MEMX Updates Equities Fees with New Tape B Discount Tier
Published Date: 9/18/2025
Notice
Summary
MEMX is updating its fee schedule for stock trades to change how members qualify for certain discounts and to add a new discount tier for Tape B volume. These changes take effect right away and could save some traders money depending on their trading activity. If you trade on MEMX, keep an eye on these new rules to make the most of the updated pricing!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Tier 2 Adds Temporary Step-Up Qualification
MEMX added a third way to qualify for Liquidity Provision Tier 2 (which pays a $0.0031 per share rebate): (3) achieve ADAV equal to or greater than 0.10% of TCV and a Step‑Up ADAV of at least 0.05% of TCV measured from August 2025. That new Step‑Up ADAV criterion will expire no later than February 28, 2026.
New Tape B Volume Tier With Higher Additive Rebate
MEMX added a new Tape B Volume Tier 1 that pays an additive rebate of $0.0005 per share for Tape B displayed added volume if (1) Tape B ADAV is at least 0.40% of Tape B TCV (excluding Retail Orders) and (2) Non‑Display ADAV is at least 8,000,000 shares. The prior Tape B Volume Tier is renamed Tape B Volume Tier 2 and its additive rebate of $0.0002 per share remains unchanged.
Tier 1 Liquidity Re-qualification Rules
If you are a MEMX Member seeking the Liquidity Provision Tier 1 rebate, Tier 1 will now be available only if your ADAV (average daily added volume) is equal to or greater than 0.40% of TCV. The Tier 1 rebate remains $0.0033 per share; the Exchange deleted the previous alternative qualification that relied on a 0.30% ADAV plus a Non‑Displayed ADAV of at least 6,000,000 shares.
Immediate Effectiveness and 60‑Day SEC Review
MEMX implemented these Fee Schedule changes immediately upon filing on September 8, 2025. The SEC may summarily suspend the changes within 60 days of filing and will accept public comments on file number SR‑MEMX‑2025‑28 until October 9, 2025.
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