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.