Exchange. Evolved.

Members Exchange (MEMX™), founded by a group of leaders in the world's financial markets, will seek to register as a new equities exchange. MEMX's mission is to increase competition, improve operational transparency, reduce fixed costs, and simplify the execution of equity trading in the U.S.

It’s time for the exchange to evolve.

Read The Announcement

Need to Know

Who are the founding members?

Members Exchange was founded by a group of leading global financial institutions, comprised of:

  • The largest U.S. online retail broker-dealers, which serve retail investors placing millions of orders each day
  • Global banks and financial services firms, which service retail and institutional investors
  • Leading global market makers, which collectively provide more than $700 million in price improvement annually to retail investors

The founding members of MEMX are Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, E*TRADE, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS, and Virtu Financial.

Why now?

Competition in the marketplace brings out the best in all the participants and benefits investors. Increasing the diversity of exchanges improves overall market robustness, stability and innovation, which will ultimately result in improved operational transparency and reduced fixed costs.

How is MEMX different from other equity exchanges?

MEMX will offer a new option to investors with a simpler platform and features that will benefit both retail and institutional investors, including:

  • A limited number of order types to promote simple and transparent interactions
  • Investments in the best and latest technology to deliver fast and efficient execution
  • Lower pricing on market data and connectivity and transaction fees
  • No speedbumps

As the only member-owned equities trading platform, MEMX will represent the interests of its founders and their collective client base, comprised of retail and institutional investors, on U.S. market structure issues.

When will MEMX start trading?

MEMX will submit the required regulatory filings for SEC approval to operate as a national securities exchange early this year. We expect to start trading shortly after receiving SEC approval.

Founding Members

Founded by members for investors, MEMX aims to drive simplicity,
efficiency, and competition in equity markets.


Help us build the Members Exchange and transform the markets