Members Exchange


The Members Exchange 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. MEMX was founded to deliver a lower cost, more transparent exchange platform that has the end-user in mind.

SEC Approval

MEMX received approval from the Securities and Exchange Commission in May, 2020 to operate as a national securities exchange. The exchange plans to launch in 2020.

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.

Key People

Jonathan Kellner, CEO

Dominick Paniscotti, Chief Technology Officer

Thomas Fay, Chief Operating Officer

Colin Clark, Head of Business Development

Lindsay Stone Gilliam, Chief People Officer

Anders Franzon, General Counsel,
Louise Curbishley, Chief Financial Officer, Nick Ciarleglio, Head of Member Experience