MEMX Boosts Rebates for Stock Liquidity Providers
Published Date: 4/14/2025
Notice
Summary
MEMX is updating its fee schedule to give traders extra rebates when they add liquidity by placing orders on certain stocks priced $1 or more. This new Tape C Quoting Tier makes it easier and more rewarding for members to trade on the exchange. The changes kick in right away, helping traders save money and encouraging more active trading.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
New Tape C additive rebate
If you are a MEMX Member, the Exchange will pay an additive rebate of $0.0002 per share for executions that add displayed liquidity in Tape C securities priced at or above $1.00 per share. To earn the rebate, a Member must achieve an NBBO Time of at least 50% in an average of at least 500 Tape C securities per trading day during the month; Retail Orders are excluded from the additive rebate.
Sub-$1 Tape C quotes excluded from qualification
MEMX will exclude Tape C securities that have a closing price less than $1.00 per share from the calculation of a Member's NBBO Time for that trading day when determining eligibility for the Tape C Quoting Tier. This exclusion applies only for the Tape C Quoting Tier qualification calculation.
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