Effective Monday, July 1, 2024, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Adopt a new Liquidity Provision Tier 1 (and renumber existing Liquidity Provision Tiers 1-5 as Liquidity Provision Tiers 2-6)
- Modify the required criteria under Liquidity Provision Tier 2.
- Modify the required criteria under Liquidity Provision Tier 3.
- Modify the required criteria under Liquidity Provision Tier 4.
- Modify alternative criteria (2) under NBBO Setter Tier 1.
- Eliminate the DLI Additive Rebate.
Changes are reflected in bold text below.
Transaction Fees
MEMX Members are charged per share fees or provided per share rebates based on shares executed within each of the fee code categories below.
| Fee Code | Description | Fee/(Rebate) – Securities at or above $1.00 (“A”) | Fee/(Rebate) – Securities below $1.00 (“B”) |
| B, D, J or I | Added displayed volume | $(0.0015) | (0.075% of total dollar value) |
| B1, D1, J1 or I1 | Added displayed volume, Liquidity Provision Tier 1 | $(0.0034) | (0.075% of total dollar value) |
| B | Added displayed volume, Liquidity Provision Tier | $(0.0033) | (0.075% of total dollar value) |
| B | Added displayed volume, Liquidity Provision Tier | $(0.0032) | (0.075% of total dollar value) |
| B | Added displayed volume, Liquidity Provision Tier | $(0.0030) | (0.075% of total dollar value) |
| B | Added displayed volume, Liquidity Provision Tier | $(0.0029) | (0.075% of total dollar value) |
| B | Added displayed volume, Liquidity Provision Tier | $(0.0025) | (0.075% of total dollar value) |
| Bq1, Dq1, Jq1 or Iq1 | Added displayed volume, DLI Tier 1 | $(0.0031) | (0.075% of total dollar value) |
| Bq2, Dq2, Jq2 or Iq2 | Added displayed volume, DLI Tier 2 | $(0.0026) | (0.075% of total dollar value) |
| Br, Dr or Jr | Added displayed volume, Retail Order | $(0.0034) | (0.15% of total dollar value) |
| Br1, Dr1 or Jr1 | Added displayed volume, Retail Tier 1 | $(0.0037) | (0.15% of total dollar value) |
| BO1, DO1, JO1 or IO1 | Added displayed volume, Cross Asset Tier 1 | $(0.0033) | (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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Notes:
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- To the extent certain tiers have required criteria that applies only to securities priced at or above $1.00 per share, the Exchange determines whether a security should be included in the calculation of the ADV, ADAV, or TCV, as applicable, in securities priced at or above $1.00 per share by utilizing the closing price of the security on the date of execution.
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Liquidity Provision Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0034) | (1) Member has an ADAV (excluding Retail Orders) ≥ 0.50% of the TCV; or (2) Member has a Step-Up ADAV from June 2024 (excluding Retail Orders) ≥ 0.07% of the TCV in securities priced at or above $1.00 per share and an ADAV ≥ 0.20% of the TCV in securities priced at or above $1.00 per share* |
| Tier | $(0.0033) | (1) Member has an ADAV (excluding Retail Orders) ≥ 0.40 |
| Tier | $(0.0032) | (1) Member has |
| Tier | $(0.0030) | (1) Member has an ADAV ≥ 0.20% of the TCV in securities priced at or above $1.00 per share; or (2) Member has an ADAV ≥ 0.175% of the TCV |
| Tier | $(0.0029) | Member has an ADAV (excluding Retail Orders) ≥ 0.09% of the TCV |
| Tier | $(0.0025) | Member has an ADAV ≥ 0.06% of the TCV |
*Criteria (2) of Liquidity Provision Tier 1 will expire no later than December 31, 2024.
**Criteria (2) of Liquidity Provision Tier 3 will expire no later than December 31, 2024.
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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 ≥ 5,000,000 shares; or (2) Member has an ADAV with respect to orders with Fee Code B ≥ 2,000,000 shares and an ADAV in securities priced at or above $1.00 per share (excluding Retail Orders) ≥ 0.30% of the TCV in securities priced at or above $1.00 per share |
*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.
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DLI Additive Rebate
*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, 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.
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Please see the Fee Schedule for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.