Members Exchange
{{Short description|Stock exchange}}
{{Infobox exchange
| name = The Members Exchange (MEMX)
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| type = Stock exchange and Options exchange
| city = New York City
| country = United States
| coor =
| founded = {{start date and age |2019}}
| closed =
| owner = Consortium of nine banks, financial services firms, market makers, and retail broker-dealers
| key_people = Jonathan Kellner (Chief Executive Officer)
| currency = United States Dollar (USD)
| commodity = US Stocks and Options
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| homepage = {{URL|https://memx.com/}}
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The Members Exchange (MEMX) is an American technology-driven stock exchange founded by its members to serve the interest of its founders and their collective client base. The founding members, which include nine major financial organizations, claim they seek to transform markets around the goals of transparency, innovation, and competition in order to align exchange services with the interests of market participants. It is a member-formed equities trading platform, and competes with the major equity exchanges: NYSE, Nasdaq, and CBOE.
The mission of the exchange is "to increase competition, improve operational transparency, reduce fixed costs and simplify the execution of equity trading in the U.S." Initially, after launch, MEMX is not charging for market data or connectivity.{{cite web |url=https://www.spglobal.com/marketintelligence/en/news-insights/trending/AFD3j7cem43xdRkW1vNJ7g2 |title=New stock exchange ventures say US market is ripe for disruption |work=S&P Global |access-date=July 25, 2019}}
History
MEMX was founded in early 2019 by a group of nine banks, financial services firms, market makers, and retail broker-dealers: BofA Securities, Charles Schwab Corporation, Citadel LLC, E-Trade, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS, and Virtu Financial.{{cite news |url=https://www.ft.com/content/7f3a2154-2af2-11e9-a5ab-ff8ef2b976c7 |title=ICE will not fight upstart exchange MEMX, CEO says |work=Financial Times |access-date=July 25, 2019}} MEMX has also received investments from nine other financial services firms since its conception, including BlackRock,{{cite news |last= |first= |date= |title=BlackRock throws support behind US exchange start-up MEMX |work=Financial Times |url=https://www.ft.com/content/6aad5b60-5378-476f-9636-4d06017fff9e |access-date=2020-10-23 |language=en-US}} Citigroup,{{cite web |title=Why Citi is the latest Wall Street giant to back the new MEMX stock exchange, launching this fall |url=https://fortune.com/2020/06/13/citi-members-exchange-memx-wall-street-stock-market/ |access-date=2020-10-23 |work=Fortune |language=en}} J.P. Morgan, Goldman Sachs,{{cite news |last1=Osipovich |first1=Alexander |date=2020-02-20 |title=Goldman, JPMorgan Lead New Funding Round for Members Exchange |work=Wall Street Journal |url=https://www.wsj.com/articles/goldman-jpmorgan-lead-new-funding-round-for-members-exchange-11582203604 |access-date=2020-10-23 |issn=0099-9660 |language=en-US}} Wells Fargo,{{cite web |title=BlackRock, Wells Fargo now backing stock exchange upstart MEMX |url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/blackrock-wells-fargo-now-backing-stock-exchange-upstart-memx-58564963 |access-date=2020-10-23 |work=S&P Global |language=en-US}} and Jane Street Capital.{{cite web |title=Goldman Sachs, JP Morgan and Jane Street join MEMX venture as launch date is set |url=https://www.thetradenews.com/goldman-sachs-jp-morgan-jane-street-join-memx-venture-launch-date-set/ |access-date=2020-10-23 |website=The TRADE |language=en}} MEMX was founded to deliver a lower cost, more transparent exchange platform that has the end-user in mind.{{cite web |url=https://www.cnbc.com/2019/01/07/ice-nasdaq-shares-tank-as-wall-street-giants-plan-rival-exchange-memx.html |title=ICE, Nasdaq shares fall as Wall Street giants plan rival exchange MEMX |work=CNBC |access-date=July 25, 2019}}
MEMX received approval from the Securities and Exchange Commission in May 2020 to operate as a national securities exchange.{{cite web |title=Members Exchange Receives SEC Approval to Operate U.S. Securities Exchange |url=https://www.businesswire.com/news/home/20200505005632/en/Members-Exchange-Receives-SEC-Approval-Operate-U.S. |website=businesswire.com |access-date=15 June 2020}} The exchange launched on September 21, 2020, listing seven symbols and rolling out additional names through October 2020.{{cite news |last1=Osipovich |first1=Alexander |date=2020-09-21 |title=Wall Street-Backed Exchange Launches as Rival to NYSE, Nasdaq |work=Wall Street Journal |url=https://www.wsj.com/articles/wall-street-backed-exchange-set-to-launch-as-rival-to-nyse-nasdaq-11600680601 |access-date=2020-10-23 |issn=0099-9660 |language=en-US}}
On September 27, 2023, MEMX launched its first U.S. options exchange, MEMX Options.{{cite web|title=Wall Street-Backed Options Exchange Kicks Off Amid Peak Volumes|url=https://www.bloomberg.com/news/articles/2023-09-27/wall-street-backed-options-exchange-kicks-off-amid-peak-volumes}}
In February 2024, Blue Ocean Technologies migrated its trading system to a platform provided by MEMX.{{cite web|url=https://www.marketsmedia.com/blue-ocean-ats-migrates-to-memx-technology-to-support-growth/|title=Blue Ocean ATS Migrates to MEMX Technology to Support Growth
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Key people
- Jonathan Kellner, chief executive officer{{cite news |url=https://www.bloomberg.com/news/articles/2019-02-27/wall-street-s-new-stock-exchange-picks-instinet-veteran-as-ceo |title=Wall Street's New Stock Exchange Picks Instinet Veteran as CEO |work=Bloomberg |access-date=July 25, 2019}}
- Dominick Paniscotti, Chief Technology Officer{{cite news |url=https://www.wsj.com/articles/startup-stock-exchange-builds-executive-team-with-nasdaq-hires-11551880920 |title=Startup Stock Exchange Builds Executive Team With Nasdaq Hires |work=Wall Street Journal |access-date=July 25, 2019 |language=en}}
- Colin Clark, Head of Business Development
- Lindsay Stone Gilliam, Chief People Officer{{cite web |url=https://medium.com/memx-blog/growing-the-memx-team-a-staffing-update-8165a68befa0 |title=Growing the MEMX Team: a Staffing Update |via=Medium |access-date=July 25, 2019}}
- Nick Ciarleglio, Head of Member Experience{{cite web |url=https://memx.com/growing-the-memx-team-a-staffing-update-part-ii/ |title=Growing the MEMX Team: a Staffing Update Part II |work=MEMX.com}}
- Sophie Sohn, Head of Marketing and Communications{{cite web |title=MEMX Testing, Launch and Personnel Update – MEMX |url=https://memx.com/memx-testing-launch-and-personnel-update/ |access-date=2020-10-23 |language=en-US}}
References
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