Alerts and Notices Trader Alerts

Trader Alert 22-27: Fee Schedule Update Effective September 1, 2022

Effective Thursday, September 1, 2022, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:

  • Adoption of a new Fee Code and reduced fee for Midpoint Peg orders with a Time-in-Force instruction of IOC or FOK that remove volume from the MEMX Book upon entry.
  • Modify the required criteria under Liquidity Provision Tiers 1 and 2.
  • Allow aggregation of DLI quoting activity for affiliated Members with prior notice to MEMX.

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
RmRemoved volume from MEMX Book, Midpoint Peg (IOC/FOK)$0.00260.25% 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

Liquidity Provision Tiers

TierRebate Per ShareRequired Criteria
Tier 1$(0.0033)Member has (1) a Displayed ADAV ≥ 0.40% of the TCV or (2) a Remove ADV ≥ 0.20% of the TCV and a Step-Up ADAV from June 2022 ≥ 0.05% of the TCV
Tier 2$(0.0032)Member has an ADAV ≥ 0.20% 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

Please see the Fee Schedule and the DLI Program Page for more details.

Contact Market Operations or your MEMX Relationship Manager with any questions.