MEMX Lowers Tape B Tier 2 Volume Threshold to 0.20%

On September 30, 2026, MEMX LLC filed a proposed rule change with the Securities and Exchange Commission to amend its fee schedule. The amendment is to be effective immediately, modifying the required criteria for the Tape B Volume Tier 2 rebate.

Under the current schedule, MEMX provides a standard rebate of $0.0015 per share for executions of orders that add displayed liquidity in securities priced at or above $1.00. For Tape B Volume Tier 2, qualifying members receive an additive rebate of $0.0002 per share on added displayed volume (excluding retail orders). The proposed change does not alter the rebate amount.

The amendment lowers the Tape B ADAV (average daily added volume) threshold from a minimum of 0.25% of the Tape B TCV (total consolidated volume) to a minimum of 0.20% of the Tape B TCV, excluding retail orders. This reduction of 0.05% is intended to make the Tier 2 qualification more attainable for members.

MEMX notes that it operates in a highly competitive market of 18 registered equities exchanges, where no single exchange holds more than approximately 14% of total executed equity volume. MEMX itself represents roughly 1.6% of overall market share, indicating limited pricing power and a reliance on competitive fee structures.

The exchange states that the revised criteria are designed to encourage members to maintain or increase order flow that adds liquidity, thereby supporting a more robust and balanced market ecosystem on MEMX. By easing the volume requirement, MEMX aims to provide members with a clearer incentive to direct additional displayed orders to its platform.