MEMX
A member-founded U.S. securities exchange focused on technology, competition, transparency, and lower trading infrastructure costs.
Last updated August 22, 2026
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Overview
MEMX, formally known as the Members Exchange, is a U.S. financial-market infrastructure company that operates regulated securities trading venues. It was created in 2019 by a group of major banks, broker-dealers, market makers, and investment firms that wanted an exchange model more closely aligned with the needs of market participants and their clients. The founding group included BofA Securities, Charles Schwab, Citadel, E-Trade, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS, and Virtu Financial. The exchange’s formation reflected dissatisfaction among some market participants with the cost, complexity, and concentration of existing U.S. equity-market infrastructure. MEMX’s stated objectives are to increase competition, improve operational transparency, reduce fixed costs, and simplify the execution of U.S. equity trades. Unlike a conventional consumer-facing financial brand, MEMX primarily serves institutional participants, broker-dealers, market makers, investment firms, and other members that connect directly or indirectly to its trading systems. Its competitive set includes established U.S. exchange operators and venues associated with NYSE, Nasdaq, and Cboe. The business is therefore positioned around market structure and execution technology rather than investment products or retail financial advice. The exchange received approval from the U.S. Securities and Exchange Commission to operate as a national securities exchange in May 2020. It began equity trading on September 21, 2020, initially listing seven symbols and adding further securities during October of that year. At launch, MEMX emphasized a simplified technology architecture and a lower-cost operating model. The company also stated that it would initially not charge fees for market data or connectivity, an approach intended to challenge established exchange pricing practices and lower barriers for participants. MEMX expanded beyond its initial equities platform with the launch of MEMX Options on September 27, 2023. This made options its first U.S. options exchange and broadened the organization’s role in the national market system. In February 2024, Blue Ocean Technologies migrated its trading system to a platform supplied by MEMX, providing an example of the exchange’s technology becoming relevant beyond its own venue operations. In addition to its original founding members, MEMX has received investment from other financial-services firms, including BlackRock, Citigroup, J.P. Morgan, Goldman Sachs, Wells Fargo, and Jane Street Capital. These investments and relationships give the venue connections across several segments of the trading ecosystem, although the available reference material does not establish a single parent company or controlling owner. MEMX remains an active U.S. exchange brand whose identity is tied to member governance, exchange competition, electronic execution, and market-technology services.
History
The Members Exchange, known as MEMX, emerged in early 2019 from a coalition of financial institutions that sought to create a new U.S. equity trading venue. Its nine founding organizations represented several parts of the securities industry: traditional banking and investment firms, retail broker-dealers, market makers, and diversified financial-services companies. The founding members were BofA Securities, Charles Schwab, Citadel, E-Trade, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS, and Virtu Financial. The founders presented MEMX as a response to the cost and complexity of established exchange infrastructure. Its intended purpose was not simply to add another trading venue, but to develop an exchange whose technology, pricing, and operating priorities reflected the interests of its members and their collective clients. MEMX identified competition, transparency, innovation, lower fixed costs, and simpler execution as central goals. Its plans also challenged the conventional pricing of exchange connectivity and market data: at the beginning of its operations, MEMX said it would not charge for market data or connectivity. The organization attracted investment from additional financial-services companies after its creation. These included BlackRock, Citigroup, J.P. Morgan, Goldman Sachs, Wells Fargo, and Jane Street Capital, among others. The expanding investor base connected MEMX to a broad range of market participants, although the available material does not identify a parent company or a single controlling owner. A major regulatory milestone arrived in May 2020, when the U.S. Securities and Exchange Commission approved MEMX to operate as a national securities exchange. The approval enabled the organization to move from an industry initiative and technology-development project into a regulated venue within the U.S. national market system. MEMX began trading equities on September 21, 2020. It initially listed seven symbols and rolled out additional names during October 2020. MEMX’s initial equity-market operation established its core identity as an electronic, technology-driven competitor to the larger U.S. exchange groups associated with NYSE, Nasdaq, and Cboe. Its proposition centered on execution infrastructure rather than consumer-facing brokerage products. The exchange’s members and connected trading firms could use the venue as part of their order-routing and execution strategies, while MEMX sought to build scale through participation and technological efficiency. On September 27, 2023, MEMX broadened its business by launching MEMX Options, its first U.S. options exchange. The launch represented a significant product and market-structure expansion because options trading has distinct regulatory, technological, and connectivity requirements from equities trading. It also allowed MEMX to compete in another major segment of U.S. listed-market infrastructure. In February 2024, Blue Ocean Technologies migrated its trading system to a platform supplied by MEMX. This event demonstrated that MEMX’s technology could support an external market-technology relationship in addition to the company’s own exchange operations. MEMX therefore developed from a member-backed equity venue into a broader exchange and market-infrastructure brand, while retaining its founding emphasis on competition, operational transparency, technology, and participant-focused costs.
