MEMX (Members Exchange) is a U.S. national securities exchange operator that runs two core trading venues: MEMX Equities and MEMX Options. Created by a consortium of market participants to bring lower costs, greater transparency, and modern technology to U.S. equity and options trading, MEMX has steadily increased its footprint since launching its equities market in 2020 and its options market in 2023.
In 2026, MEMX continues to refine its pricing, functionality, and market access programs while expanding into new areas of options market structure. This includes launching a second options venue in the second quarter of 2026 designed to attract additional liquidity and provide flexible execution models for different classes of users.
MEMX / MEMX Options at a Glance
| Attribute | MEMX Equities Detail | MEMX Options Detail |
| Exchange Name | MEMX Equities | MEMX Options |
| Key 2026 Initiative | Pricing tier enhancements and connectivity expansion | Launch of second options exchange (“MX2 Options”) |
| Trading Model | Fully electronic | Fully electronic |
| Founded | 2020 (equities) | 2023 (options) |
| Owner | MEMX Group | MEMX Group |
| Exchange Type | U.S. National Securities Exchange | U.S. National Market System Options Exchange |
| Primary Focus | U.S. listed equities | Equity and ETF options |
| Regulatory Oversight | U.S. Securities and Exchange Commission | U.S. Securities and Exchange Commission |
| Market Structure Model | Price‑time allocation | Price‑time allocation; new MX2 will add customer priority pro‑rata |
Why MEMX / MEMX Options Matter in 2026
MEMX’s model offers competitive pricing, transparent fees, and technology built for broad participation, making it an attractive alternative to legacy U.S. exchanges:
| Feature | Market Segment | 2026 Strategic Advantage |
| Low Cost and Transparency | Equities and options | MEMX was created to reduce trading costs and improve transparency for members and participants. |
| Growing Market Share | Options trading | MEMX Options reached record market share levels for its platform and expanded quote performance in major products like SPY. |
| Innovative Risk Control | Options liquidity | MEMX Options offers an active risk control feature that supports strong quote performance for market makers. |
| Second Options Venue Launch | Options market | Regulatory approval for MX2 Options, a second options exchange with a customer priority, pro‑rata allocation model, is set for launch in Q2 2026. |
Together, these elements position MEMX as a growing voice in U.S. equities and options trading, supporting a broad set of participants from retail to institutional.
What Is Actually New in 2026?
In 2026, MEMX has introduced or is planning several developments that enhance trading choice and market infrastructure:
Key Developments to Know
| Feature | 2026 Update | Technical Detail |
| Second Options Exchange Launch | MX2 Options approved for launch in Q2 2026 | This new venue will use a customer priority, pro‑rata allocation model to attract liquidity and support size‑based execution alongside the existing price‑time MEMX Options model. |
| Record Options Market Share | MEMX Options achieved record share and strong quote performance | In 2025, MEMX Options reached 4.1 percent market share and strong performance metrics in SPY options. |
| Options Active Risk Feature | Active risk controls enhanced market maker performance | The active risk control capability improves quote quality and depth. |
| Fee and Rule Filings | Several 2026 fee schedule and rule proposals filed with the SEC | MEMX continues to update fee schedules and regulatory rules for both equities and options. |
These developments show MEMX’s commitment to innovation, expanded choice for market participants, and improved infrastructure across trading models.
Market Focus and Listings on MEMX / MEMX Options
MEMX and its related venues support activity across a wide range of U.S. listed securities and options:
| Sector or Product Type | Role on MEMX / MEMX Options |
| Large‑Cap Stocks | Core equities executed on MEMX Equities |
| ETFs and Equity Options | MEMX Options supports ETF option contracts, including high volume products like SPY |
| Algorithmic Flow | Both equities and options venues support automated trading strategies |
| Market Makers and Risk Providers | Provide liquidity and depth to the order books with risk control features |
MEMX’s emerging liquidity pools contribute to pricing and execution choice relative to other U.S. venues.
Who Trades on MEMX / MEMX Options?
| Role | Description |
| Institutional Investors | Execute large orders and complex strategies via low cost venues |
| Retail Brokers | Route orders seeking execution quality and pricing improvements |
| Algorithmic Traders | Use advanced risk models and price‑time or pro‑rata allocations |
| Market Makers | Provide continuous liquidity and benefit from performance features in options markets |
The ecosystem accommodates a broad spectrum of trading philosophies and goals.
MEMX / MEMX Options vs Other U.S. Exchanges
| Feature | MEMX / MEMX Options | Other U.S. Exchanges |
| Trading Model | Fully electronic across equities and options | Fully electronic |
| Allocation Priority | Price‑time and pro‑rata via MX2 Options | Varies by exchange |
| Fee Transparency | Focus on simplicity and lower cost structure | Competing maker‑taker fees |
| Market Identity | Emerging competitive venue | Established legacy venues |
| Product Coverage | U.S. equities and options | Equities and options |
MEMX stands out for its member‑centered philosophy and ecosystem that spans multiple trading models for options.
Practical Tips for Beginners
| Topic | Key 2026 Takeaway |
| Trading Hours | Standard U.S. equities and options trading sessions apply |
| Order Strategy | Understand both price‑time (MEMX Options) and upcoming pro‑rata (MX2 Options) execution implications |
| Liquidity Risk | Focus on actively traded products to reduce spread and slippage |
| Fee Awareness | Review MEMX’s transparent fee schedules for equities and options |
| Risk Management | Use limits and risk controls available via venue features |
| Market Data | MEMX provides connectivity and data resources for analytics and order routing |
Final Thoughts
In 2026, MEMX and MEMX Options continue to expand their roles in the U.S. trading ecosystem by offering low cost, transparent access to liquidity, diverse execution models, and innovation in options market structure. With the launch of a second options exchange and record market share growth in key products, MEMX is increasingly competitive against legacy venues. Traders and brokers benefit from multiple ways to access liquidity, manage execution cost, and implement varied trading strategies.
Readers looking for the complete U.S. stock exchanges list can explore our detailed guide.
Frequently Asked Questions
What is MEMX Exchange?
MEMX is a U.S. national securities exchange operator providing low cost, transparent access to equities and options markets.
When did MEMX Options launch?
MEMX Options launched on September 27, 2023 as the firm’s first options venue.
What is MX2 Options?
MX2 Options is a second MEMX options venue planned for launch in Q2 2026. It will use a customer-priority, pro-rata allocation model to complement the existing price-time execution model.
How has MEMX Options performed?
MEMX Options reached record monthly market share levels in 2025, including strong quoting and execution activity in highly traded products such as SPY options.
Who trades on MEMX / MEMX Options?
Institutional investors, retail brokerage order flow, algorithmic traders, and market makers all participate on MEMX venues to access competitive pricing and liquidity.
How can beginners use MEMX?
Beginners should focus on understanding MEMX execution models, fee schedules, and supported order types in order to manage trading costs and execution risk effectively.
Disclaimer: Investing involves risk. This content is for educational purposes only and does not constitute financial advice.
