Effective Monday, August 1, 2022, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Modified the required criteria under Step-Up Additive Rebate.
- Modified the required criteria under Liquidity Removal Tier 1.
- Increased the rebate for all 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) | (0.10% of total dollar value) |
| B1, D1 or J1 | Added displayed volume, Liquidity Provision Tier 1 | $(0.0033) | (0.10% of total dollar value) |
| B2, D2 or J2 | Added displayed volume, Liquidity Provision Tier 2 | $(0.0032) | (0.10% of total dollar value) |
| B3, D3 or J3 | Added displayed volume, Liquidity Provision Tier 3 | $(0.0029) | (0.10% of total dollar value) |
| B4, D4 or J4 | Added displayed volume, Liquidity Provision Tier 4 | $(0.0026) | (0.10% of total dollar value) |
| Bq1, Dq1 or Jq1 | Added displayed volume, DLI Tier 1 | $(0.0032) | (0.10% of total dollar value) |
| Bq2, Dq2 or Jq2 | Added displayed volume, DLI Tier 2 | $(0.0029) | (0.10% of total dollar value) |
| Br, Dr or Jr | Added displayed volume, Retail Order | $(0.0035) | (0.10% 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 |
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) a Step-Up ADAV from July 2022 ≥ 0.05% of the TCV and an ADAV ≥ 0.30% 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) an ADV ≥ 0.45% of the TCV and an ADAV ≥ 0.20% of the TCV; or (2) an ADV ≥ 1.00% of the TCV |
Please see the Fee Schedule and the DLI Program Page for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.