Things continue to move quickly at Members Exchange as we progress towards launch.
We’re hiring additional staff, onboarding dozens of firms with diverse trading profiles, and working with the SEC as we await approval of our exchange application. The equity trading community remains engaged and enthusiastic about our plans, putting us on track for a broad-based pool of liquidity at launch and underscoring the belief that MEMX is the right idea at the right time.
Also, like our financial services counterparts – and everyone else – we’re adjusting to today’s challenging environment.
Since March 11th our entire team has been working remotely to build our market, with most of our 40+ employees located across the New York metro area. MEMX’s new normal is similar to most companies, with video calls replacing in-person conversations and sweatsuits replacing business suits.
Through it all, I’m proud of how my colleagues have continued to produce. As we draw nearer to launch, originally scheduled for July 24th, our top priority remains the health and safety of our employees and doing our part to flatten the curve. So, while we still expect to go live in the third quarter, exact timing is now yet to be determined as we consider the rest of the industry’s near-term priorities and await the lifting of COVID-19 shelter-in-place requirements.
This means that platform testing will not begin May 11th as previously scheduled. Our plan is that testing and member certification will begin later this quarter. We hope to set those dates soon.
In the meantime, we’ll continue to be in touch to make sure our plans dovetail with your priorities. As soon as we have more visibility we’ll provide timeline updates and refresh the onboarding checklist and FAQ documents.
We thank you for your continued support and wish you and your loved ones safety and good health.