MEMX Request for Exemptive Relief: Access Fee Cap

Mar 2, 2026

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On February 26, 2026, MEMX submitted to the U.S. Securities and Exchange Commission (“SEC”) a request for exemptive relief that asks the agency to temporarily delay the implementation of its September 2024 amendments to Rule 610(c) of Regulation NMS (the “access fee cap”).

If granted, our request for exemptive relief would allow national securities exchanges like MEMX to charge an access fee that does not exceed:

  1. $0.0030 per share in NMS stocks that are not subject to tick size reform under the SEC’s recent amendments to Rule 612 of Regulation NMS (the “Sub-Penny Rule).
  2. $0.0015 per share in NMS stocks that would trade with a half penny ($0.005) minimum increment pursuant to the adopted changes to the Sub-Penny Rule.

This request is designed to give the SEC time to evaluate how access fees should be regulated in light of anticipated changes to Rule 611 of Regulation NMS (the “Order Protection Rule”) before the industry implements significant changes that may be later undone or modified substantially.

MEMX has requested that the SEC publish our request for public comment and we encourage market participants to share their views with the agency as they consider this request.

Download Our Letter Requesting Exemptive Relief