Effective Wednesday, May 1, 2024, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Increase the maximum combined rebate provided by the Exchange
- Modify the required criteria under Liquidity Provision Tiers 1 and 2
- Modify the required criteria under Liquidity Removal Tier 1
- Modify the required criteria under Non-Display Add Tier 1
- Modify the required criteria under NBBO Setter Tier 1
- Modify the required criteria under Cross Asset Tier 2
- Modify the required criteria under the DLI Additive Rebate
Changes are reflected in bold text below.
Notes:
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- To the extent a single execution qualifies for one or more additive rebates, the maximum combined rebate per share provided by the Exchange shall be $0.003
67.
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 an ADAV ≥ 0.30% of the TCV and a Non-Displayed ADAV ≥ |
| Tier 2 | $(0.0032) | Member has (1) an ADAV ≥ 0.20% of the TCV and (2) an ADV ≥ 0.35% of the TCV |
| 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 |
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Liquidity Removal Tier
| Tier | Fee Per Share | Required Criteria |
| Tier 1 | $0.00295 | Member has (1) an ADV ≥ 0. |
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Non-Display Add Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0028) | Member has a Non-Displayed ADAV ≥ |
| Tier 2 | $(0.0027) | Member has a Non-Displayed ADAV ≥ 5,000,000 shares |
| Tier 3 | $(0.0024) | Member has a Non-Displayed ADAV ≥ 2,000,000 shares |
| Tier 4 | $(0.0018) | Member has a Non-Displayed ADAV ≥ 1,000,000 shares |
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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 Codes D and J | (1) Member has an ADAV with respect to orders with 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. 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 September 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 ≥ 1 |
| Tier 3 | $(0.0026) | Member has an Options ADAV in the Customer/Professional capacity** ≥ 20,000 contracts on MEMX Options*** |
* 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 3 based on activity in a given month will also receive that associated Cross Asset Tier 3 rebate during the following month.
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DLI Additive Rebate
| Tier | Additive Rebate Per Share* | Required Criteria |
| Tier 1 | $(0.00005) | (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; or Member has an ADAV ≥ 0.30% of the TCV and a Non-Displayed ADAV ≥ |
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Please see the Fee Schedule for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.