Effective Monday, May 2, 2022, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Adopt a new Step-Up Additive Rebate incentive, which provides an additive rebate of 0.0002 per share for executions of added displayed volume in securities ≥$1 (other than orders that establish the NBBO for Members that qualify for the NBBO Setter Tier and Retail Orders) if the specified Step-Up ADAV threshold is achieved.
- Reduce the rebate provided under Liquidity Provision Tier 1 for added displayed volume in securities ≥$1.
- Reduce the rebate provided under DLI Tier 2 for added displayed volume in securities ≥$1.
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 | $(0.0020) | (0.05% of total dollar value) |
| B1, D1 or J1 | Added displayed volume, Liquidity Provision Tier 1 | $(0.0032) | (0.05% of total dollar value) |
| B2, D2 or J2 | Added displayed volume, Liquidity Provision Tier 2 | $(0.0031) | (0.05% of total dollar value) |
| B3, D3 or J3 | Added displayed volume, Liquidity Provision Tier 3 | $(0.0027) | (0.05% of total dollar value) |
| Bq1, Dq1 or Jq1 | Added displayed volume, DLI Tier 1 | $(0.0033) | (0.05% of total dollar value) |
| Bq2, Dq2 or Jq2 | Added displayed volume, DLI Tier 2 | $(0.0030) | (0.05% of total dollar value) |
| Br, Dr or Jr | Added displayed volume, Retail Order | $(0.0035) | (0.05% of total dollar value) |
| H | Added non-displayed volume | $(0.0018) | Free |
| M | Added non-displayed volume, Midpoint Peg | $(0.0018) | Free |
| H1, M1 | Added non-displayed volume, Non-Display Add Tier 1 | $(0.0028) | Free |
| H2, M2 | Added non-displayed volume, Non-Display Add Tier 2 | $(0.0024) | Free |
| R | Removed volume from MEMX Book | $0.0030 | 0.25% of total dollar value |
| R1 | Removed volume from MEMX Book, Liquidity Removal Tier 1 | $0.00285 | 0.25% 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 | $(0.0032) | 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 |
Step-Up Additive Rebate
| Tier | Additive Rebate Per Share* | Required Criteria |
| Tier 1 | $(0.0002) | Member has a Step-Up ADAV (excluding Retail Orders) from April 2022 ≥ 0.07% of the TCV |
*Rebate is in addition to otherwise applicable rebate for executions of added displayed volume (other than orders that establish the NBBO for Members that qualify for the NBBO Setter Tier and Retail Orders) in securities priced at or above $1.00 per share. MEMX will append Fee Code “X” to the otherwise applicable Fee Code for qualifying executions.
Displayed Liquidity Incentive (DLI) Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0033) | Member has an NBBO Time of at least 25% in an average of at least 1,000 securities, at least 125 of which must be DLI Target Securities, per trading day during the month |
| Tier 2 | $(0.0030) | Member has an NBBO Time of at least 25% in an average of at least 250 securities, at least 75 of which must be DLI Target Securities, per trading day during the month |
Please see the Fee Schedule and the DLI Program Page for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.