Notice2025-13260
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule Concerning Equities Transaction Pricing
Primary source
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Published
July 16, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 134 (Wednesday, July 16, 2025)</title>
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[Federal Register Volume 90, Number 134 (Wednesday, July 16, 2025)]
[Notices]
[Pages 32051-32055]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-13260]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103439; File No. SR-MEMX-2025-21]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend the
Exchange's Fee Schedule Concerning Equities Transaction Pricing
July 11, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on June 30, 2025, MEMX LLC (``MEMX'' or the ``Exchange'') filed
with the Securities and Exchange Commission (the ``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing with the Commission a proposed rule change
to amend the Exchange's fee schedule applicable to Members \3\ (the
``Fee Schedule'') pursuant to Exchange Rules 15.1(a) and (c). As is
further described below, the Exchange proposes to (i) increase the fee
for executions of Retail Orders in securities priced at or above $1.00
per share that remove liquidity from the Exchange and (ii) modify the
Liquidity Provision Tiers by reducing the rebate and modifying the
required criteria under Liquidity Provision 2 and reducing the rebates
under Liquidity Provision Tiers 3, 4, and 5. The Exchange proposes to
implement the changes to the Fee Schedule pursuant to this proposal on
July 1, 2025. The text of the proposed rule change is provided in
Exhibit 5.
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\3\ See Exchange Rule 1.5(p).
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The
[[Page 32052]]
Exchange has prepared summaries, set forth in sections A, B, and C
below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend the Fee
Schedule to: (i) increase the fee for executions of Retail Orders \4\
in securities priced at or above $1.00 per share that remove liquidity
from the Exchange (such orders, ``Removed Retail Volume''); and (ii)
modify the Liquidity Provision Tiers by reducing the rebate and
modifying the required criteria under Liquidity Provision 2 and
reducing the rebates under Liquidity Provision Tiers 3, 4, and 5, each
as further described below.
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\4\ A ``Retail Order'' means an agency or riskless principal
order that meets the criteria of FINRA Rule 5320.03 that originates
from a natural person and is submitted to the Exchange by a Retail
Member Organization (``RMO''), provided that no change is made to
the terms of the order with respect to price or side of market and
the order does not originate from a trading algorithm or any other
computerized methodology. See Exchange Rule 11.21(a).
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The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 18 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues, to
which market participants may direct their order flow. Based on
publicly available information, no single registered equities exchange
currently has more than approximately 12.7% of the total market share
of executed volume of equities trading.\5\ Thus, in such a low-
concentrated and highly competitive market, no single equities exchange
possesses significant pricing power in the execution of order flow, and
the Exchange currently represents approximately 2.2% of the overall
market share.\6\ The Exchange in particular operates a ``Maker-Taker''
model whereby it provides rebates to Members that add liquidity to the
Exchange and charges fees to Members that remove liquidity from the
Exchange. The Fee Schedule sets forth the standard rebates and fees
applied per share for orders that add and remove liquidity,
respectively. Additionally, in response to the competitive environment,
the Exchange also offers tiered pricing, which provides Members with
opportunities to qualify for higher rebates or lower fees where certain
volume criteria and thresholds are met. Tiered pricing provides an
incremental incentive for Members to strive for higher tier levels,
which provides increasingly higher benefits or discounts for satisfying
increasingly more stringent criteria.
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\5\ Market share percentage calculated as of June 26, 2025. The
Exchange receives and processes data made available through
consolidated data feeds (i.e., CTS and UTDF).
\6\ Id.
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Increase Standard Fee for Removed Retail Volume
Currently, the Exchange charges a standard fee of $0.0028 per share
for executions of Removed Retail Volume. The Exchange now proposes to
increase the standard fee for executions of Removed Retail Volume to
$0.0030 per share.\7\ The purpose of increasing the standard fee for
executions of Removed Retail Volume is for business and competitive
reasons, as the Exchange believes that increasing such fee as proposed
would generate additional revenue to offset some of the costs
associated with the Exchange's current pricing structure, which
provides various rebates for liquidity-adding orders, and the
Exchange's operations generally, in a manner that is still consistent
with the Exchange's overall pricing philosophy of encouraging added
liquidity. The Exchange notes that despite the increase proposed
herein, the proposed standard fee for executions of Removed Retail
Volume remains in line with the standard fees charged by other
exchanges for executions of Retail Orders in securities priced at or
above $1.00 per share that remove liquidity.\8\
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\7\ The proposed standard fee for executions of Removed Retail
Volume is referred to by the Exchange on the Fee Schedule under the
existing description ``Removed volume from MEMX Book, Retail Order''
with a Fee Code of ``RrA'' on execution reports.
