MEMX equity trading fee changes
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
MEMX is changing parts of its equity trading fee schedule, mainly by lowering several rebates paid to members for adding liquidity to the exchange. The changes cover displayed price-sliding orders, non-displayed orders, midpoint peg orders, and certain quoting incentives for Tape A and Tape C securities. The practical impact is on broker-dealers and trading firms that are MEMX members. Firms that rely on these rebates may see lower economics for certain order types and may need to review routing, quoting, and liquidity-providing strategies from June 1, 2026.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Reduces base rebates for several order types that add liquidity to MEMX
- Creates a new Non-Display Add Tier 2 and changes which executions qualify for enhanced rebates
- Eliminates Display-Price Sliding Tier 1 and lowers certain Tape A and Tape C quoting rebates
Obligations
What this law requires
MEMX members receiving executions of Display-Price Sliding orders that add liquidity and receive price improvement must apply the reduced base rebate for Added Price Improved Volume under the amended MEMX equities fee schedule.
MEMX members receiving executions of orders that add non-displayed liquidity must apply the reduced base rebate for Added Non-Midpoint Non-Displayed Volume under the amended fee schedule.
MEMX members receiving executions of Midpoint Peg orders that add non-displayed liquidity must apply the reduced base rebate for Added Midpoint Non-Displayed Volume under the amended fee schedule.
MEMX members may no longer treat Added Price Improved Volume as eligible for enhanced rebates under the Non-Display Add Tiers after the amended fee schedule takes effect.
MEMX members may no longer claim rebates under Display-Price Sliding Tier 1 because that tier is eliminated by the amended fee schedule.