Members Exchange , the fastest growing U.S. stock exchange, said on Tuesday it plans to launch an options exchange in the fourth quarter, pending regulatory approval, that will seek to reduce industry costs.
Taking an aggressive approach to pricing, MEMX has gained more than 4% market share, surpassing the volume of some exchanges run by Intercontinental Exchange Inc’s New York Stock Exchange, Nasdaq Inc, and Cboe Global Markets. The market operator worked with its members on establishing how to add value to the options space, Kellner said.
The Jersey City, New Jersey-based exchange was founded after years of complaints by brokers and other market participants over what they saw as unjustifiably high fees charged by most exchanges for things like market data and exchange connectivity.