Alerts and Notices Trader Alerts Uncategorized

Trader Alert 22-16: Fee Schedule Update Effective June 1, 2022

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) 
Added non-displayed volume $(0.0018) Free 
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 
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 
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.