NEW YORK--(BUSINESS WIRE)--Members Exchange (MEMX), a market operator founded by members to benefit all investors, announced today the closure of a strategic round of funding led by J.P. Morgan, Goldman Sachs Group, Inc., and Jane Street Capital, LLC., as well as plans to launch the exchange on July 24, 2020.
Jonathan Kellner, CEO of Members Exchange, said, “We are pleased that these three prominent market participants are joining us in our efforts to increase transparency, reduce fees, and focus on technological innovation in the equity markets. We appreciate their financial commitment, but more importantly, we will benefit from their counsel through our launch and beyond.”
“We are delighted these three new partners are supporting the value proposition of Members Exchange,” added Jamil Nazarali, Chairman of the Members Exchange Board of Directors. “This new capital is a strong endorsement of the tremendous progress that the MEMX team has achieved over the past year, and we are excited about the positive impact Members Exchange will have on the trading and investing community.”
MEMX will begin onboarding trading members later this month and plans to go live as a U.S. equity exchange on July 24, 2020. In order to prepare future members for the launch — allowing them time to connect, test, and certify as well as to ensure diverse liquidity on day one of trading — MEMX has released additional details, including testing and certification timelines, in a blog post on their website.
Kellner added, “I am proud of the talented team we have assembled and am grateful for their diligence and dedication throughout this process; our mission of delivering a fair, transparent, and efficient experience for all participants is being realized as we build our exchange from the ground up.”
Broadhaven Capital Partners served as MEMX's exclusive financial advisor in this transaction.
Founded in 2019 by nine diverse and influential members of the global financial community, Members Exchange is an innovative, customer-centric market operator, focused on creating and promoting a fair, transparent, and efficient experience for all investors. MEMX will offer a new option to investors, with a simpler platform and features that will benefit both retail and institutional investors. For more information on MEMX, please visit www.memx.com.