MEMX Launches Equity Rewards for Active Options Traders
Published Date: 6/13/2025
Notice
Summary
MEMX is rolling out a new Supplemental Equity Rights Program that gives traders on its options platform extra chances to earn equity in the company. This program builds on a similar one started last year and kicks in right away, rewarding active participants with potential ownership perks. If you trade options on MEMX, this could mean more value for your activity starting now!
Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
Pay $500,000 to Join Program
If you want to join the Supplemental Warrants Program, you must pay a $500,000 Prepayment Fee by the Commitment Deadline (in advance of May 28, 2025, or a later date specified by MEMX). Each eligible participant may purchase only one ticket and the program is capped at five (5) tickets total.
Prepayment Can Offset Trading Fees
The $500,000 Prepayment Fee can be applied during the Term to MEMX Options connectivity fees, market data fees, membership fees, and transaction fees; any remaining Prepayment Fee will be refunded at the end of the Term. The Term runs from June 1, 2025 to June 1, 2026.
Warrants: 139,800 per Ticket, Monthly Vesting
Each ticket entitles a participant to 139,800 unvested warrants that vest equally each calendar month during the 12-month Term (11,650 warrants per month) if the participant meets volume targets. Vesting requires step-up volume of 25 basis points of TCV over the participant's February–March 2025 baseline for full monthly vesting, with a 15 basis points minimum for proportional vesting; Non-Penny option trading receives double credit.
Exercise Window and Ownership Limits
Vested warrants may be exercised from the time of vesting until May 1, 2031 to purchase Nonvoting Common Units at the warrant strike price, but such units are subject to transfer restrictions and ownership limits (e.g., no single Exchange Member and its related persons may own more than 20% of any class of Units).
Program Aimed to Improve Market Liquidity
MEMX says the Supplemental Warrants Program is designed to encourage participants to direct more order flow to MEMX Options, which MEMX expects will increase liquidity, provide tighter spreads, and benefit other market participants. The Exchange states the program is supplemental to its May 1, 2024 Original Warrants Program.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-12252 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Establish Fees for the Trade-by-Trade Report
MIAX Pearl Options Exchange is adding new fees for their Trade-by-Trade Report starting now. Traders and firms who want this detailed report will pay a monthly subscription or a fee for one-time historical data requests, with discounts if they also buy related reports. This change helps the Exchange cover costs and keeps data access clear and fair.
2026-12260 — Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend its Rules Related to Market Makers
The Long-Term Stock Exchange (LTSE) wants to update its rules for Market Makers—those who help keep trading smooth and steady. They’re adding clear definitions, setting up a new registration system, and creating fresh responsibilities for Market Makers and their traders. These changes aim to make trading fairer and more organized, with no big cost changes expected, and they’re open for public comments now.
Previous / Next Documents
Previous: 2025-10745 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule To Extend the Sunset Provision Related to the Options Regulatory Fee (ORF)
MEMX is extending the deadline for its Options Regulatory Fee (ORF) from May 31 to December 31, 2025. This means traders and members using MEMX’s options market will keep paying this fee a bit longer. The change kicks in on June 1, 2025, keeping the fee schedule steady through the end of the year.
Next: 2025-10747 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Equity 6, Section 4 (Exchange Sharing of Participant Risk Settings) To Permit the Allocation of Responsibility to Clearing Members
Nasdaq is updating its rules to let clearing members (the folks who handle the final steps of trades) take on more responsibility for managing risk settings. This change affects trading participants who don’t clear their own trades and aims to make risk management smoother and clearer. The new rule is effective immediately, helping the market stay safe without slowing down trading or adding extra costs.