Members Exchange Messaging Protocols Now Available

I am excited to announce the availability of pre-production versions of the MEMX Session Level, Order Entry (MEMO) and Market Data (MEMOIR) protocols. The documentation set provides detailed technical information for all supported messaging constructs and compiler ready data schema definitions to allow for simple code generation. This release provides all future participants an early opportunity to begin to develop and test the systems and applications needed to access MEMX.

It is our belief that standardization of data types, definitions and protocols will reduce operational risk, increase productivity and allow for more efficient adoption of new and emerging technologies.  With this in mind and to address the existing challenge of disparate encodings and protocols across like products and services, MEMX is adopting common methods and semantics to type, define, encode, and decode our data. In addition, this data standardization directly addresses and benefits the reliability and resiliency mandate of Regulation SCI.

In keeping with our stated objectives to reduce complexity and deliver innovation, our specifications were conceived using the FIX Protocol Standard and leverage Simple Binary Encoding (SBE). The binary and ASCII versions of MEMO share a common structure expressed using standard, language independent, data types and definitions. This allows for ease of adoption and migration between the two versions, a quicker development and test cycle, and faster upgrade adoption in the future. The MEMOIR protocols are SBE encoded as well and share similar benefits. MEMX provides schema definitions that can be compiled and used by any SBE Codec to generate ready to use message encoders and decoders in a number of programming languages, such as Java, C++, and C#.

What’s Included

This release includes the following written specifications:

MEMX-TCPA Session Level TCP-based transport protocol for reliable delivery of business messages. 
MEMX-UDPA Session Level UDP-based transport protocol for best-effort delivery of business messages. 
MEMO SBEThe native binary protocol used for order submission on MEMX. 
MEMO FIXThe Classic FIX (ASCII Tag/Value) protocol used for the exchange of information related to securities transactions on MEMX. 
MEMOIR DepthA real-time full depth-of-book feed offered directly from MEMX. 
MEMOIR TopA real-time top-of-book feed offered directly from MEMX that provides the best bid and best offer on the exchange. 
MEMOIR Last SaleA real-time trade feed offered directly from MEMX that provides reporting, cancellation and correction of exchange executions. 
Drop CopyA Drop Copy in Classic FIX protocol providing information related to trades executed on MEMX.

In addition, SBE data schemas for MEMO Binary and all three MEMOIR protocols are included in this release. The Reference SBE Codec provides the option of having these schemas compiled into a library, enabling on-the-fly decoding of messages, or into stubs, enabling the direct encoding or decoding of messages in applications requiring optimum performance. Of course, those wishing to develop their own Codecs directly from the written specifications can do so as the technical information in the specifications is generated directly from the schema definitions themselves, ensuring that the fidelity and integrity of the definitions are established and maintained.

What’s Next

Please register with us here to download the specifications and data schema definitions discussed in this post. This will allow us to provide you with up-to-date information about MEMX, such as news on the launch of the MEMX User Portal, a service scheduled for release early next year that will allow you to independently view and manage your relationship with us. 

Finally, we will be releasing a detailed Connectivity Specification in support of the start of basic network testing later this month. Protocol testing is scheduled to start in the first quarter of next year and a detailed timeline of events will be published soon. As always, please feel free to reach out to with any questions or feedback.

Thank you for reading. We look forward to working with you in the coming months.

Thomas Fay
Chief Operating Officer
Members Exchange