MEMX sees record market share and dollar volume in July

US exchange MEMX recorded six days in July where its market share exceeded 3% while it saw a dollar volume of $9.94 billion in the week of 26 July.

New US exchange group MEMX saw record high market share, dollar volume and trading activity in July, less than a year after its launch into the market.

MEMX said it hit record highs of 3.3% market share for six days in July, as well as 5.7% exchange market share on 16 July and 4.2% exchange traded product market share on 7 July.

The exchange also posted record average daily volumes on 302 million for the week of 12 July and record dollar volumes of $9.94 billion in the week of 26 July. Its dollar volume also grew 12% in July, hitting a new record of $12.6 billion on 19 July while its market share grew 18% month-on- month.

Founded by several major financial institutions in a bid to contend with incumbent US exchanges NYSE and Nasdaq, MEMX went live in September following several delays caused by the global pandemic. 

It has reported continuous growth in market share in the last six months, and hired the former assistant general counsel at rival markets operator Cboe, Adrian Griffiths, as head of market structure in May.

His appointment followed a particularly strong month for MEMX in April when the exchange grew its market share to 2.16% and reported one-day records in market share of 2.77% alongside a record $7.1 billion notional value traded.