Effective Thursday, December 1, 2022, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Convert the NBBO Setter Tier to the NBBO Setter/Joiner Tier 1, which now provides an increased additive rebate for executions of setter/joiner volume (other than Retail Orders) in securities ≥$1.
- Adopt a new NBBO Setter/Joiner Tier 2, which provides an additive rebate for executions of setter/joiner volume (other than Retail Orders) in securities ≥$1.
- Change the rebates and required criteria under Liquidity Provision Tiers 1, 3 and 5.
- Change the required criteria under Non-Display Add Tiers 1 and 2, and adopt a new Non-Display Add Tier 3.
- Reduce the rebates under DLI Tiers 1 and 2, and change the required criteria under DLI Tier 1.
- Reduce the base rebates for executions of orders (including midpoint pegs) that add non-displayed volume in securities ≥$1.
- Adopt a new Sub-Dollar Rebate Tier, which provides an enhanced rebate for executions of added displayed volume in securities <$1.
- Eliminate the Step-Up Additive Rebate.
- Establish that the maximum rebate per share provided by the Exchange shall be $0.0036.
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 | $(0.0034) | (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 | $(0.0030) | (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 | $(0.0025) | (0.075% of total dollar value) |
| Bq1, Dq1 or Jq1 | Added displayed volume, DLI Tier 1 | $(0.0031) | (0.075% of total dollar value) |
| Bq2, Dq2 or Jq2 | Added displayed volume, DLI Tier 2 | $(0.0028) | (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 | $(0.0015) | Free |
| M | Added non-displayed volume, Midpoint Peg | $(0.0015) | 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 |
| H3, M3 | Added non-displayed volume, Non-Display Add Tier 3 | $(0.0020) | 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 | $(0.0034) | Member has (1) a Displayed ADAV ≥ 0.40% of the TCV; or (2) an ADAV ≥ 0.30% of the TCV and a Step-Up ADAV from November 2022 ≥ 0.10% 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 | $(0.0030) | Member has (1) an ADAV ≥ 0.15% of the TCV; or (2) an ADAV ≥ 15,000,000 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 | $(0.0025) | Member has (1) an ADAV ≥ 0.075% of the TCV; or (2) a Midpoint ADAV of ≥ 1,000,000 shares |
Step-Up Additive Rebate
*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.
Non-Display Add Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0027) | Member has a Non-Displayed ADAV ≥ 5,000,000 shares |
| Tier 2 | $(0.0024) | Member has a Non-Displayed ADAV ≥ 2,000,000 shares |
| Tier 3 | $(0.0020) | Member has a Non-Displayed ADAV ≥ 1,000,000 shares |
Sub-Dollar Rebate Tier
| Tier | Rebate* | Required Criteria |
| Tier 1 | (0.15% of total dollar value) | Member has an ADAV ≥ 0.15% of the TCV |
*Rebate would apply instead of the otherwise applicable rebate for executions of added displayed volume in securities priced below $1.00 per share. MEMX will append Fee Code “L” to the otherwise applicable Fee Code for qualifying executions.
NBBO Setter/Joiner Tiers
| Tier | Additive Rebate Per Share* | Required Criteria |
| Tier 1 | $(0.0004) | Member has an ADAV with respect to orders with Fee Code B ≥ 0.10% of the TCV |
| Tier 2 | $(0.0003) | Member has an ADAV ≥ 0.05% of the TCV and a Displayed ADAV with respect to orders with Fee Code B or J ≥ 40% of the Member’s Displayed ADAV with respect to orders with Fee Code B, D or J |
*Rebate is in addition to otherwise applicable rebate for executions of added displayed volume (other than Retail Orders) in securities priced at or above $1.00 per share that establish the NBBO or establish a new BBO on MEMX that matches the NBBO first established on an away market. MEMX will append Fee Code “S1” (for Tier 1) and “S2” (for Tier 2) to the otherwise applicable Fee Code for qualifying executions.
Displayed Liquidity Incentive (DLI) Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0031) | Member has (1) an NBBO Time of at least 25% in an average of at least 1,000 securities per trading day during the month; and (2) an ADAV ≥ 0.05% of the TCV |
| Tier 2 | $(0.0028) | Member has an NBBO Time of at least 25% in an average of at least 400 securities per trading day during the month |
Please see the Fee Schedule and the DLI Program Page for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.