Members Exchange Updates on Launch

By Jonathan Kellner, MEMX

We are very happy with our first week of live  trading.  Since launch, MEMX  has  traded over 1 million shares in  7  symbols from  31  different members.   

The team has done a great job reacting to issues, communicating with clients and resolving problems. The feedback we are getting  is  that  our launch has gone well so  far  and  we are taking the right  approach. We appreciate the  broad  support from the street and believe  our efforts to ensure that we have  a diverse set of liquidity  on our exchange is paying off.   

They say, “Game  day feels different than practice,” and we agree.  The insights gained from executing real orders this week have been incredibly valuable to the team. While pre-launch testing helped fine tune the system, we learned  so much more in just a few days in production. Clients  are  interacting  with each other and our technology  under live  market  conditions  using their  production  strategies. 

Given the progress we have made  and the feedback we have received, it makes  sense to  leverage the real time trading insights  we are now getting each day  to optimize  system performance  and  ensure  our members  are  experiencing  the technology in the way it was designed.    

As a result,  we have updated our timeline to allow for more functionality  releases  in our rollout cycle.   

We now plan to add  12  symbols on  Tuesday, Sept. 29  

  • NOK  which is an ADR 
  • DIA  which is an ETF 
  • DIA’s  top 10 constituents (UNH, HD, AMGN, CRM, MCD, MSFT, V,GS, MMM, HON)  

From there we will take a methodical approach to rolling out more names with the goal of being live in all NMS names in October.  We want to maintain flexibility to adjust both timing and additional listed names as we go. After achieving the technology milestones and system performance metrics we have targeted, we will be sure to communicate with our members in advance of any changes.  

Thank you  for the engagement and feedback this week.   And  thank you for your continued support of MEMX!   

This blog post first appeared on Members Exchange website.