Effective Wednesday, March 1, 2023, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Reduce the base rebates for executions of orders (including Retail Orders) that add displayed volume in securities ≥$1.
- Reduce the base rebates for executions of orders (including midpoint peg orders and orders subject to the Exchange’s Display-Price Sliding that add liquidity and receive price improvement) that add non-displayed volume in securities ≥$1.
- Reduce the rebates and change the required criteria under Liquidity Provision Tiers 1-5, and eliminate Liquidity Provision Tier 6.
- Change the required criteria under NBBO Setter/Joiner Tier 1.
- Change the required criteria under Non-Display Add Tier 2, and reduce the rebate and change the required criteria under Non-Display Add Tier 3.
- Reduce the fee and change the required criteria under Liquidity Removal Tier 1, and adopt a new Liquidity Removal Tier 2.
- Change the required criteria under the Sub-Dollar Rebate Tier.
- Eliminate the special pricing for midpoint peg IOC/FOK orders in securities ≥$1 that execute at the midpoint and remove liquidity (such orders will be subject to otherwise applicable pricing for removing liquidity).
Changes are reflected in bold text below.
Trading Fees and Rebates
| Fee Code | Description | Fee/(Rebate) – Securities at or above $1.00 (“A”) | Fee/(Rebate) – Securities below $1.00 (“B”) |
| B, D or J | Added displayed volume | $(0.0018) | (0.075% of total dollar value) |
| B1, D1 or J1 | Added displayed volume, Liquidity Provision Tier 1 | $(0.00335) | (0.075% of total dollar value) |
| B2, D2 or J2 | Added displayed volume, Liquidity Provision Tier 2 | $(0.00325) | (0.075% of total dollar value) |
| B3, D3 or J3 | Added displayed volume, Liquidity Provision Tier 3 | $(0.0031) | (0.075% of total dollar value) |
| B4, D4 or J4 | Added displayed volume, Liquidity Provision Tier 4 | $(0.0029) | (0.075% of total dollar value) |
| B5, D5 or J5 | Added displayed volume, Liquidity Provision Tier 5 | $(0.0027) | (0.075% of total dollar value) |
| Bq1, Dq1 or Jq1 | Added displayed volume, DLI Tier 1 | $(0.0031) | (0.075% of total dollar value) |
| Bq2, Dq2 or Jq2 | Added displayed volume, DLI Tier 2 | $(0.0028) | (0.075% of total dollar value) |
| Br, Dr or Jr | Added displayed volume, Retail Order | $(0.0034) | (0.075% of total dollar value) |
| P | Added volume, order subject to Display-Price Sliding that receives price improvement when executed | $(0.0010) | Free |
| H | Added non-displayed volume | $(0.0010) | Free |
| M | Added non-displayed volume, Midpoint Peg | $(0.0010) | Free |
| H1, M1, P1 | Added non-displayed volume, Non-Display Add Tier 1 | $(0.0027) | Free |
| H2, M2, P2 | Added non-displayed volume, Non-Display Add Tier 2 | $(0.0024) | Free |
| H3, M3, P3 | Added non-displayed volume, Non-Display Add Tier 3 | $(0.0018) | Free |
| R | Removed volume from MEMX Book | $0.0030 | 0.28% of total dollar value |
| R1 | Removed volume from MEMX Book, Liquidity Removal Tier 1 | $0.0029 | 0.28% of total dollar value |
| R2 | Removed volume from MEMX Book, Liquidity Removal Tier 2 | $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 |
Liquidity Provision Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.00335) | Member has an ADAV (excluding Retail Orders) ≥ 0.45% of the TCV |
| Tier 2 | $(0.00325) | Member has (1) an ADAV ≥ 0.25% of the TCV; and (2) a Non-Displayed ADAV ≥ 4,000,000 shares |
| Tier 3 | $(0.0031) | Member has an ADAV ≥ 0.20% of the TCV |
| Tier 4 | $(0.0029) | Member has an ADAV ≥ 0.15% of the TCV |
| Tier 5 | $(0.0027) | Member has (1) an ADAV ≥ 0.075% of the TCV; or (2) a Displayed ADAV (excluding Retail Orders) ≥ 750,000 shares and a Step-Up Displayed ADAV (excluding Retail Orders) from October 2022 ≥ 30% of the Member’s October 2022 Displayed ADAV (excluding Retail Orders) |
Liquidity Removal Tiers
| Tier | Fee Per Share | Required Criteria |
| Tier 1 | $0.0029 | Member has (1) an ADV ≥ 0.50% of the TCV and a Remove ADV ≥ 0.30% of the TCV; or (2) an ADV ≥ 1.00% of the TCV |
| Tier 2 | $0.00295 | Member has an ADV ≥ 0.25% of the TCV |
Non-Display Add Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0027) | Member has a Non-Displayed ADAV ≥ 5,000,000 shares |
| Tier 2 | $(0.0024) | Member has a Non-Displayed ADAV ≥ 1,500,000 shares |
| Tier 3 | $(0.0018) | Member has a Non-Displayed ADAV ≥ 500,000 shares |
Sub-Dollar Rebate Tier
| Tier | Rebate* | Required Criteria |
| Tier 1 | (0.15% of total dollar value) | Member has |
*Rebate would apply instead of the otherwise applicable rebate for executions of added displayed 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/Joiner Tiers
| Tier | Additive Rebate Per Share* | Required Criteria |
| Tier 1 | $(0.0004) | Member has(1) an ADAV with respect to orders with Fee Code B ≥ 0.10% of the TCV; or (2) an ADAV with respect to orders with Fee Code B ≥ 10,000,000 shares |
| Tier 2 | $(0.0003) | Member has an ADAV ≥ 0.05% of the TCV and a Displayed ADAV with respect to orders with Fee Code B or J ≥ 40% of the Member’s Displayed ADAV with respect to orders with Fee Code B, D or J |
*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 that establish the NBBO or establish a new BBO on MEMX that matches the NBBO first established on an away market. MEMX will append Fee Code “S1” (for Tier 1) and “S2” (for Tier 2) to the otherwise applicable Fee Code for qualifying executions.
Please see the Fee Schedule for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.