MEMX Equities Fee Schedule

(EFFECTIVE MAY 1, 2024)

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	$(0.0033)	(0.075% of total dollar value)
B2, D2, J2 or I2	Added displayed volume, Liquidity Provision Tier 2	$(0.0032)	(0.075% of total dollar value)
B3, D3, J3 or I3	Added displayed volume, Liquidity Provision Tier 3	$(0.0030)	(0.075% of total dollar value)
B4, D4, J4 or I4	Added displayed volume, Liquidity Provision Tier 4	$(0.0029)	(0.075% of total dollar value)
B5, D5, J5 or I5	Added displayed volume, Liquidity Provision Tier 5	$(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	$(0.0032)	(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, 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

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.

Notes:

To the extent a Member qualifies for multiple fees/rebates with respect to a particular transaction, the lowest fee/highest rebate shall apply.
The Exchange excludes from its calculations of ADAV, ADV and TCV, and for purposes of determining qualification for the Displayed Liquidity Incentive: (1) any trading day that the Exchange’s system experiences a disruption that lasts for more than 60 minutes during regular trading hours; (2) the day that Russell Investments reconstitutes its family of indexes (i.e., the last Friday in June); (3) any day that the MSCI Equities Indexes are rebalanced (i.e., on a quarterly basis); (4) any day that the S&P 400, S&P 500, and S&P 600 Indexes are rebalanced (i.e., on a quarterly basis); and (5) any day with a scheduled early market close.
Routed shares are not included in ADAV or ADV calculation.
With prior notice to the Exchange, a Member may aggregate ADAV and ADV with other Members that control, are controlled by, or are under common control with such Member (as evidenced on such Member’s Form BD).
The Reserve Quantity of an order is treated as adding displayed volume, and thus, the rebate for adding displayed volume applies to any Reserve Quantity of an order.
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 $0.0037.

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 ≥ 6,000,000 shares
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

Retail Tier

Tier	Rebate Per Share	Required Criteria
Tier 1	$(0.0034)	Member has a Retail Order ADAV ≥ 0.07% of the TCV

Liquidity Removal Tier

Tier	Fee Per Share	Required Criteria
Tier 1	$0.00295	Member has (1) an ADV ≥ 0.70% of the TCV; and (2) a Remove ADV ≥ 0.35% of the TCV

Non-Display Add Tiers

Tier	Rebate Per Share	Required Criteria
Tier 1	$(0.0028)	Member has a Non-Displayed ADAV ≥ 6,000,000 shares
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

Sub-Dollar Rebate Tier

Tier	Rebate*	Required Criteria
Tier 1	(0.15% of total dollar value)	Member has a Sub-Dollar ADAV ≥ 5,000,000 shares

* Rebate would apply instead of the otherwise applicable rebate for executions of added volume in securities priced below $1.00 per share. MEMX will append Fee Code “L” to the otherwise applicable Fee Code for qualifying executions.

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 (excluding Retail Orders) ≥ 0.30% of the TCV

*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.

Tape B Volume Tier

Tier	Additive Rebate Per Share*	Required Criteria
Tier 1	$(0.0002)	Member has a Tape B ADAV ≥ 0.30% of the Tape B TCV (excluding Retail Orders)

*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.

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 ≥ 125,000 contracts on MEMX Options
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.

Displayed Liquidity Incentive (DLI) Tiers

Tier	Rebate Per Share	Required Criteria
Tier 1	$(0.0031)	Member 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
Tier 2	$(0.0026)	Member has an NBBO Time of at least 25% in an average of at least 500 securities per trading day during the month

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 ≥ 6,000,000 shares); or (b) Member meets the criteria for Liquidity Provision Tier 2 (Member has (1) an ADAV ≥ 0.20% of the TCV and (2) an ADV ≥ 0.35% 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, 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.

Definitions and Notes

For purposes of this section, the terms set forth below shall have the following meanings:

The term “MPID” shall mean market participant identifier.
The term “NBBO Time” shall mean the aggregate of the percentage of time during regular trading hours during which one of a Member’s MPIDs has a displayed order of at least one round lot at the national best bid or the national best offer.
The term “quoting requirement” shall mean the requirement that a Member’s NBBO Time be at least 25%.
The term “regular trading hours” shall mean the time between 9:30 a.m. and 4:00 p.m. Eastern Time, or such shorter period as may be designated by the Exchange on a day when the securities markets close early.
The term “securities requirement” shall mean the requirement that a Member meets the quoting requirement in the applicable number of securities per trading day.

