MEMX

What MEMX does

MEMX is a member-owned U.S. securities exchange operator and exchange technology provider founded in 2019 and headquartered in New York. The company operates three SEC-registered exchanges: the MEMX Equities Exchange (launched September 21, 2020), the MEMX Options Exchange (launched September 2023), and MX2 Options (a pro-rata options exchange scheduled to launch in Q2 2026). MEMX serves a member base of 64+ trading firms spanning banks, market makers, retail brokers, and institutional investors, with total U.S. equity market share reaching 4.2% by December 2021 and growing in options to 4.1% total share by July 2025. The company also offers MEMX Market Technology, a white-label "market-as-a-service" platform that powers five external market centers including Long-Term Stock Exchange, 24X Exchange, Blue Ocean Technologies, and InPlay Global.

MEMX's core technology is a proprietary, high-performance, low-latency, deterministic multi-asset-class trading platform built on interoperable components that can be configured to support equities, options, and novel market models. The infrastructure uses 25 Gigabit Ethernet connectivity, supports advanced order types, active real-time risk controls, and direct market data feeds, and targets 99.9%+ uptime. A wholly-owned routing broker-dealer subsidiary, MEMX Execution Services, LLC (FINRA-registered), handles Reg NMS routing obligations.

The company generates revenue through three streams: maker/taker transaction fees on its U.S. Equities and U.S. Options exchanges (with a Displayed Liquidity Incentive rebate program), market data subscription fees (Top of Book, Last Sale, Depth of Book priced at least 25% below comparable exchanges), and technology licensing royalties from third-party market center clients. Pricing is transaction-based for exchange members and subscription-based for market data, with no minimum fee tiers on the exchange. The company's go-to-market is enterprise sales for both the membership model and the Market Technology platform, supported by content marketing, the Member Voices video series, industry conferences, and market structure advocacy (including white papers on tick size and round lot reform).

Name

MEMX

Legal name

MEMX LLC

Website

http://www.memx.com/

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

101–250 employees

Short description

MEMX is a member-owned U.S. exchange operator founded in 2019, running registered equities and options exchanges and licensing its exchange technology platform to third-party market centers worldwide.

Ownership category

akta.pro rank

Product category

Securities Exchange Operations

NAICS

Securities and Commodity Exchanges (52321)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Decentralized Exchanges (DEX) & AMMs (FSADAMAB)

akta.pro secondary industries

DEX Aggregators & Smart Order Routing (FSADABAC), Crypto Derivatives Exchanges (Futures, Options & Perpetuals) (FSADAAAD)

Keywords

• U.S. equities exchange
• U.S. options exchange
• Exchange technology licensing
• Market data services
• Alternative trading system

Headquarters

HQ city

Palo Alto

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Exchange Transaction Fees: MEMX charges maker/taker fees for equity and options trading on its U.S. Equities and U.S. Options exchanges. The exchange offers Displayed Liquidity Incentive (DLI) programs that provide superior rebates for members maintaining quotes at the NBBO.
2. Market Data Fees: MEMX generates revenue from real-time market data products including Top of Book, Last Sale, and Depth of Book data. Professional and non-professional user fees are offered, with at least 25% lower fees than comparable exchanges for depth of book.
3. Market Technology Licensing: MEMX licenses its exchange technology platform to third-party market centers including exchanges and ATS operators. This market-as-a-service offering enables clients to launch trading venues using MEMX's proven technology without building infrastructure from scratch.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

MEMX operates U.S. equities and options exchanges on a member-owned, all-electronic, high-performance trading platform with maker/taker pricing, and licenses its exchange-grade technology through a Market Technology business to third-party market centers. The company also distributes real-time market data products and offers routing/execution services through MEMX Execution Services.

Product overview

MEMX operates as a multi-product exchange operator offering a platform-plus-modules architecture. The core offerings include the MEMX Equities Exchange (U.S. equities trading with maker-taker pricing and price-time priority) and MEMX Options Exchange (equity and index options trading), with MX2 Options (pro-rata model) launching in Q2 2026. Supporting modules include MEMX Execution Services (routing broker-dealer) and MEMX Market Data (real-time and historical data products). MEMX Market Technology represents the company's white-label platform business, providing exchange-grade infrastructure to third-party exchanges including Long-Term Stock Exchange, 24X Exchange, InPlay Global, and Blue Ocean Technologies.

