Members Exchange
| Company type | Stock exchange |
|---|---|
| Industry | Financial services |
| Founded | 2019 |
| Founder | Nine financial institutions including BofA Securities, Charles Schwab Corporation, Citadel LLC, E-Trade, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS, Virtu Financial |
| Headquarters | United States , United States |
Area served | United States |
Key people | Jonathan Kellner (CEO), Dominick Paniscotti (CTO), Colin Clark (Head of Business Development), Lindsay Stone Gilliam (Chief People Officer), Nick Ciarleglio (Head of Member Experience), Sophie Sohn (Head of Marketing and Communications) |
| Products | Equities trading venue, market data and connectivity services, U.S. options exchange (MEMX Options) |
The Members Exchange (MEMX) is a technology-focused stock exchange based in the United States, established by nine prominent financial institutions to collectively serve their clients. Its founding members seek to reshape the marketplace by prioritizing transparency, fostering innovation, and encouraging competition, thereby aligning exchange operations with the needs of participants. MEMX functions as an equities trading venue formed by its members, competing alongside major players such as NYSE, Nasdaq, and CBOE.
The primary objective of the exchange is to boost market competition, improve operational clarity, lower fixed expenses, and streamline the process of executing equity trades within the U.S. market. At its inception, MEMX offers market data and connectivity services without charging fees.
History
MEMX was established in early 2019 by a consortium of nine financial entities, including BofA Securities, Charles Schwab Corporation, Citadel LLC, E-Trade, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS, and Virtu Financial. Since then, it has attracted additional investments from firms such as BlackRock, Citigroup, J.P. Morgan, Goldman Sachs, Wells Fargo, and Jane Street Capital. The exchange was designed to provide a more cost-effective and transparent trading platform with a focus on benefiting end users.
In May 2020, the Securities and Exchange Commission granted MEMX approval to operate as a national securities exchange. The platform officially launched on September 21, 2020, initially listing seven securities and expanding its offerings throughout October.
MEMX introduced its inaugural U.S. options exchange, MEMX Options, on September 27, 2023.
In February 2024, Blue Ocean Technologies transitioned its trading infrastructure onto MEMX’s platform to accommodate growth demands.
Key people
- Jonathan Kellner, Chief Executive Officer
- Dominick Paniscotti, Chief Technology Officer
- Colin Clark, Head of Business Development
- Lindsay Stone Gilliam, Chief People Officer
- Nick Ciarleglio, Head of Member Experience
- Sophie Sohn, Head of Marketing and Communications