Members Exchange

The Members Exchange (MEMX) is an independently owned, technology-driven stock exchange 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 trading platform, and competes with the major equity exchanges: NYSE, Nasdaq, 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, Charles Schwab Corporation, Citadel LLC, E-Trade, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS, and Virtu Financial.[1] MEMX has also received investments from nine other financial services firms since its conception, including BlackRock,[2] Citigroup,[3] J.P. Morgan, Goldman Sachs,[4] Wells Fargo,[5] and Jane Street Capital.[6] MEMX was founded to deliver a lower cost, more transparent exchange platform that has the end-user in mind.[7]

SEC Approval

MEMX received approval from the Securities and Exchange Commission in May 2020 to operate as a national securities exchange.[8] The exchange launched on September 21, 2020, listing seven symbols and rolling out additional names through October 2020.[9]

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.[10]

Key People
  • Jonathan Kellner, Chief Executive Officer[11]
  • Dominick Paniscotti, Chief Technology Officer[12]
  • Thomas Fay, Chief Operating Officer
  • Colin Clark, Head of Business Development[12]
  • Lindsay Stone Gilliam, Chief People Officer[13]
  • Anders Franzon, General Counsel
  • Louise Curbishley, Chief Financial Officer
  • Nick Ciarleglio, Head of Member Experience[14]
  • Sophie Sohn, Head of Marketing and Communications[15]

References
  1. "ICE will not fight upstart exchange MEMX, CEO says". Financial Times. Retrieved July 25, 2019.
  2. "BlackRock throws support behind US exchange start-up MEMX". Financial Times. Retrieved 2020-10-23.
  3. "Why Citi is the latest Wall Street giant to back the new MEMX stock exchange, launching this fall". Fortune. Retrieved 2020-10-23.
  4. Osipovich, Alexander (2020-02-20). "Goldman, JPMorgan Lead New Funding Round for Members Exchange". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-10-23.
  5. "BlackRock, Wells Fargo now backing stock exchange upstart MEMX". S&P Global. Retrieved 2020-10-23.
  6. "Goldman Sachs, JP Morgan and Jane Street join MEMX venture as launch date is set". The TRADE. Retrieved 2020-10-23.
  7. "ICE, Nasdaq shares fall as Wall Street giants plan rival exchange MEMX". CNBC. Retrieved July 25, 2019.
  8. "Members Exchange Receives SEC Approval to Operate U.S. Securities Exchange". businesswire.com. Retrieved 15 June 2020.
  9. Osipovich, Alexander (2020-09-21). "Wall Street-Backed Exchange Launches as Rival to NYSE, Nasdaq". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-10-23.
  10. "New stock exchange ventures say US market is ripe for disruption". S&P Global. Retrieved July 25, 2019.
  11. "Wall Street's New Stock Exchange Picks Instinet Veteran as CEO". Bloomberg. Retrieved July 25, 2019.
  12. "Startup Stock Exchange Builds Executive Team With Nasdaq Hires". Wall Street Journal. Retrieved July 25, 2019.
  13. "Growing the MEMX Team: a Staffing Update". Retrieved July 25, 2019 – via Medium.
  14. "Growing the MEMX Team: a Staffing Update Part II". MEMX.com.
  15. "MEMX Testing, Launch and Personnel Update – MEMX". Retrieved 2020-10-23.
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