Securities exchange fees
MEMX cuts rebates on price-improved stock orders
The exchange also lowers payouts for some non-displayed and midpoint peg trades, while adding a new tier tied to non-displayed volume. The changes took effect immediately after MEMX filed them.
MEMX is trimming what it pays on several equities executions, including orders that add liquidity and get price improvement. For broker-dealers, the shift can nudge routing choices even when the dollar amounts are small.
- Some MEMX stock orders now pay a smaller rebate.
- The steepest cut hits price-improved orders that add liquidity.
- The filing took effect immediately.
- Small fee changes can still steer order flow.
- Some MEMX stock orders now earn less for helping a trade happen
Some MEMX stock orders now earn less for helping a trade happen. The federal filing from MEMX LLC amends its equities fee schedule and took effect immediately after it was published June 15, 2026.
The biggest cut hits orders subject to Display-Price Sliding, MEMX’s routing and execution feature for orders that add liquidity and receive price improvement. For executions in securities priced at $1 or more, the base rebate falls from $0.0025 to $0.0010 per share.
Price improvement, smaller rebate
MEMX is also trimming rebates for other liquidity-adding executions in its equities market. For some non-displayed orders and midpoint peg orders, the base rebate drops to $0.0020 per share from $0.0025, again for stocks priced at $1 or more.
Price-improved orders will no longer qualify for the exchange’s enhanced rebates under the non-display tiers, though they would still count toward the volume thresholds used to earn those tiers. MEMX is also eliminating Display-Price Sliding Tier 1 altogether.
The routing math behind a tiny fee
The filing goes beyond one rebate cut. MEMX is also reducing the additive rebates attached to its Tape A and Tape C quoting tiers by $0.0001 per share, while keeping the qualification tests in place. The Securities and Exchange Commission published notice of the change in the Federal Register on June 15, 2026.
For broker-dealers and trading desks, even changes measured in fractions of a cent can matter. These fees and rebates help determine where orders are routed and how much value an execution returns after the exchange takes its cut and pays its reward.