Effective Friday, July 1, 2022, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Reduced the rebate for added displayed volume in securities ≥$1 and added an alternative criteria under Liquidity Provision Tier 1.
- Modified the required criteria under Liquidity Provision Tier 2.
- Reduced the rebate for added displayed volume in securities ≥$1 and modified the required criteria under Liquidity Provision Tier 3.
- Reduced the rebate for added displayed volume in securities ≥$1 and modified the required criteria under Liquidity Provision Tier 4.
- Added an alternative criteria under Step-Up Additive Rebate.
- Increased the fee for removed volume in securities ≥$1 and modified the required criteria under Liquidity Removal Tier 1.
- Reduced the rebate and modified the required criteria (including deletion of the DLI Target Securities requirement) under each of DLI Tiers 1 and 2.
- Eliminated the DLI Additive Rebate that was applicable to DLI 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 | $(0.0033) | (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 | $(0.0029) | (0.05% of total dollar value) |
| B4, D4 or J4 | Added displayed volume, Liquidity Provision Tier 4 | $(0.0026) | (0.05% of total dollar value) |
| Bq1, Dq1 or Jq1 | Added displayed volume, DLI Tier 1 | $(0.0032) | (0.05% of total dollar value) |
| Bq2, Dq2 or Jq2 | Added displayed volume, DLI Tier 2 | $(0.0029) | (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 | $0.0029 | 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 | $(0.0033) | Member has (1) a Displayed ADAV ≥ 0.40% of the TCV or (2) a Remove ADV ≥ 0.25% of the TCV and a Step-Up ADAV from June 2022 ≥ 0.05% of the TCV |
| Tier 2 | $(0.0032) | Member has an ADAV ≥ 0.25% of the TCV |
| Tier 3 | $(0.0029) | Member has (1) an ADAV ≥ 0.12% of the TCV; or (2) a Step-Up ADAV from April 2022 ≥ 0.04% of the TCV; or (3) a Step-Up Non-Displayed ADAV from April 2022 ≥ 2,000,000 shares |
| Tier 4 | $(0.0026) | Member has (1) an ADAV ≥ 0.075% of the TCV; or (2) a Step-Up Displayed ADAV from April 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 (1) a Step-Up ADAV (excluding Retail Orders) from April 2022 ≥ 0.07% of the TCV; or (2) an ADAV ≥ 0.70% 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.
Liquidity Removal Tier
| Tier | Fee Per Share | Required Criteria |
| Tier 1 | $0.0029 | Member has (1) a Remove ADV ≥ 0.30% of the TCV and a Step-Up ADAV from April 2022 ≥ 0.10% of the TCV; or (2) an ADV ≥ 1.00% of the TCV |
Displayed Liquidity Incentive (DLI) Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0032) | Member has an NBBO Time of at least 25% in an average of at least 1,000 securities per trading day during the month |
| Tier 2 | $(0.0029) | Member has an NBBO Time of at least 25% in an average of at least 400 securities per trading day during the month |
DLI Additive Rebate (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.