\8\ See, e.g., the Cboe EDGX equities fee schedule on its public
website (available at <a href="https://www.cboe.com/us/equities/membership/fee_schedule/edgx/">https://www.cboe.com/us/equities/membership/fee_schedule/edgx/</a>), which reflects a standard fee of $0.0030 per
share for executions of Retail orders in securities priced at or
above $1.00 per share that remove liquidity; the Cboe BZX equities
fee schedule on its public website (available at <a href="https://www.cboe.com/us/equities/membership/fee_schedule/bzx/">https://www.cboe.com/us/equities/membership/fee_schedule/bzx/</a>) which
reflects a standard fee of $0.0030 per share for executions of
Retail orders in securities priced at or above $1.00 per share that
remove liquidity.
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Liquidity Provision Tiers
The Exchange currently provides a base rebate of $0.0015 per share
for executions of displayed orders in securities priced at or above
$1.00 per share that add liquidity to the Exchange (such orders,
``Added Displayed Volume'').\9\ The Exchange also currently offers
Liquidity Provision Tiers 1-5 under which a Member may receive an
enhanced rebate for executions of Added Displayed Volume by achieving
the corresponding required volume criteria for each such tier. The
Exchange now proposes to reduce the rebate and modify the required
criteria under Liquidity Provision Tier 2 and reduce the rebates under
Liquidity Provision Tiers 3, 4, and 5, as further described below.
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\9\ The base rebate for executions of Added Displayed Volume is
referred to by the Exchange on the Fee Schedule under the existing
description ``Added non-displayed volume'' with a Fee Code of ``B'',
``D'' or ``J'', as applicable, on execution reports.
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First, with respect to Liquidity Provision Tier 2, the Exchange
currently provides an enhanced rebate of $0.0032 per share for
executions of Added Displayed Volume for Members that qualify for such
tier by achieving: (1) an ADAV \10\ that is equal to or greater than
0.20% of the TCV \11\ and an ADV \12\ that is equal or greater than
0.50% of the TCV; or (2) an ADAV that is equal to or greater than 0.30%
of the TCV. The Exchange now proposes to reduce the rebate for
executions of Added Displayed Volume under Liquidity Provision Tier 2
to $0.0031 per share,\13\ and to modify the required criteria such that
a Member would now qualify for such tier by achieving: (1) an ADAV that
is equal to or greater than 0.20% of the TCV and an ADV that is equal
to or greater than 0.50% of the TCV; or (2) an ADAV that is equal to or
greater than 0.20% of the TCV in securities priced at or above $1.00
per share and a Non-Displayed ADAV that is equal to or greater than
6,000,000 shares. Thus, such proposed change would keep the existing
first alternative criteria intact and modify the second alternative
criteria to include a reduced ADAV threshold in securities priced at or
[[Page 32053]]
above $1.00 per share and a Non-Displayed ADAV threshold. The Exchange
is not proposing to change the rebate for executions of orders in
securities priced below $1.00 per share under Liquidity Provision Tier
2.
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\10\ As set forth on the Fee Schedule, ``ADAV'' means the
average daily added volume calculated as the number of shares added
per day, which is calculated on a monthly basis, and ``Displayed
ADAV'' means ADAV with respect to displayed orders.
\11\ As set forth on the Fee Schedule, ``TCV'' means total
consolidated volume calculated as the volume reported by all
exchanges and trade reporting facilities to a consolidated
transaction reporting plan for the month for which the fees apply.
\12\ As set forth on the Fee Schedule, ``ADV'' means average
daily volume calculated as the number of shares added or removed,
combined, per day. ADV is calculated on a monthly basis.
\13\ The proposed pricing for Liquidity Provision Tier 2 is
referred to by the Exchange on the Fee Schedule under the existing
description ``Added displayed volume, Liquidity Provision Tier 2''
with a Fee Code of ``B2'', ``D2'' or ``J2'', as applicable, to be
provided by the Exchange on the monthly invoices provided to
Members.
