Effective Monday, June 3, 2024, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Increase the base rebate for executions of Retail Orders that add displayed volume in securities priced at or above $1.00 per share.
- Increase the rebate and modify the required criteria under Retail Tier 1.
- Modify the required criteria under NBBO Setter Tier 1.
Changes are reflected in bold text below.
Transaction Fees
MEMX Members are charged per share fees or provided per share rebates based on shares executed within each of the fee code categories below.
| Fee Code | Description | Fee/(Rebate) – Securities at or above $1.00 (“A”) | Fee/(Rebate) – Securities below $1.00 (“B”) |
| B, D, J or I | Added displayed volume | $(0.0015) | (0.075% of total dollar value) |
| B1, D1, J1 or I1 | Added displayed volume, Liquidity Provision Tier 1 | $(0.0033) | (0.075% of total dollar value) |
| B2, D2, J2 or I2 | Added displayed volume, Liquidity Provision Tier 2 | $(0.0032) | (0.075% of total dollar value) |
| B3, D3, J3 or I3 | Added displayed volume, Liquidity Provision Tier 3 | $(0.0030) | (0.075% of total dollar value) |
| B4, D4, J4 or I4 | Added displayed volume, Liquidity Provision Tier 4 | $(0.0029) | (0.075% of total dollar value) |
| B5, D5, J5 or I5 | Added displayed volume, Liquidity Provision Tier 5 | $(0.0025) | (0.075% of total dollar value) |
| Bq1, Dq1, Jq1 or Iq1 | Added displayed volume, DLI Tier 1 | $(0.0031) | (0.075% of total dollar value) |
| Bq2, Dq2, Jq2 or Iq2 | Added displayed volume, DLI Tier 2 | $(0.0026) | (0.075% of total dollar value) |
| Br, Dr or Jr | Added displayed volume, Retail Order | $(0.0034 | (0.15% of total dollar value) |
| Br1, Dr1 or Jr1 | Added displayed volume, Retail Tier 1 | $(0.0037 | (0.15% of total dollar value) |
| BO1, DO1, JO1 or IO1 | Added displayed volume, Cross Asset Tier 1 | $(0.0033) | (0.075% of total dollar value) |
| BO2, DO2, JO2 or IO2 | Added displayed volume, Cross Asset Tier 2 | $(0.0027) | (0.075% of total dollar value) |
| BO3, DO3, JO3 or IO3 | Added displayed volume, Cross Asset Tier 3 | $(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 |
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Retail Tier
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.00374) | (1) Member has a Retail Order ADAV ≥ 0.20 |
* * * * *
NBBO Setter Tier
| Tier | Additive Rebate Per Share* | Required Criteria |
| Tier 1 | $(0.0002) for Fee Code B, and $(0.0001) for Fee Codes D and J | (1) Member has an ADAV with respect to orders with Fee Code B ≥ 5,000,000 shares; or (2) Member has an ADAV in securities priced at or above $1.00 per share (excluding Retail Orders) ≥ 0.30% of the TCV in securities priced at or above $1.00 per share |
*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. MEMX will append Fee Code “S1” (for Tier 1) 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.