The Members Exchange, or MEMX, stands as a newly formed equities exchange platform.  This platform now stands in direct competition with heavyweights like Nasdaq, the New York Stock Exchange (NYSE), as well as Cboe Global Markets. Recently, the exchange platform has gained the support of BlackRock, having been given some strategic financing through its latest investment round. Within this round, MEMX managed to garner $65 million in investments.

$135 Million In Investments

The firms that partook in this funding round are as follows: Wells Fargo, BlackRock, Manikay Partners, Flow Traders, as well as Williams Trading. This comes per the statement that was published on Tuesday this week. As part of the transaction, BlackRock has now taken a seat within the Board of MEMX, as well.

After the closure of the funding round, the total amount of funding invested into MEMX stands at $135 million. The previous funding round’s investors for the new rival exchange were Goldman Sachs, JP Morgan, as well as Jane Street.

The Mandatory Public Statements

Jonathan Kellner stands as the CEO of Members Exchange, and has given comments about the latest cash injection. He explained that MEMX as a whole stands excited to welcome the five new investors to its fold. According to Kellner, BlackRock joining the MEMX Board stands as a testament to the exchange’s goal to build a market for all investors, as well as further the debate of market structure for all participants.

Furthermore, Kellner gave his thanks to the entire team of MEMX, citing their dedication and diligence in their actions. Kellner cites the major financial commitments MEMX has received during these trying times amid the COVID-19 pandemic as a sure sign that the firm’s efforts is paying off. He states that the mission of MEMX stands as more important than ever in these trying times.

Hubert De Jesus stands as BlackRock’s Global Head of Market Structure and Electronic Trading, and gave his own public statement regarding the matter. He explained that the BlackRock firm has long since been an advocate for enhancements within the market structure, particularly that which increases efficiency and transparency. As such, De Jesus stated that BlackRock is eager to start engaging with the community of MEMX in order to drive marketplace innovation that benefits end-investors and clients of BlackRock

Growing In Backers

As it stands now, the MEMX project has been headed by a group of banks, broker-dealers, as well as high-frequency trading firms. With the latest investment round over and done with, MEMX stands with a massive list of investors to stand behind. These investors are BofA Securities, TD Ameritrade, Charles Schwab, BlackRock, E*Trade, Citadel Securities, Flow Traders, Fidelity Investments, JP Morgan, Goldman Sachs, Manikay Partners, Jane Street, UBS, Morgan Stanley, Wells Fargo, Virtu Financial, as well as Williams Trading.