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Second, with respect to Liquidity Provision Tier 3,\14\ the
Exchange currently provides an enhanced rebate of $0.0030 per share for
executions of Added Displayed Volume for Members that qualify for such
tier by achieving: 1) an ADAV that is equal to or greater than 0.20% of
the TCV in securities priced at or above $1.00 per share; or 2) an ADAV
that is equal to or greater than 0.175% of the TCV. The Exchange now
proposes to reduce the rebate for executions of Added Displayed Volume
under Liquidity Provision Tier 3 to $0.0029 per share. The Exchange is
not proposing to change the criteria required to qualify for Liquidity
Provision Tier 3. The Exchange is also not proposing to change the
rebate for executions of orders in securities priced below $1.00 per
share under such tier.
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\14\ The pricing for Liquidity Provision Tier 3 is referred to
by the Exchange on the Fee Schedule under the existing description
``Added displayed volume, Liquidity Provision Tier 3'' with a Fee
Code of ``B3'', ``D3'' or ``J3'', as applicable, to be provided by
the Exchange on the monthly invoices provided to Members.
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Third, with respect to Liquidity Provision Tier 4,\15\ the Exchange
currently provides an enhanced rebate of $0.0029 per share for
executions of Added Displayed Volume for Members that qualify for such
tier by achieving an ADAV (excluding Retail Orders) that is equal to or
greater than 0.09% of the TCV. The Exchange now proposes to reduce the
rebate for executions of Added Displayed Volume under Liquidity
Provision Tier 4 to $0.0028 per share. The Exchange is not proposing to
change the criteria required to qualify for Liquidity Provision Tier 4.
The Exchange is also not proposing to change the rebate for executions
of orders in securities priced below $1.00 per share under such tier.
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\15\ The pricing for Liquidity Provision Tier 4 is referred to
by the Exchange on the Fee Schedule under the existing description
``Added displayed volume, Liquidity Provision Tier 4'' with a Fee
Code of ``B4'', ``D4'' or ``J4'', as applicable, to be provided by
the Exchange on the monthly invoices provided to Members.
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Lastly, with respect to Liquidity Provision Tier 5,\16\ the
Exchange currently provides an enhanced rebate of $0.0025 per share for
executions of Added Displayed Volume for Members that qualify for such
tier by achieving an ADAV that is equal to or greater than 0.06% of the
TCV. The Exchange now proposes to reduce the rebate for executions of
Added Displayed Volume under Liquidity Provision Tier 5 to $0.0024 per
share. The Exchange is not proposing to change the criteria required to
qualify for Liquidity Provision Tier 5. The Exchange is also not
proposing to change the rebate for executions of orders in securities
priced below $1.00 per share under such tier.
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\16\ The pricing for Liquidity Provision Tier 5 is referred to
by the Exchange on the Fee Schedule under the existing description
``Added displayed volume, Liquidity Provision Tier 5'' with a Fee
Code of ``B5'', ``D5'' or ``J5'', as applicable, to be provided by
the Exchange on the monthly invoices provided to Members.
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The purpose of reducing the rebates for executions of Added
Displayed Volume under Liquidity Provision Tiers 2, 3, 4, and 5 as
proposed (i.e., by $0.0001 per share), which the Exchange believes is a
modest reduction and remains commensurate with the required criteria,
is for business and competitive reasons, as the Exchange believes that
such reduction would decrease the Exchange's expenditures with respect
to its transaction pricing in a manner that is still consistent with
the Exchange's overall pricing philosophy of encouraging added
liquidity.
The tiered pricing structure for executions of Added Displayed
Volume under the Liquidity Provision Tiers provides an incremental
incentive for Members to strive for higher volume thresholds to receive
higher enhanced rebates for such executions and, as such, is intended
to encourage Members to maintain or increase their order flow,
primarily in the form of liquidity-adding volume, to the Exchange,
thereby contributing to a deeper and more liquid market to the benefit
of all Members and market participants. The Exchange believes that the
Liquidity Provision Tiers, as modified by the proposed changes
described above, reflect a reasonable and competitive pricing structure
that is right-sized and consistent with the Exchange's overall pricing
philosophy of encouraging added and/or displayed liquidity.