- 2024
Blue Ocean Technologies adopts MEMX trading technology
[1]Blue Ocean Technologies migrates its trading system to a platform provided by MEMX.
- 2023
MEMX Options launches
[1]MEMX opens its first U.S. options exchange on September 27.
- 2020
National securities exchange approval
[1]The Securities and Exchange Commission approves MEMX to operate as a national securities exchange in the United States.
- 2020
Equities trading begins
[1]MEMX launches its equity venue on September 21 with seven symbols and expands its listed securities during October.
- 2019
MEMX is founded
[1]A consortium of nine banks, financial-services firms, market makers, and broker-dealers establishes MEMX to pursue a more competitive and lower-cost U.S. exchange model.
Products and positioning
A member-founded, technology-driven exchange positioned as a lower-cost, more transparent, and more competition-oriented alternative to incumbent U.S. equity and options venues.
U.S. equities exchange · 2020
MEMX Equities
MEMX’s original regulated trading venue for U.S. equities. It began operations in September 2020 after receiving national securities exchange approval from the SEC. The venue is designed for electronic execution and is positioned as a technology-oriented alternative to incumbent U.S. equity exchanges, with an emphasis on competition, operational transparency, simpler execution, and lower infrastructure costs.
U.S. listed options exchange · 2023
MEMX Options
MEMX’s options-market venue and the organization’s first U.S. options exchange. Launched in September 2023, it extends MEMX’s exchange platform into listed options trading and places the company in competition with established options-market operators and venues.
Market infrastructure technology
MEMX trading technology platform
Technology and trading-system capabilities supplied by MEMX for exchange and market-infrastructure use. The platform’s external role was illustrated in 2024 when Blue Ocean Technologies migrated its trading system to technology provided by MEMX.
Brand decisions
2024
Provide trading technology to Blue Ocean TechnologiesOtherBackground
MEMX’s market-technology capabilities created an opportunity to support systems beyond its own exchange venues.
Action taken
Blue Ocean Technologies migrated its trading system to a platform provided by MEMX in February 2024.
Aftermath
The migration illustrated MEMX’s role as a provider of trading infrastructure as well as an operator of regulated venues.
2023
Expand into listed options tradingProduct launchBackground
After establishing its equities venue, MEMX sought to extend its exchange and technology capabilities into another major U.S. listed-market segment.
Action taken
MEMX launched MEMX Options on September 27, 2023.
Aftermath
The company expanded its product scope from equities into U.S. options exchange services.
2020
Adopt an initially no-fee approach for market data and connectivityStrategyBackground
MEMX entered a U.S. exchange market in which connectivity and market-data charges were important components of venue economics and participant costs.
Action taken
At launch, MEMX stated that it would not charge for market data or connectivity.
Aftermath
The policy supported MEMX’s public positioning as a lower-cost and competition-oriented alternative, although the available material does not provide later pricing details.
2020
Launch the MEMX equities venueProduct launchBackground
After SEC approval to operate as a national securities exchange, MEMX needed to transition from formation and regulatory preparation into live market operation.
Action taken
MEMX commenced equity trading on September 21, initially listing seven symbols and adding further names during October.
Aftermath
The launch established MEMX as a live competitor in the U.S. equity-exchange market.
2019
Create a member-founded exchange focused on competitionStrategyBackground
The founding financial institutions sought an exchange model that would better reflect the interests of market participants and their clients while addressing concerns about exchange costs, complexity, and transparency.
Action taken
They formed MEMX as a technology-driven U.S. equities venue with goals including lower fixed costs, simpler execution, increased competition, and greater operational transparency.
Aftermath
The initiative developed into a regulated national securities exchange and began equity operations in 2020.
Recent events
- 2024
Blue Ocean Technologies migrates trading system to MEMX platform[1]
Other
Blue Ocean Technologies moved its trading system to technology provided by MEMX.
- 2023
MEMX launches MEMX Options[1]
Product launch
MEMX opened its first U.S. options exchange, extending the organization beyond its original equities venue.
- 2020
MEMX approved as a national securities exchange[1]
Regulation
The U.S. Securities and Exchange Commission approved MEMX to operate as a national securities exchange.
- 2020
MEMX begins equity trading[1]
Product launch
MEMX commenced equity trading on September 21, initially listing seven symbols and adding more securities during October.
- 2019
MEMX founded by financial-market participants[1]
Other
Nine major financial institutions established MEMX to develop a lower-cost and more transparent alternative for U.S. equity trading infrastructure.
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