) to the otherwise applicable Fee Code for qualifying executions.
**Criteria (2) of NBBO Setter Tier 1 will expire no later than July 31, 2024.
* * * * *
Please see the Fee Schedule for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.