Members Exchange (MEMX), a market operator founded by members to benefit all investors, today announced the start of trading on its U.S. equity market.
Jonathan Kellner, CEO of Members Exchange, said, “Today is a major milestone in MEMX’s effort to serve the investing community. I am proud of my colleagues and appreciative of the enthusiastic support we have received from market participants. I want to thank MEMX's investors for their vision and commitment and express my appreciation to our nearly fifty exchange members for joining a new venue. We remain focused on our mission to improve markets through technological innovation, reduced complexity, and lower fees, while serving as a voice for all investors in market structure discussions.”
MEMX will initially offer live trading in seven symbols before progressing to Phase Two of its rollout, in which it will trade all National Market System (NMS) listings. The initial seven securities are Acasti Pharma Inc. (ACST), Alphabet Inc. (GOOG), BlackBerry Ltd. (BB), Consolidated Edison Inc. (ED), Exxon Mobil Corporation (XOM), Ford Motor Co. 6.20% Notes Due June 1, 2059 (F-B), and the iShares Ultra Short-Term Bond ETF (ICSH).
Prior to today’s launch, MEMX began production trading in all NMS test symbols on September 8th. The company also conducted three successful User Acceptance Tests (UATs) with customers in August.
The company was founded in January 2019. The U.S. Securities and Exchange Commission approved its exchange application in May 2020.