Effective Wednesday, June 1, 2022, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Adoption of a new Liquidity Provision Tier 1 (and renumbered the three existing Liquidity Provision Tiers to 2-4).
- Addition of alternative criteria under Liquidity Provision Tier 2.
- Modification of the required criteria and reduction in the rebate for added non-displayed volume in securities ≥$1 under Non-Display Add Tier 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 | $(0.00335) | (0.05% of total dollar value) |
| B2, D2 or J2 | Added displayed volume, Liquidity Provision Tier 2 | $(0.0032) | (0.05% of total dollar value) |
| B3, D3 or J3 | Added displayed volume, Liquidity Provision Tier 3 | $(0.0031) | (0.05% of total dollar value) |
| B4, D4 or J4 | Added displayed volume, Liquidity Provision Tier 4 | $(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 | $(0.0027) | 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 | $(0.00335) | Member has a Displayed ADAV ≥ 0.40% of the TCV |
| Tier 2 | $(0.0032) | Member has (1) an ADAV ≥ 0.25% of the TCV; or (2) an ADAV of ≥ 0.15% of the TCV and a Step-Up ADAV from May 2022 ≥ 0.05% of the TCV |
| Tier 3 | $(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 4 | $(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 |
Non-Display Add Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0027) | Member has a Non-Displayed ADAV ≥ 3,000,000 shares |
| Tier 2 | $(0.0024) | Member has a Non-Displayed ADAV ≥ 1,000,000 shares |
Please see the Fee Schedule and the DLI Program Page for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.