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MEMX Review
MEMX is a US stock and options exchange built by major brokers and trading firms in 2019. It is not a broker itself, so there is no account to open or deposit to make.
Min Deposit
N/A
Spreads From
Not applicable, MEMX does not quote broker style spreads
Max Leverage
Not applicable, leverage is set by a trader's own broker, not by MEMX
Platforms
MEMX Equities Market, MX2 Options Market
Pros
- Built and backed by major broker dealers, not one single owner
- Directly registered with the SEC as a national securities exchange
- Grew fast in equities and now runs a real options market too
- Backed by deep pocketed owners including Citadel Securities and Morgan Stanley
Cons
- Not a broker, so retail traders cannot open an account here directly
- Publishes exchange rule filings, not a broker style disclosure page
- Ownership is about to shift, since TMX Group plans to take majority control
- You can only reach MEMX through a broker that routes orders to US exchanges
Nine broker dealers and trading firms, including Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, Fidelity, Morgan Stanley, and Virtu Financial, formed MEMX in January 2019 to cut the cost of US equity trading. The SEC approved it as a national securities exchange in May 2020, and its equities market went live that September.
MEMX later added an options market known as MX2, which has grown into a real share of US options volume. The SEC directly oversees MEMX as an exchange, and FINRA carries out some regulatory functions for it under a formal agreement, though MEMX keeps final legal responsibility for its own market.
Ownership is now changing. On July 30, 2026, Canada's TMX Group agreed to combine MEMX with BOX Options Exchange into a new $2.3 billion MEMX Group, taking about 59 percent ownership. The deal needs regulatory approval and should close in the second half of 2027, with MEMX chief executive Jonathan Kellner leading the combined company.
Max Leverage
Not applicable, leverage is set by a trader's own broker, not by MEMX
Spreads From
Not applicable, MEMX does not quote broker style spreads
Platforms
Regulators
- SEC (USA)
- FINRA
