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Trader Alert 23-16: Fee Schedule Update Effective June 1, 2023

Effective Thursday, June 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 Tier 4.
  • Adopt a new Liquidity Provision Tier 6.
  • Increase the fee and change the required criteria under Liquidity Removal Tier 1.
  • Eliminate Liquidity Removal Tier 2.

Changes are reflected in bold text below.

Transaction Fees

Fee CodeDescriptionFee/(Rebate) – Securities at or above $1.00 (“A”)Fee/(Rebate) – Securities below $1.00 (“B”)
B, D or JAdded displayed volume$(0.0018)(0.075% of total dollar value)
B1, D1 or J1Added displayed volume, Liquidity Provision Tier 1$(0.00335)(0.075% of total dollar value)
B2, D2 or J2Added displayed volume, Liquidity Provision Tier 2$(0.00325)(0.075% of total dollar value)
B3, D3 or J3Added displayed volume, Liquidity Provision Tier 3$(0.0031)(0.075% of total dollar value)
B4, D4 or J4Added displayed volume, Liquidity Provision Tier 4$(0.0029)(0.075% of total dollar value)
B5, D5 or J5Added displayed volume, Liquidity Provision Tier 5$(0.0027)(0.075% of total dollar value)
B6, D6 or J6Added displayed volume, Liquidity Provision Tier 6$(0.0024)(0.075% of total dollar value)
Bq1, Dq1 or Jq1Added displayed volume, DLI Tier 1$(0.0031)(0.075% of total dollar value)
Bq2, Dq2 or Jq2Added displayed volume, DLI Tier 2$(0.0028)(0.075% of total dollar value)
Br, Dr or JrAdded displayed volume, Retail Order$(0.0034)(0.075% of total dollar value)
PAdded volume, order subject to Display-Price Sliding that receives price improvement when executed$(0.0010)Free
HAdded non-displayed volume$(0.0010)Free
MAdded non-displayed volume, Midpoint Peg$(0.0010)Free
H1, M1, P1Added non-displayed volume, Non-Display Add Tier 1$(0.0027)Free
H2, M2, P2Added non-displayed volume, Non-Display Add Tier 2$(0.0024)Free
H3, M3, P3Added non-displayed volume, Non-Display Add Tier 3$(0.0018)Free
RRemoved volume from MEMX Book$0.00300.28% of total dollar value
R1Removed volume from MEMX Book, Liquidity Removal Tier 1$0.002950.28% of total dollar value
R2Removed volume from MEMX Book, Liquidity Removal Tier 2$0.002950.28% 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$(0.00335)Member has an ADAV (excluding Retail Orders) ≥ 0.45% of the TCV
Tier 2$(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 ≥ 0.02% of the TCV and a Step-Up Displayed ADAV of the TCV from April 2023 ≥ 50% of the Member’s April 2023 Displayed ADAV of the TCV2,000,000 shares and a Step-Up Displayed ADAV from April 2023 ≥ 50% of the Member’s April 2023 Displayed ADAV*
Tier 5$(0.0027)Member has an ADAV ≥ 0.075% of the TCV
Tier 6$(0.0024)Member has a Displayed ADAV ≥ 0.007% of the TCV and has a Step-Up Displayed ADAV of the TCV from May 2023 ≥ 50% of the Member’s May 2023 Displayed ADAV of the TCV**

*Criteria (2) of Liquidity Provision Tier 4 will expire no later than October 31, 2023.

**Liquidity Provision Tier 6 will expire no later than November 30, 2023.

Liquidity Removal Tiers

TierFee Per ShareRequired Criteria
Tier 1$0.00295Member has (1) an ADV ≥ 0.50% of the TCV and; or (2) a Remove ADV ≥ 0.30% of the TCV; or (2) an ADV ≥ 1.00% of the TCV
Tier 2$0.00295Member has an ADV ≥ 0.25% of the TCV

Please see the Fee Schedule for more details.

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