Members Exchange

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Members Exchange
Founded 2019
Headquarters New York
Employees 40 +
Products stock exchange

Members Exchange (MEMX) is a national securities exchange that is owned by nine retail broker-dealers, financial services firms and market makers. It was introduced in January 2019 with a goal of introducing new competition to the US stock markets space, competing with NYSE, Nasdaq and Cboe Global Markets.[1]

The exchange, which is awaiting SEC approval, is owned by Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, E*TRADE, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS, and Virtu Financial.[2][3] These owners have invested $70 million in MEMX in initial funding, according to the Wall Street Journal.

In February 2020 JPMorgan, Goldman Sachs and Jane Street Capital joined those firms in backing Members Exchange.[4]

MEMX aims to offer clients a unified order entry messaging standard, a simplified market data and distribution model, and simplified order types and order routing, according to an SEC filing. The exchange says it intends to increase transparency in the industry with "simple and fair pricing" on costs for connectivity and market data.


A group of nine broker-dealers announced the formation of Members Exchange on January 7, 2019. The consortium said it was forming MEMX to reduce fixed costs for its members and increase transparency around how the costs are set.[5]

MEMX’s development came during a debate within the industry about prices charged by the established exchanges for their data and trading information. The SEC blocked a price increase for market data for NYSE and Nasdaq in late 2018, and in 2019 it called on exchanges to justify any increase in fees.[6]

The exchange is awaiting regulatory approval from the Securities and Exchange Commission and aims to launch in the first half of 2020. It would be the 15th US stock exchange.[7]

In November 2019 MEMX said in a statement that it had filed with the SEC and, subject to approval, would go live in the middle of 2020. It also said it would begin client connectivity testing in the last quarter of 2019.[8]

MEMX said in February 2020 that its marketplace would go live on July 24, pending SEC approval.[9] In April 2020 MEMX said it was delaying the launch to the third quarter and had delayed industry testing for its platform, which was to begin on May 11, because of the coronavirus crisis.[10]

Products and Services

Key People


  1. Group of Leading Retail Brokers, Financial Services Firms, Banks, and Global Market Makers Plan to Launch the Only Member-Owned Equities Exchange, MEMX™, Members Exchange. MEMX.
  2. Wall Street Firms Plan New Exchange to Challenge NYSE, Nasdaq; Morgan Stanley, Fidelity and Citadel Securities among backers of new ‘Members Exchange’. Wall Street Journal.
  3. What’s In Style? Member’s Exchange Brings Together Wall Street Behemoths To Take On Nasdaq, NYSE and Cboe Global Markets. John Lothian News.
  4. JPMorgan and Goldman throw weight behind exchange start-up. The Financial Times.
  5. Former Instinet CEO tapped to head new Wall Street-backed exchange. Reuters.
  6. JPMorgan and Goldman throw weight behind exchange start-up. The Financial Times.
  7. New Exchange Seeks SEC Nod to Take On NYSE, Nasdaq. The Wall Street Journal.
  8. MEMX targets mid-2020 launch after seeking green light from US regulator. The Trade News.
  9. Goldman, JPMorgan Lead New Funding Round for Members Exchange. The Wall Street Journal.
  10. NYSE and Nasdaq challenger MEMX delays launch due to coronavirus crisis. Reuters.