Effective Monday, April 1, 2024, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Modify the required criteria under Liquidity Provision Tier 1
- Modify the required criteria under Liquidity Provision Tier 2
- Modify the required criteria under NBBO Setter Tier 1
- Increase the rebate and modify the required criteria under Tape B Volume Tier 1
- Rename Cross Asset Tier 1 to Cross Asset Tier 3.
- Adopt a new Cross Asset Tier 1 that provides an enhanced rebate for executions on MEMX Equities if a Member has an ADAV in the Market Maker capacity of equal to or greater than 250,000 contracts on MEMX Options and an ADAV of equal to or greater than 0.30% on MEMX Equities
- Adopt a new Cross Asset Tier 2 that provides an enhanced rebate for executions on MEMX Equities if a Member has an ADAV in the Market Maker capacity of equal to or greater than 150,000 contracts on MEMX Options
- Reduce the rebate under DLI Additive Rebate Tier 1
- Adopt a new Display Price-Sliding Tier that provides a Member with the Display rebate for executions subject to Display-Price Sliding, if such Member’s ADAV with respect to orders subject to Display-Price Sliding which receive price improvement when executed (excluding Retail Orders) is equal than or greater to 5,000,000 shares.
Changes are reflected in bold text below.
| Fee Code | Description | Fee/(Rebate) – Securities at or above $1.00 (“A”) | Fee/(Rebate) – Securities below $1.00 (“B”) |
| B, D, | Added displayed volume | $(0.0015) | (0.075% of total dollar value) |
| B1, D1, | Added displayed volume, Liquidity Provision Tier 1 | $(0.0033) | (0.075% of total dollar value) |
| B2, D2, | Added displayed volume, Liquidity Provision Tier 2 | $(0.0032) | (0.075% of total dollar value) |
| B3, D3, | Added displayed volume, Liquidity Provision Tier 3 | $(0.0030) | (0.075% of total dollar value) |
| B4, D4, | Added displayed volume, Liquidity Provision Tier 4 | $(0.0029) | (0.075% of total dollar value) |
| B5, D5, | Added displayed volume, Liquidity Provision Tier 5 | $(0.0025) | (0.075% of total dollar value) |
| Bq1, Dq1, | Added displayed volume, DLI Tier 1 | $(0.0031) | (0.075% of total dollar value) |
| Bq2, Dq2, | 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) | (0.15% of total dollar value) |
| Br1, Dr1 or Jr1 | Added displayed volume, Retail Tier 1 | $(0.0034) | (0.15% of total dollar value) |
| BO1, DO1, | Added displayed volume, Cross Asset Tier 1 | $(0.00 | (0.075% of total dollar value) |
| BO2, DO2, JO2 or IO2 | Added displayed volume, Cross Asset Tier 2 | $(0.0027) | (0.075% of total dollar value) |
| BO3, DO3, JO3 or IO3 | Added displayed volume, Cross Asset Tier 3 | $(0.0026) | (0.075% of total dollar value) |
| 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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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) |
| 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) |
| Tier 3 | $(0.0030) | Member has an ADAV ≥ 0.175% of the TCV |
| Tier 4 | $(0.0029) | Member has an ADAV (excluding Retail Orders) ≥ 0.09% of the TCV |
| Tier 5 | $(0.0025) | Member has an ADAV ≥ 0.06% of the TCV |
* 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.
NBBO Setter Tier
| Tier | Additive Rebate Per Share* | Required Criteria |
| Tier 1 | $(0.0002) for Fee Code B, and $(0.0001) for Fee Codes D and 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% of the TCV or ≥ 5,000,000 shares and has a Step-Up ADAV with respect to orders with a Fee Code B ≥ 75% of the Member’s |
*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. 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 31September 30, 2024.
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Tape B Volume Tier
| Tier | Additive Rebate Per Share* | Required Criteria |
| Tier 1 | $(0.000 | Member has |
*Rebate is in addition to otherwise applicable rebate for executions of added displayed volume (excluding Retail Orders) in securities priced over $1.00 per share. MEMX will append the Fee Code “b” to the otherwise applicable Fee Code for qualifying executions. Additionally, Tape B Volume Tier 1 will expire no later than April 30, 2024.
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Cross Asset Tier
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0033) | Member has an Options ADAV in the Market Maker capacity* of ≥ 250,000 contracts on MEMX Options and an ADAV on MEMX Equities ≥ 0.30% of the TCV |
| Tier 2 | $(0.0027) | Member has an Options ADAV in the Market Maker capacity of ≥ 150,000 contracts on MEMX Options |
| Tier | $(0.0026) | Member has an Options ADAV in the Customer/Professional capacity** ≥ 20,000 contracts*** |
*The definition of Market Maker is set forth in the MEMX Options fee schedule.
**The definitions of Customer and Professional are set forth in the MEMX Options fee schedule.
***Members that qualify for Cross Asset Tier 13 based on activity in a given month will also receive that associated Cross Asset Tier 13 rebate during the following month.
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DLI Additive Rebate
| Tier | Additive Rebate Per Share* | Required Criteria |
| Tier 1 | $(0.000 | (1) Member meets the criteria for DLI Tier 1 (has (1) an NBBO Time of at least 25% in an average of at least 1,000 securities per trading day during the month; and (2) an ADAV ≥ 0.10% of the TCV); and (2) Member meets at least one of the following criteria: (a) Member meets the criteria for Liquidity Provision Tier 1 (has an ADAV (excluding Retail Orders) ≥ 0.45% of the TCV; |
*Rebate is in addition to the otherwise applicable rebate under Liquidity Provision Tier 1 or 2 for executions of added displayed volume (excluding Retail Orders) with a Fee Code of B, D, or J, or I in securities priced over $1.00 per share. MEMX will append the Fee Code “q” to the otherwise applicable Fee Code for qualifying executions.
Display-Price Sliding Tier
| Tier | Rebate Per Share* | Required Criteria |
| Tier 1 | Highest rebate otherwise achieved for Member’s Added Displayed Volume | Member has an ADAV with respect to orders subject to Display-Price Sliding that receive price improvement when executed (excluding Retail Orders) ≥ 5,000,000 shares |
*Applicable executions will be assigned the Fee Code “I” for Members that meet the required criteria under Display-Price Sliding Tier 1. The highest rebate achieved by the Member for Added Displayed Volume will be awarded instead of the otherwise applicable rebate for executions with a Fee Code “P”. The appropriate achieved Added Displayed Volume Fee Code(s) will be appended to Fee Code “I” in order to identify the rebate provided.
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Please see the Fee Schedule for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.