MEMX options fee schedule changes take effect for liquidity rebates and charges

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MEMX options fee schedule changes

Highlights

MEMX will implement revised options fee schedules effective Sept. 1, 2026, raising rebates for customer liquidity-adding executions in Non-Penny options while lowering market maker rebates.
Fees for removing liquidity in Non-Penny options are increasing for Market Maker, Professional, Firm, Away Market Maker, and Broker-Dealer capacities, further impacting institutional trading costs.
Customer executions in Penny options receive a $0.49 per-contract rebate for adding liquidity and face a $0.46 per-contract fee for removing liquidity, with new volume tiers incentivizing active customer orders.

Fee revisions across options capacities

As reported by MEMX Members Exchange - Alerts & Notices, the exchange says the changes are effective Tuesday, Sept. 1, 2026, subject to filing with the U.S. Securities and Exchange Commission. The notice outlines higher rebates for customer executions that add liquidity in Non-Penny options, while reducing rebates for market makers that add liquidity in both Penny and Non-Penny options.

MEMX also says it is increasing the fee for executions that remove liquidity in Non-Penny options when trades are made in the Market Maker, Professional, Firm, Away Market Maker and Broker-Dealer capacities. In addition, rebates are being reduced for executions that add liquidity in Non-Penny options in the Professional, Firm, Away Market Maker and Broker-Dealer categories.

The exchange notes that members are charged per-contract fees or receive per-contract rebates based on the fee code category tied to each execution. In the customer capacity, the schedule includes a rebate of $0.49 per contract for adding liquidity in Penny options and a fee of $0.46 per contract for removing liquidity.

Implications for trading activity and market participants

The revised schedule reshapes trading economics for participants active in MEMX Options, particularly in Non-Penny contracts where both liquidity provision and liquidity removal pricing are being adjusted. Customer orders gain more favorable treatment in some areas, while market makers and other professional trading categories face lower rebates or higher charges.

MEMX is also adopting Volume Tier 1 for customer executions that add liquidity in Penny options, a move that links higher rebates to specific activity thresholds. The tiered approach may encourage greater displayed liquidity from customer flow while differentiating incentives among participant types in the options market.

Our earlier coverage of Cboe’s proposed KPI-linked binary options examined how exchanges are exploring contracts tied directly to corporate performance metrics such as revenue, net income, or production. We noted that while these instruments could offer new ways to trade or hedge operating results, the link between a KPI outcome and shareholder returns may be imperfect, adding complexity to risk management.

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