The Members Exchange (MEMX) is an independently owned, technology-driven

stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...

founded by 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 In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

trading platform, and competes with the major equity exchanges:

NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is by far the List of stock exchanges, world's largest s ...

Nasdaq The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

, and CBOE.

History

MEMX was founded in early 2019 by a group of nine banks, financial services firms, market makers, and retail broker-dealers:

BofA Securities BofA Securities, Inc., previously Bank of America Merrill Lynch (BAML), is an American multinational investment banking division under the auspices of Bank of America. It is not to be confused with Merrill, the stock brokerage and trading pla ...

Charles Schwab Corporation The Charles Schwab Corporation is an American multinational financial services company. It offers banking, commercial banking, investing and related services including consulting, and wealth management advisory services to both retail and instit ...

Citadel LLC Citadel LLC (formerly known as Citadel Investment Group, LLC) is an American multinational hedge fund and financial services company. Founded in 1990 by Kenneth C. Griffin, it has more than $50 billion in assets under management . The company ...

E-Trade E-Trade Financial Corporation (stylized as E*TRADE) is a financial services subsidiary of Morgan Stanley, which offers an electronic trading platform to trade financial assets. The company receives revenue from interest income on margin balanc ...

Fidelity Investments Fidelity Investments, commonly referred to as Fidelity, earlier as Fidelity Management & Research or FMR, is an American multinational financial services corporation based in Boston, Massachusetts. The company was established in 1946 and is on ...

Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...

TD Ameritrade TD Ameritrade is a stockbroker that offers an electronic trading platform for the trade of financial assets including common stocks, preferred stocks, futures contracts, exchange-traded funds, forex, options, mutual funds, fixed income investmen ...

UBS UBS Group AG is a multinational Investment banking, investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres ...

, and

Virtu Financial Virtu Financial is an American company that provides financial services, trading products and market making services. Virtu provides product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer p ...

. MEMX has also received investments from nine other financial services firms since its conception, including

BlackRock BlackRock, Inc. is an American Multinational corporation, multi-national investment company based in New York City. Founded in 1988, initially as a Enterprise risk management, risk management and fixed income institutional asset manager, BlackR ...

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...

, J.P. Morgan,

Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...

Wells Fargo Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...

, and

Jane Street Jane may refer to: * Jane (given name), a feminine given name * Jane (surname), related to the given name Film and television * ''Jane'' (1915 film), a silent comedy film directed by Frank Lloyd * ''Jane'' (2016 film), a South Korean drama fi ...

. MEMX was founded to deliver a lower cost, more transparent exchange platform that has the end-user in mind.

SEC Approval

MEMX received approval from the

Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

in May 2020 to operate as a national securities exchange. The exchange launched on September 21, 2020, listing seven symbols and rolling out additional names through October 2020.

Operating Principles

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.

Key People

* Jonathan Kellner, Chief Executive Officer * Dominick Paniscotti, Chief Technology Officer * Thomas Fay, Chief Operating Officer * Colin Clark, Head of Business Development * Lindsay Stone Gilliam, Chief People Officer * Anders Franzon, General Counsel * Louise Curbishley, Chief Financial Officer * Nick Ciarleglio, Head of Member Experience * Sophie Sohn, Head of Marketing and Communications

References

External links

* {{official website, https://memx.com/ Financial services companies established in 2019 Stock exchanges in the United States American companies established in 2019 Companies based in Jersey City, New Jersey Financial services companies based in New Jersey