Effective Friday, November 1, 2024, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
- Modify the required criteria under Liquidity Provision Tier 2.
- Remove Cross Asset Tiers 1 and 2 and rename Cross Asset Tier 3 as Cross Asset 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 | $(0.0034) | (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 | $(0.0034) | (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 | 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 | $(0.0025) | (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 | $0.0029 | 0.28% of total dollar value |
| RrA | Removed volume from MEMX Book, Retail Order | $0.0028 | 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 |
*Fee Code B includes orders, other than Retail Orders, that establish the NBBO. Fee Code D includes orders, other than Retail Orders, that add displayed liquidity to the Exchange but do not establish or join the NBBO. Fee Code J includes orders, other than Retail Orders, that establish a new BBO on the Exchange that matches the NBBO first established on an away market. Fee Code I is assigned to a Member’s “P” orders if that Member meets the criteria under Display-Price Sliding Tier 1.
* * * * *
Liquidity Provision Tiers
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0034) | (1) Member has an ADAV (excluding Retail Orders) ≥ 0.40% of the TCV; or (2) Member has an ADAV ≥ 0.30% of the TCV in securities priced at or above $1.00 per share and a Non-Displayed ADAV ≥ 6,000,000 shares |
| Tier 2 | $(0.0032) | (1) Member has an ADAV ≥ 0.20% of the TCV or (2) Member has a Step-Up ADAV from June 2024 (excluding Retail Orders) ≥ 0.05% of the TCV in securities priced at or above $1.00 per share and an ADAV (excluding Retail Orders) ≥ 0.20% of the TCV in securities priced at or above $1.00 per share*; or (3) Member has an ADAV ≥ 0.30% of the TCV |
| Tier 3 | $(0.0030) | (1) Member has an ADAV ≥ 0.20% of the TCV in securities priced at or above $1.00 per share; or (2) Member has an ADAV ≥ 0.175% of the TCV |
| Tier 4 | $(0.0029) | Member has an ADAV (excluding Retail Orders) ≥ 0.09% of the TCV |
| Tier 5 | $(0.0025) | Member has an ADAV ≥ 0.06% of the TCV |
*Criteria (2) of Liquidity Provision Tier 2 will expire no later than December 31, 2024.
* * * * *
Cross Asset Tier
| Tier | Rebate Per Share | Required Criteria |
| Tier 1 | $(0.0026) | Member has an Options ADAV in the Customer/Professional capacity* |
* The definition of Market Maker is set forth in the MEMX Options fee schedule.
* The definitions of Customer and Professional are set forth in the MEMX Options fee schedule.
** Members that qualify for Cross Asset Tier 13 based on activity in a given month will also receive that associated Cross Asset Tier 13 rebate during the following month.