MEMX Wall Street Run Exchange

On Jan. 7, MEMX exchange was announced by group of large firms.

  • Group of large banks, brokers, market makers revealed plans to launch exchange.
  • Named Members Exchange, to compete with established NYSE, Nasdaq exchanges.
  • By: Bank of America, UBS, Citadel, Fidelity, E*TRADE, M. Stanley, TD, UBS, Virtu.


  • Responded to claims of unjustified price level on data feed by existing exchanges.
  • Cited issues on market access, data provision by concentrated group of exchanges.
  • Reform encouraged by SEC, see Commissioner Jackson speech Sep. 2018.
  • SEC held roundtable in Sep. 2018, rejected data feed fees proposed by
    Nasdaq, NYSE as did not demonstrated it conforms with Exchange Act.

New Exchange Plan

  • Aims to disrupt exchange business, to simplify, lower fees, and boost competition.
  • Increase in transparency may erode incumbents' ability to maintain level of prices.
  • No plan to compete with NYSE and Nasdaq, on separate business of listing stocks.
  • Will file an application with SEC in early 2019 for approval to operate as exchange.