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.
