Alerts & Notices
Trader Alert
Trader Alert 21-27: Fee Schedule Update Effective September 1, 2021
2021-08-30 21:00
Effective Wednesday, September 1, 2021, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
Updated the criteria for the Liquidity Provision Tier to be based on percentage of TCV.
Adoption of a second Liquidity Provision Tier.
Adoption of a second Displayed Liquidity Incentive (DLI) Tier.
Increase of the fee to remove volume under the Liquidity Removal Tier.
Reduction in the base rebate for added displayed volume.
Changes are reflected in bold text below.
Trading Fees and Rebates
| 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 | $(0.0028) | (0.05% of total dollar value) |
| B1, D1 or J1 | Added displayed volume, Liquidity Provision Tier 1 | $(0.00335) | (0.05% of total dollar value) |
| B2, D2 or J2 | Added displayed volume, Liquidity Provision Tier 2 | $(0.0031) | (0.05% of total dollar value) |
| Bq1, Dq1 or Jq1 | Added displayed volume, DLI Tier 1 | $(0.0036) | (0.05% of total dollar value) |
| Bq2, Dq2 or Jq2 | Added displayed volume, DLI Tier 2 | $(0.0035) | (0.05% of total dollar value) |
| Br, Dr or Jr | Added displayed volume, Retail Order | $(0.0037) | (0.05% of total dollar value) |
| H | Added non-displayed volume | $(0.0020) | (0.05% of total dollar value) |
| M | Added non-displayed volume, Midpoint Peg | $(0.0025) | (0.05% of total dollar value) |
| R | Removed volume from MEMX Book | $0.0028 | 0.05% of total dollar value |
| R1 | Removed volume from MEMX Book, Liquidity Removal Tier 1 | $0.0027 | 0.05% of total dollar value |
| Z | Routed to another market, removed liquidity | $0.0030 | 0.30% of total dollar value |
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Liquidity Provision Tiers
| Tier | Rebate Per Share | Required Criteria |
|---|---|---|
| Tier 1 | $(0.00335) | Member has an ADAV ≥ 0.20% of the TCV |
| Tier 2 | $(0.0031) | Member has an ADAV ≥ 0.10% of the TCV |
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Liquidity Removal Tier
| Tier | Fee Per Share | Required Criteria |
|---|---|---|
| Tier 1 | $0.0027 | Member has (1) a Step-Up ADAV from July ≥ 0.05% of the TCV; or (2) an ADV ≥ 0.30% of the TCV |
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Displayed Liquidity Incentive Tiers
| Tier | Rebate Per Share | Required Criteria |
|---|---|---|
| Tier 1 | $(0.0036) | Member has an NBBO Time of at least 25% in an average of at least 1,000 securities, at least 125 of which must be DLI Target Securities, per trading day during the month |
| Tier 2 | $(0.0035) | Member has an NBBO Time of at least 25% in an average of at least 250 securities, at least 75 of which must be DLI Target Securities, per trading day during the month |
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Please see the Fee Schedule and the DLI Program Page for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.