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Trader Alert 24-19: Equities Fee Schedule Update Effective March 1, 2024

Effective Friday, March 1, 2024, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:

  • Adopt a new Cross Asset Tier that provides an enhanced rebate for executions of Added Displayed Volume for Members that meet a specified MEMX Options volume threshold.

Changes are reflected in bold text below.

Transaction Fees

Fee CodeDescriptionFee/(Rebate) – Securities at or above $1.00 (“A”)Fee/(Rebate) – Securities below $1.00 (“B”)
B, D or JAdded displayed volume$(0.0015)(0.075% of total dollar value)
B1, D1 or J1Added displayed volume, Liquidity Provision Tier 1$(0.0033)(0.075% of total dollar value)
B2, D2 or J2Added displayed volume, Liquidity Provision Tier 2$(0.00325)(0.075% of total dollar value)
B3, D3 or J3Added displayed volume, Liquidity Provision Tier 3$(0.0031)(0.075% of total dollar value)
B4, D4 or J4Added displayed volume, Liquidity Provision Tier 4$(0.0029)(0.075% of total dollar value)
B5, D5 or J5Added displayed volume, Liquidity Provision Tier 5$(0.0027)(0.075% of total dollar value)
Bq1, Dq1 or Jq1Added displayed volume, DLI Tier 1$(0.0031)(0.075% of total dollar value)
Bq2, Dq2 or Jq2Added displayed volume, DLI Tier 2$(0.0026)(0.075% of total dollar value)
Br, Dr or JrAdded displayed volume, Retail Order$(0.0032)(0.15%of total dollar value)
Br1, Dr1 or Jr1Added displayed volume, Retail Tier 1$(0.0034)(0.075% of total dollar value)
BO, DO, or JOAdded displayed volume, Cross Asset Tier 1$(0.0026)(0.075% of total dollar value)
PAdded volume, order subject to Display-Price Sliding that receives price improvement when executed$(0.0008) (0.075% of total dollar value)
HAdded non-displayed volume$(0.0008) (0.075% of total dollar value)
MAdded non-displayed volume, Midpoint Peg$(0.0008) (0.075% of total dollar value)
H1, M1, P1Added non-displayed volume, Non-Display Add Tier 1$(0.0028)(0.075% of total dollar value)
H2, M2, P2Added non-displayed volume, Non-Display Add Tier 2$(0.0027) (0.075% of total dollar value)
H3, M3, P3Added non-displayed volume, Non-Display Add Tier 3$(0.0024)(0.075% of total dollar value)
H4, M4, P4Added non-displayed volume, Non-Display Add Tier 4$(0.0018)(0.075% of total dollar value)
RRemoved volume from MEMX Book$0.00300.28% of total dollar value
R1Removed volume from MEMX Book, Liquidity Removal Tier 1$0.002950.28% of total dollar value
Rr0Removed volume from MEMX Book upon entry, Retail Order (Day/GTT/RHO)FreeFree
ZRouted to another market, removed liquidity$0.00300.30% of total dollar value

Definitions:

  • “ADAV” means average daily added volume calculated as the number of shares added per day.  ADAV is calculated on a monthly basis.
  • “ADV” means average daily volume calculated as the number of shares added or removed, combined, per day.  ADV is calculated on a monthly basis.
  • “Displayed ADAV” means ADAV with respect to displayed orders (including orders subject to Display-Price Sliding that receive price improvement when executed).
  • “Midpoint ADAV” means ADAV with respect to Midpoint Peg orders.
  • “Non-Displayed ADAV” means ADAV with respect to non-displayed orders (including orders subject to Display-Price Sliding that receive price improvement when executed and Midpoint Peg orders).
  • “Options ADAV” means, for purposes of equities pricing, average daily added volume calculated as a number of contracts added on MEMX Options per day, calculated on a monthly basis.
  • “Remove ADV” means ADV with respect to orders that remove liquidity.
  • “Step-Up ADAV” means ADAV in the relevant baseline month subtracted from current ADAV.
  • “Step-Up Displayed ADAV” means Displayed ADAV in the relevant baseline month subtracted from current Displayed ADAV.
  • “Step-Up Non-Displayed ADAV” means Non-Displayed ADAV in the relevant baseline month subtracted from current Non-Displayed ADAV.
  • “Step-Up Tape B ADAV” means ADAV in Tape B securities in the relevant baseline month subtracted from current ADAV in Tape B securities.
  • “Sub-Dollar ADAV” means ADAV with respect to orders in securities priced below $1.00 per share.
  • “TCV” means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply.

* * * * * 

 Cross Asset Tier

TierRebate Per ShareRequired Criteria
Tier 1$(0.0026)Member has an Options ADAV in Customer/Professional orders* ≥ 20,000 contracts**

* The definitions of Customer and Professional are set forth in the MEMX Options fee schedule.

** Members that qualify for Cross Asset Tier 1 based on activity in a given month will also receive that associated Cross Asset Tier 1 rebate during the following month.

* * * * * 

Please see the Fee Schedule for more details.

Contact Market Operations or your MEMX Relationship Manager with any questions.