Finance:Members Exchange

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The Members Exchange (MEMX) is an independently owned, technology-driven stock exchange founded by members to serve the investing public. The founding members, which include nine major financial organizations, 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 the only member-owned 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 was founded to deliver a lower cost, more transparent exchange platform that has the end-user in mind.[2]

SEC Approval

MEMX will file a Form 1 application with the Securities and Exchange Commission in the second half of 2019 to operate as a national securities exchange. Once approved, the exchange plans to launch in 2020. [3]

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.” When it launches, MEMX will not charge for market data or connectivity.[4]

Key People

Jonathan Kellner, CEO [5]
Dominick Paniscotti, Chief Technology Officer [6]
Thomas Fay, Chief Operating Officer
Colin Clark, Head of Business Development[7]
Lindsay Stone Gilliam, Chief People Officer [8]
Anders Franzon, General Counsel

References

  1. "ICE will not fight upstart exchange MEMX, CEO says". Financial Times. https://www.ft.com/content/7f3a2154-2af2-11e9-a5ab-ff8ef2b976c7. Retrieved July 25, 2019. 
  2. "ICE, Nasdaq shares fall as Wall Street giants plan rival exchange MEMX". CNBC. https://www.cnbc.com/2019/01/07/ice-nasdaq-shares-tank-as-wall-street-giants-plan-rival-exchange-memx.html. Retrieved July 25, 2019. 
  3. "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". Cision. https://www.prnewswire.com/news-releases/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-300773713.html. Retrieved July 25, 2019. 
  4. "New stock exchange ventures say US market is ripe for disruption". S&P Global. https://www.spglobal.com/marketintelligence/en/news-insights/trending/AFD3j7cem43xdRkW1vNJ7g2. Retrieved July 25, 2019. 
  5. "Wall Street's New Stock Exchange Picks Instinet Veteran as CEO". Bloomberg. https://www.bloomberg.com/news/articles/2019-02-27/wall-street-s-new-stock-exchange-picks-instinet-veteran-as-ceo. Retrieved July 25, 2019. 
  6. "Startup Stock Exchange Builds Executive Team With Nasdaq Hires". Wall Street Journal. https://www.wsj.com/articles/startup-stock-exchange-builds-executive-team-with-nasdaq-hires-11551880920. Retrieved July 25, 2019. 
  7. "Startup Stock Exchange Builds Executive Team With Nasdaq Hires". Wall Street Journal. https://www.wsj.com/articles/startup-stock-exchange-builds-executive-team-with-nasdaq-hires-11551880920. Retrieved July 25, 2019. 
  8. "Growing the MEMX Team: a Staffing Update". Medium. https://medium.com/memx-blog/growing-the-memx-team-a-staffing-update-8165a68befa0. Retrieved July 25, 2019. 

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