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.
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. These owners have invested $70 million in MEMX in initial funding, according to the Wall Street Journal.
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.
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- 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.
- 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.
- What’s In Style? Member’s Exchange Brings Together Wall Street Behemoths To Take On Nasdaq, NYSE and Cboe Global Markets. John Lothian News.
- Former Instinet CEO tapped to head new Wall Street-backed exchange. Reuters.