JERSEY CITY, N.J.--(BUSINESS WIRE)--MEMX, a market operator founded by a diverse group of participants to benefit all investors, today marked one year of live exchange operations. MEMX is the fastest growing US equity exchange. On September 16th, MEMX’s market share reached an all-time high of 4.24%.
Since January of 2021, MEMX’s market share has grown 21% on average month over month.
In its first year of operation, MEMX grew to be the largest independent exchange with the sixth largest market share of the sixteen US equity exchanges. The exchange commenced trading just 12 months ago, on September 21, 2020.
MEMX’s 2021 milestones include:
- Record 7,558 symbols traded daily in September
- Record average daily volume of 486 million on September 20
- Record average daily notional value of $19 billion on September 20
- 5th largest exchange for exchange traded products, ETP’s
“As our exchange grows, our ability to improve the market for all investors grows as well. Hitting 4% market share in our first year of operations is a testament to the focus and dedication of our staff and the widespread support for our mission. MEMX is committed to driving positive competition amongst exchanges and providing a voice for the needs of participants,” said Jonathan Kellner, CEO of MEMX.
In the past three months, MEMX has produced two data driven recommendations to improve the quality of the National Best Bid and Offer, or NBBO, which would create tangible benefits for all investors. MEMX’s first proposal outlines immediate actions to expedite round lot reform, reducing the number of shares needed to set the NBBO in high-priced securities. MEMX’s second proposal requests exemptive relief from the Securities and Exchange Commission to reduce tick sizes to half a penny in securities that currently trade with a consistent penny spread. Both proposals would narrow spreads in a number of actively traded securities and result in significant cost savings for investors.
Kellner continued, “We are incredibly grateful to our members for their support and engagement over the past year. The entire team at MEMX is looking forward to building on our progress in the years to come.”
Founded in 2019 by diverse members of the global financial community, MEMX is an innovative, customer-centric market operator, focused on creating and promoting a fair, transparent, and efficient experience for all investors. MEMX offers a new option to investors, with a simpler platform and features to benefit both retail and institutional investors. For more information on MEMX, please visit www.memx.com and follow @memxtrading.