Differentiator

Problem solved

Functional benefit

Products and services

• MEMX Equities Exchange MEMX's U.S. equities exchange operating a continuous, all-electronic price-time priority market for listed stocks, offering maker-taker pricing with no minimum fee tiers, for member trading firms including banks, market makers, retail brokers, and institutional investors.
• MEMX Options Exchange MEMX's U.S. options exchange offering price-time priority execution for equity and index options, with maker-taker pricing and a unique active real-time risk control feature for market makers, launched in September 2023.
• MEMX Market Technology A managed exchange technology platform that provides exchange-grade infrastructure, including trading technology, market data, surveillance, and regulatory connectivity, to firms seeking to launch or operate exchanges and ATS platforms without building from scratch. Powers five market centers including MEMX Equities, MEMX Options, Long-Term Stock Exchange, 24X Exchange, Blue Ocean Technologies, and InPlay Global.
• MX2 Options A pro-rata options exchange scheduled to launch in Q2 2026, utilizing a proportional allocation model that differs from MEMX's existing price-time priority model.
• MEMX Execution Services MEMX's routing broker-dealer service (MEMX Execution Services LLC) that provides order routing and execution services, registered with FINRA and offering connectivity to MEMX's equities and options markets.
• MEMX Market Data Real-time and historical market data products providing quotes, trades, and order book information for MEMX's equities and options exchanges, including Top of Book, Last Sale, Depth of Book, and non-display/internal matching platform data feeds.

Quantifiable outcome

• Nearly 600% volume increase for Long-Term Stock Exchange after adopting MEMX technology
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered strategic and core.

• CSD BR (Brazil)strategicStrategic or Co-development Partner · 2 June 2026MEMX and CSD BR signed a Memorandum of Understanding to explore launching a second Brazilian trading venue. The partnership aims to bring competitive trading infrastructure to Brazil, expanding MEMX's international presence.
• InPlay GlobalcoreTechnology or Integration · 13 November 2025MEMX provides market technology for InPlay's Performance Securities platform, the world's first regulated marketplace for securities tied to real-time sports team performance. MEMX provides proven exchange-grade technology, advanced risk controls, and operational support teams for InPlay's ATS pending regulatory approval.
• 24X ExchangecoreTechnology or Integration · 30 October 2025MEMX provides technology for 24X National Exchange, the first national securities exchange designed and approved for 23-hour weekday trading of U.S. equities. This marks MEMX Technology's third market center client as its market-as-a-service offering continues to see increased demand.
• Blue Ocean TechnologiescoreTechnology or Integration · 25 January 2024MEMX serves as technology partner to power Blue Ocean ATS, an alternative trading system. Blue Ocean Technologies selected MEMX for its proven platform technology and operational support capabilities.
• Long-Term Stock Exchange (LTSE)coreTechnology or Integration · 1 January 2024MEMX provides trading technology infrastructure to Long-Term Stock Exchange, a registered national securities exchange and self-regulatory organization. The partnership enabled LTSE to increase daily volume by nearly 600% from 5 million shares to over 30 million shares after upgrading to MEMX's high-performance, low-latency system.

Scale indicators9 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Intercontinental Exchange (NYSE): ICE owns the New York Stock Exchange and operates multiple US equity exchanges. It is a major incumbent competitor in MEMX's core equities market and operates its own market data and technology businesses at significantly larger scale.
• Cboe Global Markets: Cboe is the dominant US options exchange operator and a major equities exchange. It offers overlapping capabilities including options (MEMX Options competes directly), equities, market data, and BIDS trading technology. Much larger scale but a key direct competitor for MEMX's options and equities volumes.
• Nasdaq, Inc. Nasdaq operates one of the largest US equity exchanges plus options, Nordic exchanges, and a broad market technology business (Nasdaq Marketplace Services). Comparable as a US equity/options incumbent and a competitor/partner for exchange technology licensing.

Regional players

• Deutsche Börse: Deutsche Börse operates the Frankfurt Stock Exchange and Eurex derivatives exchange, plus market data and technology services. Comparable on exchange operations and technology infrastructure but focused on European markets.
• London Stock Exchange Group (LSEG): LSEG operates the London Stock Exchange plus FTSE Russell, Refinitiv data, and post-trade infrastructure. Comparable on multi-asset exchange operations and a market data franchise, but UK-headquartered with a focus on European and global markets.
• TMX Group: TMX operates the Toronto Stock Exchange and other Canadian marketplaces plus an analytics business. Comparable as a multi-asset exchange operator with technology licensing ambitions, but primarily serves Canadian markets rather than the US.
• Euronext: Euronext operates multiple European equities and derivatives exchanges and offers trading technology services. Comparable as a multi-asset exchange operator with technology licensing, but serves European rather than US markets.

Direct peers

• Miami International Holdings (MIAX): MIAX operates a vertically integrated multi-asset exchange complex (equities, options, futures) and licenses its trading technology to other exchanges globally via the MIAX Emerald/Sapphire platforms. Highly comparable on both exchange operations and exchange-tech-as-a-service dimensions.
• BOX Options Exchange: BOX is a US options exchange with a unique price-improvement auction mechanism and a smaller market share profile similar to MEMX Options. Comparable as a focused options exchange operator competing for liquidity in the same US options market.
• Investors Exchange (IEX): IEX is a US equities exchange operator founded with a similar member-aligned mission and competing on speed-of-light parity, fee transparency, and broker-dealer-friendly economics. It is the closest direct comparable in scale and positioning to MEMX.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/memxtrading

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MEMX