The mission of the exchange is "to increase competition, improve operational transparency, reduce fixed costs and simplify the execution of equity trading in the U.S." Initially after launch, MEMX is not charging for market data or connectivity.
[1] MEMX was founded in early 2019 by a group of nine banks, financial services firms, market makers, and retail broker-dealers: BofA Securities, Charles Schwab Corporation, Citadel LLC, E-Trade, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS, and Virtu Financial.
[2] MEMX has also received investments from nine other financial services firms since its conception, including BlackRock,[3] Citigroup,[4] J.P. Morgan, Goldman Sachs,[5] Wells Fargo,[6] and Jane Street Capital.
[7] MEMX was founded to deliver a lower cost, more transparent exchange platform that has the end-user in mind.
[11] In February 2024, Blue Ocean Technologies migrated its trading system to a platform provided by MEMX.