Members Exchange (MEMX) is delaying its opening day.
While things continue to move quickly at Members Exchange as its continues to plan is launch this year, Jonathan Kellner, CEO of the Exchange, said that the exact timing is now “yet to be determined” as it considers the rest of the industry’s near-term priorities and await the lifting of COVID-19 shelter-in-place requirements.
“This means that platform testing will not begin May 11th as previously scheduled,” Kellner said. “Our plan is that testing and member certification will begin later this quarter. We hope to set those dates soon.”
Kellner added MEMX continues to hire additional staff, onboarding dozens of firms with diverse trading profiles, and working with the SEC as it awaits approval of its exchange application.
“The equity trading community remains engaged and enthusiastic about our plans, putting us on track for a broad-based pool of liquidity at launch and underscoring the belief that MEMX is the right idea at the right time,” Kellner said. “Also, like our financial services counterparts – and everyone else – we’re adjusting to today’s challenging environment.”
The MEMX team has been working remotely to build its marketplace, with most of its 40+ employees located across the New York metro area. Thanks to the current COVID-19 pandemic, MEMX’s new normal is similar to most companies, with video calls replacing in-person conversations and sweatsuits replacing business suits. Kellner dais that as the exchange draws nearer to launch, its top priority remains the health and safety of employees and doing our part its flatten the curve.
“So, while we still expect to go live in the third quarter, exact timing is now yet to be determined as we consider the rest of the industry’s near-term priorities and await the lifting of COVID-19 shelter-in-place requirements,” Kellner said.
Platform testing will no longer begin on May 11th as previously scheduled. MEMX hopes testing and member certification will begin later this quarter and hopes to set firm dates soon.
On February 20, Members Exchange announced the addition of three strategic investors: JP Morgan, Goldman Sachs, and Jane Street Capital. The new strategic investors will provide valuable support to MEMX as they progress towards launch and beyond, and their investment showcases further support from the street as it regards MEMX’s mission. At that time, MEMX understood that clarity around their timeline would allow clients to more effectively allocate resources towards connecting to MEMX, ensuring a diverse set of liquidity on day one of trading.
