Notice of MEMX LLC Application for Temporary Exemptive Relief from Certain Provisions of Rule 610(c) of Regulation NMS
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MEMX LLC has applied to the SEC for temporary exemptive relief from the amended access fee caps under Rule 610(c) of Regulation NMS. The relief would delay implementation of lower access fee caps for stocks remaining at a $0.01 tick size and for stocks priced below $1.00. For stocks moving to a $0.005 minimum pricing increment, exchanges would be allowed to charge up to $0.0015 per share instead of the new $0.001 cap. The request aims to give the Commission time to evaluate potential changes to Rule 611 before finalizing access fee rules, while still allowing the new $0.005 tick size to take effect in November 2026. The Commission is seeking public comment on whether to grant this relief and on alternative approaches.
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Key Changes
- Temporary delay of amended Rule 610(c) access fee caps for NMS stocks remaining at $0.01 tick size
- Temporary delay of amended Rule 610(c) for all NMS stocks priced below $1.00
- Increase permitted access fee cap from $0.0010 to $0.0015 per share for stocks moving to $0.005 tick size
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Obligations
What this law requires
MEMX LLC must submit an application for temporary exemptive relief from Rule 610(c) amendments pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934 and Rule 610(f) of Regulation NMS, following procedures in Exchange Act Rule 0-12
All trading centers subject to Rule 610(c) must comply with access fee caps of $0.001 per share for NMS stocks priced at $1.00 or more and 0.1% of quotation price for stocks priced below $1.00, effective the first business day of November 2026, unless temporary exemptive relief is granted
All trading centers must implement amendments to Rule 612 establishing a minimum pricing increment of $0.005 for bids, offers, orders and indications of interest priced at $1.00 or more in certain NMS stocks, effective the first business day of November 2026
If temporary exemptive relief is granted, exchanges may charge an access fee of up to $0.0015 per share (instead of $0.001) for NMS stocks subject to the new $0.005 minimum pricing increment, pending Commission determination on Rule 611 amendments
The SEC must publish notice of MEMX's exemptive relief application and solicit public comment on whether to grant the relief and on alternative approaches