MEMX: Wall Street's future has arrived
The Members Exchange (MEMX), an independently owned stock exchange, went fully live last October, although it's been operating for two years. Working within this stock exchange is MEMX LLC, which is an SRO (Self-Regulatory Organization). It says that it is independent.
MEMX was founded by several megabanks: JPMorgan Chase, which admitted to five criminal felony counts; Goldman Sachs and a subsidiary account for two felony counts; Citigroup and UBS account for one felony count each.
Five of the owners of MEMX were previously charged with price fixing on the Nasdaq stock exchange.
Exactly who'd you want as owners of a self-regulating stock exchange.
There's a few other founders. For instance, Citadel Securities which made $2.6 billion in payments for order flow to at least nine online brokers. Citadel was central in the meme stock/Robinhood scandal.
Who else? Wells Fargo, which a few years ago created millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent.
Two other founders are Blackrock and Goldman Sachs, both of which have never done anything shady.
So who wants to send their money to MEMX?