Alerts and Notices Trader Alerts

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

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 CodeDescriptionFee/(Rebate) – Securities at or above $1.00 (“A”)Fee/(Rebate) – Securities below $1.00 (“B”)
B, D or JAdded displayed volume$(0.0020)(0.10% of total dollar value)
B1, D1 or J1Added displayed volume, Liquidity Provision Tier 1$(0.0033)(0.10% of total dollar value)
B2, D2 or J2Added displayed volume, Liquidity Provision Tier 2$(0.0032)(0.10% of total dollar value)
B3, D3 or J3Added displayed volume, Liquidity Provision Tier 3$(0.0029)(0.10% of total dollar value)
B4, D4 or J4Added displayed volume, Liquidity Provision Tier 4$(0.0026)(0.10% of total dollar value)
Bq1, Dq1 or Jq1Added displayed volume, DLI Tier 1$(0.0032)(0.10% of total dollar value)
Bq2, Dq2 or Jq2Added displayed volume, DLI Tier 2$(0.0029)(0.10% of total dollar value)
Br, Dr or JrAdded displayed volume, Retail Order$(0.0035)(0.10% of total dollar value)
HAdded non-displayed volume$(0.0018)Free
MAdded non-displayed volume, Midpoint Peg$(0.0018)Free
H1, M1Added non-displayed volume, Non-Display Add Tier 1$(0.0027)Free
H2, M2Added non-displayed volume, Non-Display Add Tier 2$(0.0024)Free
RRemoved volume from MEMX Book$0.00300.25% of total dollar value
R1Removed volume from MEMX Book, Liquidity Removal Tier 1$0.00290.25% of total dollar value
Rr0Removed volume from MEMX Book upon entry, Retail Order (Day/GTT/RHO)FreeFree
ZRouted to another market, removed liquidity$0.00300.30% of total dollar value

Step-Up Additive Rebate

TierAdditive 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

TierFee Per ShareRequired Criteria
Tier 1$0.0029Member 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.