Specifically, the Exchange believes that, after giving effect to the
proposed changes described above, the rebate for executions of Added
Displayed Volume provided under each of the Liquidity Provision Tiers
1-5 remains commensurate with the corresponding required criteria under
each such tier and is reasonably related to the market quality benefits
that each such tier is designed to achieve.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\17\ in general, and with
Sections 6(b)(4) and 6(b)(5) of the Act,\18\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among its Members and other persons using its facilities
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
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\17\ 15 U.S.C. 78f.
\18\ 15 U.S.C. 78f(b)(4) and (5).
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As discussed above, the Exchange operates in a highly fragmented
and competitive market in which market participants can readily direct
order flow to competing venues if they deem fee levels at a particular
venue to be excessive or incentives to be insufficient, and the
Exchange represents only a small percentage of the overall market. The
Commission and the courts have repeatedly expressed their preference
for competition over regulatory intervention in determining prices,
products, and services in the securities markets. In Regulation NMS,
the Commission highlighted the importance of market forces in
determining prices and SRO revenues and also recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \19\
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\19\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005).
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow or discontinue use of certain categories of products,
in response to new or different pricing structures being introduced
into the market. Accordingly, competitive forces constrain the
Exchange's transaction fees and rebates, and market participants can
readily trade on competing venues if they deem pricing levels at those
other venues to be more favorable. The Exchange believes the proposal
reflects a reasonable and competitive pricing structure designed to
incentivize market participants to direct additional order flow,
including displayed liquidity-adding and/or liquidity removing orders
to the Exchange, which the Exchange believes would promote price
discovery and enhance liquidity and market quality on the Exchange to
the benefit of all Members and market participants.
The Exchange believes that the proposed change to increase the
standard fee charged for executions Removed Retail Volume is reasonable
because it represents only a modest increase from the current standard
fee charged for executions of Removed
[[Page 32054]]
Retail Volume and, as noted above, remains in line with the standard
fees charged by other executions of Retail orders in securities priced
at or above $1.00 per share that remove liquidity.\20\ The Exchange
also believes the proposed standard fee charged for executions of
Removed Retail Volume is equitable and not unfairly discriminatory, as
such fee will apply equally to all Members submitting Retail Orders to
the Exchange.
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\20\ See supra note 8.
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The Exchange notes that volume and quoting-based incentives (such
as tiers) have been widely adopted by exchanges, including the
Exchange, and are reasonable, equitable and not unfairly discriminatory
because they are open to all members on an equal basis and provide
additional benefits that are reasonably related to the value to an
exchange's market quality associated with higher levels of market
activity, such as higher levels of liquidity provision and/or growth
patterns, and the introduction of higher volumes of orders into the
price and volume discovery process. The Exchange believes that the
Liquidity Provision Tiers 2, 3, 4, and 5, as modified by the proposed
changes to the rebates and criteria, as applicable, are reasonable,
equitable and not unfairly discriminatory for these same reasons, as
such tiers would continue to provide Members with an incremental
incentive to achieve certain volume thresholds on the Exchange, are
available to all Members on an equal basis, and, as described above,
are designed to encourage Members to maintain or increase their order
flow, including in the form of displayed, liquidity-adding orders to
the Exchange in order to qualify for an enhanced rebate for executions
of Added Displayed Volume, thereby contributing to a deeper, more
liquid and well balanced market ecosystem on the Exchange to the
benefit of all Members and market participants. The Exchange also
believes that the proposed changes to such tiers reflect a reasonable
and equitable allocation of fees and rebates, because, as noted above,
the Exchange believes in each case that the proposed new rebate
represents a modest reduction, as applicable, remains commensurate with
the corresponding required criteria under such tier, and is reasonably
related to the market quality benefits that the tier is designed to
achieve, as described above.
For the reasons discussed above, the Exchange submits that the
proposal satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of
the Act \21\ in that it provides for the equitable allocation of
reasonable dues, fees and other charges among its Members and other
persons using its facilities and is not designed to unfairly
discriminate between customers, issuers, brokers, or dealers. As
described more fully below in the Exchange's statement regarding the
burden on competition, the Exchange believes that its transaction
pricing is subject to significant competitive forces, and that the
proposed additive rebate described herein is appropriate to address
such forces.
