Effective Tuesday, November 1, 2022, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Adopt a new Liquidity Provision Tier 4 (and renumber the existing Liquidity Provision Tier 4 as Liquidity Provision Tier 5).
- Change the required criteria under Liquidity Provision Tier 2.
- Change the fee and the required criteria under Liquidity Removal Tier 1.
- Change the fee for Midpoint Peg orders with a Time-in-Force instruction of IOC or FOK that remove volume from the MEMX Book upon entry.
- Change the rates (fees and rebates) for certain orders 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) | (0.075% of total dollar value) |
| B1, D1 or J1 | Added displayed volume, Liquidity Provision Tier 1 | $(0.0033) | (0.075% of total dollar value) |
| B2, D2 or J2 | Added displayed volume, Liquidity Provision Tier 2 | $(0.0032) | (0.075% of total dollar value) |
| B3, D3 or J3 | Added displayed volume, Liquidity Provision Tier 3 | $(0.0029) | (0.075% of total dollar value) |
| B4, D4 or J4 | Added displayed volume, Liquidity Provision Tier 4 | $(0.0028) | (0.075% of total dollar value) |
| B5, D5 or J5 | Added displayed volume, Liquidity Provision Tier 5 | $(0.0026) | (0.075% of total dollar value) |
| Bq1, Dq1 or Jq1 | Added displayed volume, DLI Tier 1 | $(0.0032) | (0.075% of total dollar value) |
| Bq2, Dq2 or Jq2 | Added displayed volume, DLI Tier 2 | $(0.0029) | (0.075% of total dollar value) |
| Br, Dr or Jr | Added displayed volume, Retail Order | $(0.0035) | (0.075% 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 | 0.28% of total dollar value |
| R1 | Removed volume from MEMX Book, Liquidity Removal Tier 1 | $0.00295 | 0.28% of total dollar value |
| Rm | Removed volume from MEMX Book, Midpoint Peg (IOC/FOK) | $0.0027 | 0.28% 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 ≥ 0.20% of the TCV and a Step-Up ADAV from June 2022 ≥ 0.05% of the TCV |
| Tier 2 | $(0.0032) | Member has (1) an ADAV ≥ 0.20% of the TCV; or (2) an ADAV ≥ 15,000,000 shares and a Step-Up ADAV from October 2022 ≥ 0.10% of the Member’s October 2022 ADAV |
| 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 | $(0.0028) | Member has (1) an ADAV ≥ 0.10% of the TCV; or (2) a Displayed ADAV (excluding Retail Orders) ≥ 750,000 shares and a Step-Up Displayed ADAV (excluding Retail Orders) from October 2022 ≥ 30% of the Member’s October 2022 Displayed ADAV (excluding Retail Orders) |
| Tier 5 | $(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 |
Liquidity Removal Tier
| Tier | Fee Per Share | Required Criteria |
| Tier 1 | $0.00295 | Member has (1) an ADV ≥ 0.50% of the TCV and a Remove ADV ≥ 0.25% 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.