Effective Monday, May 1, 2023, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Modify the required criteria under Liquidity Provision Tiers 2, 4, and 5.
- Modify the required criteria under DLI Tier 2.
Changes are reflected in bold text below.
Liquidity Provision Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.00335) | Member has an ADAV (excluding Retail Orders) ≥ 0.45% of the TCV |
| Tier 2 | $(0.00325) | Member has (1) an ADAV (excluding Retail orders) ≥ 0.25% of the TCV; and (2) a Non-Displayed ADAV ≥ 4,000,000 shares |
| Tier 3 | $(0.0031) | Member has an ADAV ≥ 0.20% of the TCV |
| Tier 4 | $(0.0029) | Member has (1) an ADAV ≥ 0.15% of the TCV; or (2) a Displayed ADAV ≥ 2,000,000 shares and a Step-Up Displayed ADAV from April 2023 ≥ 50% of the Member’s April 2023 Displayed ADAV* |
| Tier 5 | $(0.0027) | Member has |
*Criteria (2) of Liquidity Provision Tier 4 will expire no later than October 31, 2023.
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 |
Please see the Fee Schedule for more details. Contact Market Operations or your MEMX Relationship Manager with any questions.