MEMX Updates Fee Schedule for Equities Trading Discounts
Published Date: 3/17/2026
Notice
Summary
MEMX is updating its fee schedule for members who trade stocks to make the rules clearer and adjust how certain discounts work. These changes kick in right away and could affect how much some traders pay or save when providing liquidity. If you’re a member of MEMX, keep an eye on these tweaks—they might impact your trading costs starting now!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Tier 2 Rebate Baseline and Expiry Updated
If you trade on MEMX and add displayed liquidity, the Exchange keeps the enhanced Liquidity Provision Tier 2 rebate of $0.0031 per share (base rebate is $0.0015 per share) but modifies alternative criterion (3). Under the revised criterion (3) a Member may qualify by having ADAV >= 0.10% of TCV and a Step-Up Add TCV from December 2025 >= 0.05%; the Exchange notes this criterion (3) will expire no later than June 30, 2026.
Step-Up Volume Calculations Clarified
If you are a MEMX Member, the Exchange changed several Step-Up definitions to replace the word "current" with "the prior month's" so qualifying volumes for tiers and rebates are determined from the prior month's quoting or trading activity. The Exchange also added a new defined term, "Step-Up Add TCV," that compares ADAV as a percentage of TCV in a baseline month to the prior month's ADAV as a percentage of TCV; these changes support MEMX's compliance with Regulation NMS Rule 610(d) (compliance date February 2, 2026).
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