Today marks one year since trading began on MEMX, and what a year we’ve had. Reaching 4% market share feels like a fitting way to celebrate!
In our first year of operation, MEMX grew to be the largest independent exchange with the sixth largest market share of the sixteen US equity exchanges. MEMX is now the fastest growing US equity exchange, averaging 21% month over month growth since January 2021. On September 16th, MEMX’s market share reached an all-time high of 4.24%.
MEMX’s 2021 milestones include:
- Record 7,558 symbols traded on September 01
- Record daily volume of 486 million shares on September 20
- Record daily notional value of $19 billion on September 20
- 5th largest exchange for exchange traded products, ETP’s
As MEMX grows, our ability to improve the market for all investors grows as well. Hitting 4% market share in our first year of operations is a testament to the focus and dedication of our staff and the widespread support for our mission. We are committed to driving positive competition amongst exchanges and providing a voice for the needs of participants.
In the past three months, we have produced two data driven recommendations to improve the quality of the National Best Bid and Offer, or NBBO, which would create tangible benefits for all investors. The first proposal outlines immediate actions to expedite round lot reform, reducing the number of shares needed to set the NBBO in high-priced securities. Our second proposal requests exemptive relief from the Securities and Exchange Commission to reduce tick sizes to half a penny in securities that currently trade with a consistent penny spread. Both proposals would narrow spreads in a number of actively-traded securities and result in significant cost savings for investors.
I speak for the whole team at MEMX when I convey our gratitude to our members for their support and engagement over the past year. We are looking forward to building on our progress in the years to come.