MEMX Completes Rollout Of NMS Symbols

Equities: A Fintech First Mover

Members Exchange (MEMX), a market operator founded by members to benefit all investors, announced the successful completion of its U.S. stock exchange rollout with the trading of all NMS symbols. The exchange launched with seven symbols on September 21, 2020 and has methodically added new symbols in four phases since then.

Jonathan Kellner, CEO of Members Exchange, said, “Today marks an important step in our journey to create a new exchange model to benefit all investors. In the months to come, we will continue to work closely with our members to improve interactions on our platform, grow liquidity and provide a voice to all participants.”

He added, “I’m proud of our team for their great effort the past 20 months. We have built an innovative market, onboarded over 50 members and successfully launched our exchange even as we transitioned to a remote operating model. The engagement and support from the financial community has been outstanding, and we look forward to continuing to create positive change in the market.”

As announced, MEMX’s current fee schedule includes a rebate of 29 cents per 100 shares for added displayed liquidity and 20 cents per 100 shares for added non-displayed liquidity. Members pay 25 cents per 100 shares to remove liquidity.

Source: MEMX

Related articles

  1. This comes before launching the first algorithmic bookbuilding platform with Turquoise.

  2. Warsaw Stock Exchange Aims to Continue IPOs

    This will bolster KKR’s capacity to serve as a full-service underwriter for IPOs.

  3. Ruling could lead to further market structure innovation.

  4. The first Chinese companies listed their Global Depository Receipts on SIX Swiss Exchange.

  5. The exchanges will also explore new products in ESG, ETFs, and indexes.