SEC Considers Pausing New Stock Trading Fee Rules for MEMX
Published Date: 3/25/2026
Notice
Summary
MEMX LLC asked the SEC to pause some new rules about stock price steps and fees that started in 2024. This pause would affect all trading centers and lets them charge a slightly higher fee for certain stocks priced under $1 or with specific price increments. The SEC wants your thoughts before deciding, so this could impact how much trading costs and when changes happen.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Delay of Fee-Cap Changes for Certain Stocks
MEMX asked the SEC to temporarily delay implementing the amended Rule 610(c) for (a) protected quotations and best bids/offers in NMS stocks that would continue to use a $0.01 minimum pricing increment under Rule 612(b)(2)(i), and (b) protected quotations and best bids/offers in NMS stocks priced below $1.00 per share. The amendments to Rule 610(c) that could be delayed include the access-fee caps the Commission adopted in September 2024 (for example, $0.001 per share for quotations priced $1.00 or more and 0.1% of quotation price for quotations priced under $1.00).
Request to Allow Higher Access Fee ($0.0015)
MEMX asked the SEC to allow exchanges to charge an access fee of up to $0.0015 per share by modifying the $0.0010 amended access-fee cap for NMS stocks that would be subject to a $0.005 minimum pricing increment under Rule 612(b)(2)(ii). The application also notes that, if relief is granted, protected quotations in such $0.005-increment stocks could face different caps by price (e.g., $0.001 or $0.0015 per share for quotations $1.00 or more and 0.3% of the quotation price for quotations below $1.00).
Implementation of $0.005 Tick to Reduce Spreads
MEMX says the minimum pricing increment changes in Rule 612 would set a $0.005 minimum pricing increment for bids, offers, orders and indications of interest priced at $1.00 or more per share (Rule 612(b)(2)(ii)), and that implementing this $0.005 increment would reduce bid-ask spreads and improve investor trading outcomes. MEMX asks that the $0.005 minimum pricing increment be able to be implemented in November 2026 without further delay while other Rule 610(c) access-fee issues are deliberated.
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