MEMX Tweaks Trade Fees: Up for Some, Discounts for Others
Published Date: 2/13/2026
Notice
Summary
MEMX is updating its fees for stock trades starting right away. Some fees for certain trades will go up, while others get discounts or smaller rebates. These changes mainly affect traders and members using MEMX, aiming to keep things fair and follow new rules.
Analyzed Economic Effects
6 provisions identified: 2 benefits, 4 costs, 0 mixed.
Tape A quoting requirement tightened
MEMX will change its Tape A Quoting Tier qualification so Members must achieve NBBO Time of at least 25% in an average of at least 500 Tape A securities per trading day (previously 100) to receive the $0.0002 per-share additive rebate. The amount of the additive rebate remains $0.0002 per share.
Tier qualification moves to prior-month volumes
To comply with Regulation NMS Rule 610(d) effective February 2, 2026, MEMX will determine tier and additive rebate qualifications using quoting and trading activity from the prior month so that transaction fees and rebates can be known at the time of execution. New Members will receive base rates in their first month of trading.
Tape A removed-volume fee rises
If you are a MEMX Member executing trades that remove liquidity in Tape A securities priced at or above $1.00 per share, the standard fee increases from $0.0029 per share to $0.0030 per share. MEMX proposes to implement this change immediately.
New Tape A removal discount tier
MEMX will adopt a Tape A Liquidity Removal Tier that charges $0.0029 per share for Removed Tape A Volume for Members that achieve a Tape A ADAV of at least 10,000,000 shares. For securities priced below $1.00 per share, the Exchange will continue to charge 0.28% of the total dollar value for removal executions.
DLI Tier 1 rebate slightly cut
MEMX will reduce the DLI Tier 1 rebate for executions of Added Displayed Volume in securities priced at or above $1.00 from $0.0033 per share to $0.0032 per share. The qualifying criteria for DLI Tier 1 (NBBO Time of at least 50% in an average of at least 1,000 securities) do not change.
Tape B Tier 1 rebate reduced
MEMX will reduce the additive rebate under Tape B Volume Tier 1 from $0.0005 per share to $0.0004 per share for qualifying executions in Tape B securities priced over $1.00. The Tier 1 qualifying criteria (Tape B ADAV >= 0.40% of Tape B TCV excluding Retail Orders and Non-Display ADAV >= 8,000,000 shares) remain unchanged.
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