Solid Quoting and Trading
Aug 11, 2023
Solid MEMX Trading and Quoting Across Tapes
Highlights & Recent Developments
- MEMX exchange market share was 5.5% in July, which was evenly distributed across tapes A, B, C
- MEMX ranked second in the number of symbols quoted over 75% of the time at the NBBO.
- Sub-dollar trading remained high at 12.8% of industry volume contributing to high TRF market share of 45.0% in July
Equities Exchange Highlights
MEMX exchange market share (excluding TRF volume) was 5.5% in July, which included 5.6% in Tape A, 5.2% in Tape B and 5.6% in Tape C. MEMX exchange market share in sub-$1 stocks improved to 4.5% in July, up from 3.6% in June.
MEMX exhibited strong quote performance across tapes and ranked second in the number of symbols quoted more than 75% of the time at the NBBO.
Sub-dollar trading was high in July at 12.8% of industry share volume (but less than 0.1% of industry notional volume), which contributed to high TRF market share of 45.0% in all securities and 49.4% in Tape C securities (see Figure 3). TRF share in sub-$1 stocks was nearly 60% due to high retail activity.
Figure 4 shows sub-$1 volume has risen since mid-2022 and contributed to proportionally higher Tape C activity and TRF market share. So far in 2023, sub-$1 trading has accounted for 10%+ of industry share volume every month.
Options Exchange Highlights
We are working towards our options September go-live in collaboration with member firms. MEMX Options exchange platform continues to be enhanced, creating a more comprehensive trading environment. Features such as match trade prevention, IOCs, and market orders are now available.
Please contact us for more information.