November Digest

Thanksgiving week is upon us and the team here at MEMX has much to be grateful for– a successful launch, dedicated colleagues, and a growing platform. We are also appreciative of our engaged and supportive members who have helped make the vision – an exchange for all – a reality.

Since launch, we have been busy working with our members and responding to their feedback. Our goal each day is to enhance system performance while improving member experience.

We are encouraged by the activity on our platform and would like to share some initial data about our membership, volume, market share, quoting and midpoint activity.

Diverse Member Participation

Over fifty of the world’s largest trading firms are members of MEMX – each representing differing industry segments with their own distinct trading behaviors.

Two thirds of our members and over 50% of our top participants by volume are non-investors in the exchange. The illustration below details the balanced industry participation represented in the MEMX marketplace.

Rising Volume and Market Share

MEMX volume and on-exchange market share has steadily increased since launch, as shown in the charts below.

Over the past two weeks, MEMX has regularly exceeded 1 billion of notional value in over 4,000 securities.

Here are some other interesting trading and quoting statistics:

  • MEMX has 1.4% on-exchange market share in S&P 500 stocks
  • For the fifty most active S&P 500 stocks trading on MEMX, we are continuously quoting at the best price 70% of the time
  • Midpoint activity continues to grow and regularly accounts for 4% to 6% of volume

We are encouraged by the high levels of activity we are seeing in the early days of trading all live symbols and we will share additional metrics in the coming weeks.

Operating a live exchange has made for exciting times at MEMX and we look forward to working with all of our members to further execute on our mission.

Thank you for your support and please enjoy a happy, safe, and healthy holiday.