MEMX proposes new DLI Tier 1 and bans rebate stacking on fee schedule

On November 10, 2026, the Securities and Exchange Commission published a notice (Release No. 34-106864; File No. SR-MEMX-2026-34; FR Doc No. 2026-23181) that MEMX LLC filed a proposed rule change to amend its fee schedule. The filing, made on October 30, 2026, seeks immediate effectiveness, with the proposed changes slated for implementation on November 2, 2026 and binding all MEMX Members.

The amendment would create a new Displayed Liquidity Incentive (DLI) Tier 1 that offers an enhanced rebate of $0.0035 per share for added displayed volume in securities priced at or above $1.00. Qualification requires an NBBO time of at least 50% across an average of 1,300 securities per trading day. The existing DLI Tier 1 and Tier 2 would be re-designated as Tier 2 and Tier 3, respectively, with their current rebates of $0.0032 and $0.0026 per share and associated criteria unchanged. The standard rebate for added displayed volume remains $0.0015 per share, and the rebate for securities priced below $1.00 stays at 0.15% of the transaction value.

In addition, MEMX proposes that additive rebates under the Tape A Quoting Tier, Tape B Volume Tier 1, Tape B Volume Tier 2, and Tape C Quoting Tier may not be combined with any DLI Tier rebate. This restriction applies to all Members subject to the fee schedule.

MEMX notes that it represents approximately 1.6% of overall equities market share in a market where no single exchange holds more than about 14% of executed volume. The exchange operates a maker-taker model and uses tiered pricing to incentivize higher liquidity provision.

The Commission is soliciting comments on the proposal. Interested parties may submit comments referencing the above docket numbers within the comment period specified in the notice.