Effective Monday, November 1, 2021, MEMX will be implementing the following changes to transaction fees, subject to filing with the SEC:
Adoption of a Targeted Step-Up Tier that provides an additive rebate for executions of added volume in securities >=$1 (other than displayed Retail Orders) if one of two specified volume thresholds is achieved in the Targeted Step-Up Securities (see the Fee Schedule page for a list of securities).
Modify the criteria for Liquidity Removal Tier 1.
Reduce the rebates under DLI Tiers 1 and 2.
Increase the base fee to remove 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 Jxx | 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 | $(0.0035) | (0.05% of total dollar value) |
| Bq2, Dq2 or Jq2 | Added displayed volume, DLI Tier 2 | $(0.0034) | (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 | $0.0029 | 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 |
Targeted Step-Up Tier
| Tier | Additive Rebate Per Share* | Required Criteria |
|---|---|---|
| Tier 1 | $(0.0002) | Member has (1) a Step-Up ADAV from October 2021 ≥ 0.05% of the TCV in the Targeted Step-Up Securities; or (2) an ADAV ≥ 0.08% of the TCV in the Targeted Step-Up Securities |
*Rebate is in addition to otherwise applicable rebate for executions of added volume (other than displayed Retail Orders) in securities priced at or above $1.00 per share. MEMX will append Fee Code “X” to the otherwise applicable Fee Code for qualifying executions.
Liquidity Removal Tier
| Tier | Fee Per Share | Required Criteria |
|---|---|---|
| Tier 1 | $0.0027 | Member has (1) a Step-Up ADAV from October 2021 ≥ 0.05% of the TCV; or (2) an ADV ≥ 0.55% of the TCV |
Displayed Liquidity Incentive Tiers
| Tier | Rebate Per Share | Required Criteria |
|---|---|---|
| Tier 1 | $(0.0035) | 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 | $(0.0034) | 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 |
Please see the Fee Schedule and the DLI Program Page for more details.
Contact Market Operations or your MEMX Relationship Manager with any questions.