MEMX Trims Rebates and Drops Trading Tier Overnight
Published Date: 5/16/2025
Notice
Summary
MEMX is changing its fees for members who trade stocks priced $1 or more. They’re lowering some rebates for adding and displaying liquidity and removing a fee tier for taking liquidity. These updates kick in right away, so traders should check how this affects their costs and rewards.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Non-Display Tier 2 Threshold Doubled
MEMX raises the Non-Displayed Add Tier 2 qualification from a Non-Displayed ADAV of 1,000,000 shares to 2,000,000 shares for securities priced $1.00 or more; the rebate under that tier remains $0.0025 per share. Members who met the 1,000,000-share threshold in April 2025 will still receive the $0.0025 rebate for April and May 2025 under the Exchange's carry-forward practice.
Tier 1 Displayed Rebate Reduced
If you are a MEMX member qualifying for Liquidity Provision Tier 1 on securities priced $1.00 or more, the enhanced rebate for added displayed liquidity is reduced from $0.0034 per share to $0.0033 per share. The tier qualification criteria do not change and the Exchange intends this change to take effect immediately after the April 30, 2025 filing.
DLI Tier 1 Rebate Lowered
If you qualify for the Displayed Liquidity Incentive (DLI) Tier 1 (50% NBBO Time in an average of at least 1,000 securities per trading day), the enhanced rebate for added displayed liquidity is reduced from $0.0034 per share to $0.0033 per share for securities priced $1.00 or more. The DLI Tier 1 qualification criteria remain unchanged and the change is effective immediately after the April 30, 2025 filing.
Liquidity Removal Tier Eliminated
MEMX will eliminate the Liquidity Removal Tier that previously charged a reduced fee of $0.0029 per share (versus the standard $0.0030 per share) for Removed Volume in securities priced $1.00 or more when meeting specified ADV and Remove ADV thresholds. The Exchange states this tier will no longer be available and the change is effective immediately after the April 30, 2025 filing.
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