Effective Friday, March 1, 2024, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Adopt a new Cross Asset Tier that provides an enhanced rebate for executions of Added Displayed Volume for Members that meet a specified MEMX Options volume threshold.
Changes are reflected in bold text below.
Transaction Fees
| 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 | $(0.0015) | (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 | $(0.00325) | (0.075% of total dollar value) |
| B3, D3 or J3 | Added displayed volume, Liquidity Provision Tier 3 | $(0.0031) | (0.075% of total dollar value) |
| B4, D4 or J4 | Added displayed volume, Liquidity Provision Tier 4 | $(0.0029) | (0.075% of total dollar value) |
| B5, D5 or J5 | Added displayed volume, Liquidity Provision Tier 5 | $(0.0027) | (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 | $(0.0026) | (0.075% of total dollar value) |
| Br, Dr or Jr | Added displayed volume, Retail Order | $(0.0032) | (0.15%of total dollar value) |
| Br1, Dr1 or Jr1 | Added displayed volume, Retail Tier 1 | $(0.0034) | (0.075% of total dollar value) |
| BO, DO, or JO | Added displayed volume, Cross Asset Tier 1 | $(0.0026) | (0.075% of total dollar value) |
| P | Added volume, order subject to Display-Price Sliding that receives price improvement when executed | $(0.0008) | (0.075% of total dollar value) |
| H | Added non-displayed volume | $(0.0008) | (0.075% of total dollar value) |
| M | Added non-displayed volume, Midpoint Peg | $(0.0008) | (0.075% of total dollar value) |
| H1, M1, P1 | Added non-displayed volume, Non-Display Add Tier 1 | $(0.0028) | (0.075% of total dollar value) |
| H2, M2, P2 | Added non-displayed volume, Non-Display Add Tier 2 | $(0.0027) | (0.075% of total dollar value) |
| H3, M3, P3 | Added non-displayed volume, Non-Display Add Tier 3 | $(0.0024) | (0.075% of total dollar value) |
| H4, M4, P4 | Added non-displayed volume, Non-Display Add Tier 4 | $(0.0018) | (0.075% of total dollar value) |
| 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 |
| 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 |
Definitions:
- “ADAV” means average daily added volume calculated as the number of shares added per day. ADAV is calculated on a monthly basis.
- “ADV” means average daily volume calculated as the number of shares added or removed, combined, per day. ADV is calculated on a monthly basis.
- “Displayed ADAV” means ADAV with respect to displayed orders (including orders subject to Display-Price Sliding that receive price improvement when executed).
- “Midpoint ADAV” means ADAV with respect to Midpoint Peg orders.
- “Non-Displayed ADAV” means ADAV with respect to non-displayed orders (including orders subject to Display-Price Sliding that receive price improvement when executed and Midpoint Peg orders).
- “Options ADAV” means, for purposes of equities pricing, average daily added volume calculated as a number of contracts added on MEMX Options per day, calculated on a monthly basis.
- “Remove ADV” means ADV with respect to orders that remove liquidity.
- “Step-Up ADAV” means ADAV in the relevant baseline month subtracted from current ADAV.
- “Step-Up Displayed ADAV” means Displayed ADAV in the relevant baseline month subtracted from current Displayed ADAV.
- “Step-Up Non-Displayed ADAV” means Non-Displayed ADAV in the relevant baseline month subtracted from current Non-Displayed ADAV.
- “Step-Up Tape B ADAV” means ADAV in Tape B securities in the relevant baseline month subtracted from current ADAV in Tape B securities.
- “Sub-Dollar ADAV” means ADAV with respect to orders in securities priced below $1.00 per share.
- “TCV” means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply.
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Cross Asset Tier
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0026) | Member has an Options ADAV in Customer/Professional orders* ≥ 20,000 contracts** |
* The definitions of Customer and Professional are set forth in the MEMX Options fee schedule.
** Members that qualify for Cross Asset Tier 1 based on activity in a given month will also receive that associated Cross Asset Tier 1 rebate during the following month.
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Please see the Fee Schedule for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.