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\21\ 15 U.S.C. 78f(b)(4) and (5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposal will result in any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. Instead, as discussed above,
the proposal is intended to incentivize market participants to direct
additional order flow to the Exchange, thereby enhancing liquidity and
market quality on the Exchange to the benefit of all Members and market
participants. As a result, the Exchange believes the proposal would
enhance its competitiveness as a market that attracts actionable
orders, thereby making it a more desirable destination venue for its
customers. For these reasons, the Exchange believes that the proposal
furthers the Commission's goal in adopting Regulation NMS of fostering
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.'' \22\
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\22\ See supra note 19.
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Intramarket Competition
As discussed above, the Exchange believes that the proposal would
incentivize Members to submit additional order flow, including
displayed, liquidity-adding and/or removing orders to the Exchange,
thereby enhancing liquidity and market quality on the Exchange to the
benefit of all Members, as well as enhancing the attractiveness of the
Exchange as a trading venue, which the Exchange believes, in turn,
would continue to encourage market participants to direct additional
order flow to the Exchange. Greater liquidity benefits all Members by
providing more trading opportunities and encourages Members to send
additional orders to the Exchange, thereby contributing to robust
levels of liquidity, which benefits all market participants. The
opportunity to qualify for the proposed modified Liquidity Provision
Tiers 2, 3, 4, and 5, and thus receive the proposed enhanced rebate for
executions of Added Displayed Volume under such tiers, would be
available to all Members that meet the associated volume requirements
in any month. Additionally, as noted above, the proposed increased
standard fee for executions of Removed Retail Volume would continue to
apply equally to all Members in the same manner that such standard fees
currently do today. For the foregoing reasons, the Exchange believes
the proposed changes would not impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
Intermarket Competition
As noted above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. Members have numerous
alternative venues that they may participate on and direct their order
flow to, including 17 other equities exchanges and numerous alternative
trading systems and other off-exchange venues. As noted above, no
single registered equities exchange currently has more than
approximately 12.7% of the total market share of executed volume of
equities trading. Thus, in such a low-concentrated and highly
competitive market, no single equities exchange possesses significant
pricing power in the execution of order flow. Moreover, the Exchange
believes that the ever-shifting market share among the exchanges from
month to month demonstrates that market participants can shift order
flow or reduce use of certain categories of products, in response to
new or different pricing structures being introduced into the market.
Accordingly, competitive forces constrain the Exchange's transaction
fees and rebates, including with respect to Added Displayed Volume and
Removed Retail Volume, and market participants can readily choose to
send their orders to other exchange and off-exchange venues if they
deem fee levels at those other venues to be more favorable. As
described above, the proposed changes represent a competitive proposal
through which the Exchange is seeking to generate additional revenue
with respect to its transaction pricing and to encourage the submission
of additional order flow to the Exchange through volume-based tiers,
which have been widely adopted by exchanges, including the Exchange.
[[Page 32055]]
Accordingly, the Exchange believes the proposal would not burden, but
rather promote, intermarket competition by enabling it to better
compete with other exchanges that offer similar pricing incentives to
market participants.
Additionally, the Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
in Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \23\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. SEC, the D.C. Circuit stated as follows:
``[n]o one disputes that competition for order flow is `fierce.' . . .
As the SEC explained, `[i]n the U.S. national market system, buyers and
sellers of securities, and the broker-dealers that act as their order-
routing agents, have a wide range of choices of where to route orders
for execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers' . . . .''.\24\ Accordingly, the Exchange does not believe its
proposed pricing changes impose any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
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\23\ Id.
\24\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSE-2006-21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \25\ and Rule 19b-4(f)(2) \26\ thereunder.
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\25\ 15 U.S.C. 78s(b)(3)(A)(ii).
\26\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#f785829b92da94989a9a92998384b7849294d9909881"><span class="__cf_email__" data-cfemail="b0c2c5dcd59dd3dfddddd5dec4c3f0c3d5d39ed7dfc6">[email protected]</span></a>. Please include
file number SR-MEMX-2025-21 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-MEMX-2025-21. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-MEMX-2025-21 and should be submitted on
or before August 6, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13260 Filed 7-15-25; 8:45 am]
BILLING CODE 8011-01-P
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