# 2025-20693: MEMX Revises Equities Trading Fees

2025-20693, Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule Concerning Equities Transaction Pricing, is a Federal Register notice from Securities and Exchange Commission published 2025-11-24, effective 2025-09-30 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-20693
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-20693
- Title: Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule Concerning Equities Transaction Pricing
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 53023
- Published: 2025-11-24
- Effective: 2025-09-30
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

MEMX Revises Equities Trading Fees

## Summary

MEMX is shaking up its fee schedule to reward traders who add hidden and visible orders, especially for stocks priced above and below $1. They’re also cutting fees for retail orders that take liquidity and simplifying some rebate tiers. These changes kick in right away, aiming to make trading fairer and more rewarding for everyone involved.

## Effects PRIA read

- Higher rebates for hidden orders ≥ $1: benefit, low. If you add non-displayed (hidden) liquidity in stocks priced at or above $1.00, MEMX increases the base rebate from $0.0008 per share to $0.0025 per share. The change was filed September 30, 2025 and MEMX proposes to implement it immediately.
- Doubling sub‑dollar hidden order rebate: benefit, medium. If you add non-displayed liquidity in securities priced below $1.00, MEMX increases the rebate from 0.075% of the trade value to 0.15% of the trade value. This change was filed September 30, 2025 and MEMX proposes to implement it immediately.
- Higher rebates for displayed sub‑dollar orders: benefit, medium. If you add displayed liquidity in securities priced below $1.00, MEMX increases the rebate from 0.075% to 0.15% of the trade value. MEMX filed the change September 30, 2025 and proposes immediate implementation.
- Removal of Non‑Display Add Tiers 2 and 3: cost, medium. MEMX will eliminate Non-Display Add Tiers 2 and 3 (historically tied to Non-Displayed ADAV of 200,000 and 1,000,000 shares) while keeping Tier 1. The change was filed September 30, 2025 and MEMX proposes immediate implementation.
- Different remove‑fees by Tape (Tape A cheaper): mixed, low. MEMX will charge separate standard fees to remove liquidity by Tape: Tape A $0.0029 per share, Tape B $0.0030 per share, and Tape C $0.0030 per share. This filing was submitted September 30, 2025 and MEMX proposes to implement it immediately.
- Lower fee for retail orders removing liquidity: benefit, low. MEMX reduces the standard fee for Retail Orders that remove liquidity from $0.0030 per share to $0.0029 per share to encourage more retail orders on the Exchange. The proposal was filed September 30, 2025 and MEMX proposes immediate implementation.
- Elimination of Sub‑Dollar Rebate Tier: mixed, low. MEMX will eliminate the Sub‑Dollar Rebate Tier (which previously gave 0.15% of trade value for members with Sub‑Dollar ADAV ≥ 5,000,000 shares) because the base sub‑dollar rebates are being raised to 0.15%. This change was filed September 30, 2025 and MEMX proposes immediate implementation.
- Easier qualifying for Tape A quoting rebate: benefit, low. MEMX reduces the Tape A Quoting Tier requirements so a Member can qualify for the additive $0.0002 per share rebate by achieving NBBO Time of at least 25% in an average of at least 100 Tape A securities per trading day (down from 50% and 500 securities). The change was filed September 30, 2025 and…

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## Sources
- [2025-20693 on federalregister.gov](https://www.federalregister.gov/documents/2025/11/24/2025-20693/self-regulatory-organizations-memx-llc-notice-of-filing-and-immediate-effectiveness-of-a-proposed)
- [2025-20693 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-11-24/pdf/2025-20693.pdf)

## Related
- [Previous: 2025-20692, Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-20692)
- [Next: 2025-20694, Meeting of the Religious Liberty Commission](https://policyrisk.com/federal-register/2025-20694)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-20693 (as of 2026-06-08).