On a daily basis, MEMX will determine the number of securities in which each of a Member’s MPIDs meets the quoting requirement for that day. MEMX will aggregate the number of securities in which each of a Member’s MPIDs meets the quoting requirement to determine the number of securities in which such Member meets the quoting requirement for that day, provided that a single security in which more than one of such Member’s MPIDs meets the quoting requirement for that day will only be counted once for this purpose. The quoting requirement with respect to a security must be met by a single MPID and MEMX will not aggregate the NBBO Time across all of a Member’s MPIDs to determine if the quoting requirement has been met.

In order to determine whether a Member meets the applicable securities requirements during a month, the average number of securities in which such Member meets the quoting requirement per trading day during the month will be calculated by summing the number of securities in which each of such Member’s MPIDs met the quoting requirement for each trading day during the month then dividing the resulting sum by the total number of trading days in the month.

With prior notice to the Exchange, a Member may aggregate the quoting activity (but not the NBBO Time) of its MPIDs, consistent with the above, with that of the MPIDs of other Members that control, are controlled by, or are under common control with such Member (as evidenced on such Member’s Form BD).

Market Data Fees

DELIVERY	MEMOIR DEPTH	MEMOIR TOP	MEMOIR LAST SALE
Internal Distributor	$1,500	$750	$500
External Distributor	$2,500	$2,000	$2,000
Non-Display Usage not by Trading Platforms¹	$2,500	Free	Free
Non-Display Usage by Trading Platforms¹	$2,500	Free	Free
Professional User Fee	$30	$0.01²	$0.01²
Non-Professional User Fee	$3	$0.01²	$0.01²
Enterprise Fee³	N/A	$10,000	$10,000
Digital Media Enterprise Fee⁴	$5,000	$2,000	$2,000

Notes:

¹ Fee is charged per subscriber that uses the data for Non-Display Usage, as defined below. The fee for each category represents the maximum charge per month per subscriber regardless of the number of non-display uses by the subscriber or Trading Platforms operated by the subscriber, as applicable. A subscriber that uses the data for both Non-Display Usage by Trading Platforms and Non-Display Usage not by Trading Platforms will be charged the applicable fee for each category of Non-Display Usage only once, and those combined fees represent the maximum charge per subscriber with respect to Non-Display Usage.

²User Fees for MEMOIR Top and MEMOIR Last Sale only apply to External Distribution.

³ As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive MEMOIR Top or MEMOIR Last Sale for distribution to an unlimited number of Professional and Non-Professional Users.

⁴ As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive MEMOIR Depth, MEMOIR Top or MEMOIR Last Sale for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

Market Data Definitions:

Distributor: any entity that receives an Exchange Data product directly from the Exchange or indirectly through another entity and then distributes it internally or externally to a third party.
External Distributor: a Distributor that receives an Exchange Data product and then distributes that data to a third party or one or more data recipients outside the Distributor’s own organization.
Internal Distributor: a Distributor that receives an Exchange Data product and then distributes that data to one or more data recipients within the Distributor’s own organization.
Non-Display Usage: any method of accessing an Exchange Data product that involves access or use by a machine or automated device without access or use of a display by a natural person or persons.
Non-Professional User: a natural person or qualifying trust that uses Exchange Data only for personal purposes and not for any commercial purpose and, for a natural person who works in the United States, is not: (i) registered or qualified in any capacity with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (ii) engaged as an “investment adviser” as that term is defined in Section 202(a)(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act); or (iii) employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt; or, for a natural person who works outside of the United States, does not perform the same functions as would disqualify such person as a Non-Professional User if he or she worked in the United States.
Professional User: any User other than a Non-Professional User.
Trading Platform: is any execution platform operated as or by a registered National Securities Exchange (as defined in Section 3(a)(1) of the Exchange Act), an Alternative Trading System (as defined in Rule 300(a) of Regulation ATS), or an Electronic Communications Network (as defined in Rule 600(b)(23) of Regulation NMS).

Additional Fees

Additional fees are set forth in Rule 15.1 of the MEMX Rulebook. Such fees include Regulatory Transaction Fees collected to fund MEMX’s Section 31 obligations and fees collected through the CRD registration system for registration of associated persons of Members that are not also FINRA members.

Fees applicable to Membership and Connectivity are set forth on the following fee schedules:

MEMBERSHIP FEES

CONNECTIVITY FEES

Days Excluded from Tier Calculations (2024)Download

Transaction Fees – CSV Format Download