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Trader Alert 22-06: Fee Schedule Update Effective March 1, 2022

Effective Tuesday, March 1, 2022, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:

  • Adopt a new NBBO Setter Tier, which provides an additive rebate of 0.0003 per share for executions of added displayed volume (other than Retail Orders) in securities ≥$1 that set the NBBO for members that qualify.
  • Adopt new Non-Display Add Tiers 1 and 2, which provide enhanced rebates for executions of non-displayed volume in securities ≥$1 for members that qualify.
  • Modify the required criteria under Liquidity Provision Tier 3.
  • Reduce the standard rebate for added displayed volume in securities ≥$1.
  • Reduce the standard rebates for orders (including midpoint pegs) that add non-displayed volume in securities ≥$1.
  • Reduce the standard rebate for Retail Orders that add displayed volume in securities ≥$1.
  • Increase the standard fee to remove volume in securities ≥$1.
  • Increase the fee and modify the required criteria under Liquidity Removal Tier 1.
  • Eliminate the DLI Additive Rebate for DLI Tier 2.
  • Eliminate the Targeted Step-Up Tier.

Changes are reflected in bold text below.

Trading Fees and Rebates

Fee CodeDescriptionFee/(Rebate) – Securities at or above $1.00 (“A”)Fee/(Rebate) – Securities below $1.00 (“B”)
B, D or JAdded displayed volume$(0.0020)(0.05% of total dollar value)
B1, D1 or J1Added displayed volume, Liquidity Provision Tier 1$(0.00325)(0.05% of total dollar value)
B2, D2 or J2Added displayed volume, Liquidity Provision Tier 2$(0.0031)(0.05% of total dollar value)
B3, D3 or J3Added displayed volume, Liquidity Provision Tier 3$(0.0027)(0.05% of total dollar value)
Bq1, Dq1 or Jq1Added displayed volume, DLI Tier 1$(0.0033)(0.05% of total dollar value)
Bq2, Dq2 or Jq2Added displayed volume, DLI Tier 2$(0.0031)(0.05% of total dollar value)
Br, Dr or JrAdded displayed volume, Retail Order$(0.0035)(0.05% of total dollar value)
HAdded non-displayed volume$(0.0018)Free
MAdded non-displayed volume, Midpoint Peg$(0.0018)Free
H1, M1Added non-displayed volume, Non-Display Add Tier 1$(0.0028)Free
H2, M2Added non-displayed volume, Non-Display Add Tier 2$(0.0024)Free
RRemoved volume from MEMX Book$0.00300.25% of total dollar value
R1Removed volume from MEMX Book, Liquidity Removal Tier 1$0.002850.25% of total dollar value
Rr0Removed volume from MEMX Book upon entry, Retail Order (Day/GTT/RHO)FreeFree
ZRouted to another market, removed liquidity$0.00300.30% of total dollar value

Targeted Step-Up Tier (REMOVED)

Liquidity Provision Tiers

TierRebate Per ShareRequired Criteria
Tier 1$(0.00325)Member has an ADAV ≥ 0.25% of the TCV
Tier 2$(0.0031)Member has (1) an ADAV ≥ 0.20% of the TCV; or (2) a Step-Up ADAV from December 2021 ≥ 0.05% of the TCV
Tier 3$(0.0027)Member has (1) an ADAV ≥ 0.05% of the TCV; or (2) a Step-Up Displayed ADAV from February 2022  ≥ 0.02% of the TCV; or (3) a Midpoint ADAV of ≥ 1,000,000 shares

Liquidity Removal Tier

TierFee Per ShareRequired Criteria
Tier 1$0.00285Member has (1) an ADAV ≥ 0.30% of the TCV; or (2) an ADV ≥ 0.60% of the TCV

Non-Display Add Tiers

TierRebate Per ShareRequired Criteria
Tier 1$(0.0028)Member has a Non-Displayed ADAV ≥ 5,000,000 shares
Tier 2$(0.0024)Member has a Non-Displayed ADAV ≥ 1,000,000 shares

NBBO Setter Tier

TierAdditive Rebate Per Share*Required Criteria
Tier 1$(0.0003)Member has an ADAV with respect to orders with Fee Code B ≥ 0.10% 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 that establish the NBBO (i.e., orders with Fee Code B, B1, B2, B3, Bq1 or Bq2). MEMX will append Fee Code “S” to the otherwise applicable Fee Code for qualifying executions.

DLI Additive Rebate

Additive Rebate Per Share*Required Criteria
$(0.0001)DLI Tier 1 – Member has an ADAV ≥ 0.30% of the TCV
DLI Tier 2 (REMOVED)

*Rebate is in addition to otherwise applicable rebate under DLI Tier 1 for executions of added displayed volume in securities priced at or above $1.00 per share.  MEMX will append Fee Code “Y” to the otherwise applicable Fee Code for qualifying executions.

Please see the Fee Schedule and the DLI Program Page for more details.

Contact Market Operations or your MEMX Relationship Manager with any questions.