- Introduction
- MEMX Platform Requirements
- The Implemented Solution
Introduction
Members Exchange (MEMX) is a US exchange operator founded in 2019 by the largest U.S. online retail broker-dealers, global banks, financial services firms, and market makers to benefit all investors. MEMX was established to bring new competition into the market to drive three effects: lower fees, provide its members a voice in market dialogue and decisions, and foster innovation.
MEMX Platform Requirements
From the start, MEMX committed to building an exchange that allowed for continuous enhancement and improvement. MEMX’s goal is to use innovation to break free from the past, whilst maintaining system quality, reliability and customer trust to operate a thriving exchange. Below is a review of MEMX exchange functionalities available today.
MEMX provides its members with a set of connectivity options based on common methods and semantics to type, define, encode and decode message data using the FIX Protocol Standard and Simple Binary Encoding (SBE). The table below outlines the interfaces exposed to the members:
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MEMX-TCP |
A Session Level TCP-based transport protocol for reliable delivery of business messages. |
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MEMX-UDP |
A Session Level UDP-based transport protocol for best-effort delivery of business messages. |
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MEMO SBE |
The native binary protocol used for order submission. |
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MEMO FIX |
The Classic FIX (ASCII Tag/Value) protocol used for the exchange of information related to securities transactions. |
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MEMOIR Depth |
A real-time full depth-of-book feed offered directly from MEMX. |
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MEMOIR Top |
A real-time top-of-book feed offered directly from MEMX that provides the best bid and best offer on the exchange. |
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MEMOIR Last Sale |
A real-time trade feed offered directly from MEMX that provides reporting, cancelation and correction of exchange executions. |
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Drop Copy |
A Drop Copy in Classic FIX protocol providing information related to trades executed on MEMX with the option to include order related information. |