Effective Wednesday, February 1, 2023, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Adopt new pricing for executions of orders subject to the Exchange’s Display-Price Sliding that add liquidity and receive price improvement, which are also subject to the Exchange’s Non-Display Add Tiers.
- Adopt a new Liquidity Provision Tier 2 (and renumber existing Liquidity Provision Tiers 2-5 as Liquidity Provision Tiers 3-6).
- Add an alternative criteria under the Sub-Dollar Rebate Tier.
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 | $(0.0033) | (0.075% of total dollar value) |
| B3, D3 or J3 | Added displayed volume, Liquidity Provision Tier 3 | $(0.0032) | (0.075% of total dollar value) |
| B4, D4 or J4 | Added displayed volume, Liquidity Provision Tier 4 | $(0.0030) | (0.075% of total dollar value) |
| B5, D5 or J5 | Added displayed volume, Liquidity Provision Tier 5 | $(0.0028) | (0.075% of total dollar value) |
| B6, D6 or J6 | Added displayed volume, Liquidity Provision Tier 6 | $(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) |
| P | Added volume, order subject to Display-Price Sliding that receives price improvement when executed | $(0.0015) | Free |
| H | Added non-displayed volume | $(0.0015) | Free |
| M | Added non-displayed volume, Midpoint Peg | $(0.0015) | Free |
| H1, M1, P1 | Added non-displayed volume, Non-Display Add Tier 1 | $(0.0027) | Free |
| H2, M2, P2 | Added non-displayed volume, Non-Display Add Tier 2 | $(0.0024) | Free |
| H3, M3, P3 | 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 | $(0.0033) | Member has (1) an ADAV ≥ 0.25% of the TCV; and (2) a Non-Displayed ADAV ≥ 5,000,000 shares |
| Tier 3 | $(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 TCV |
| Tier 4 | $(0.0030) | Member has (1) an ADAV ≥ 0.15% of the TCV; or (2) an ADAV ≥ 15,000,000 shares |
| Tier 5 | $(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 6 | $(0.0025) | Member has (1) an ADAV ≥ 0.075% of the TCV; or (2) a Midpoint ADAV of ≥ 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; or (2) a Sub-Dollar ADAV ≥ 5,000,000 shares |
*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.
Please see the Fee Schedule for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.