Blue Ocean to integrate MEMX’s market-as-a-service trading system

Rick Steves

“The growth in our volume this year has validated our business model and has led us to today’s exciting technology partnership with MEMX, which will help drive our platform to new heights.”

Blue Ocean Technologies, LLC (BOT), has partnered with Members Exchange, also known as MEMX, an independently owned, technology-driven stock exchange operator known for its diverse group of participants.

MEMX will supply its advanced market-as-a-service trading system to BOT for operating the Blue Ocean ATS global trading platform. This implementation is scheduled for completion by the end of Q1 2024.

MEMX’s technology is versatile, supporting various asset classes and adaptable to client-specific needs, including operating hours and market sessions.

Blue Ocean rapidly expanding across APAC region

This flexibility aligns well with Blue Ocean Technologies’ global expansion efforts, especially in the Asia-Pacific region. In 2023, BOT extended its trading model to South Korea, Hong Kong, and Japan, focusing on providing international investors with broader access to US equities.

Blue Ocean Technologies was founded in 2019 and operates the Blue Ocean Alternative Trading System (BOATS), allowing global investors to trade US National Market System (NMS) stocks outside traditional US market hours.

Matthew Horisk, Chief Information and Operating Officer of Blue Ocean Technologies, said: “As we continue our global trading evolution, we are delighted to see the Blue Ocean electronic trading mission adopted across borders. The growth in our volume this year has validated our business model and has led us to today’s exciting technology partnership with MEMX, which will help drive our platform to new heights. MEMX’s next-generation trading system offers resilience and redundancies for a new level of trading innovation needed to implement our 2024 goals. It is a pleasure to work with experienced and like-minded industry veterans that share in our vision of providing investors new trading benefits and opportunities despite their geographic location.”

MEMX operates US equities and options exchanges

MEMX, also established in 2019, offers a simpler, cost-effective, and transparent liquidity access to its members and the global investment community. It operates US equities and options exchanges and provides market technology and services to various clients. This partnership marks a significant step in both companies’ efforts to enhance global trading experiences and market access.

In 2022, the company raised more than $135 million in funding from 18 stock trading and investing heavyweights, including BlackRock, Citadel Securities, and Morgan Stanley. The SEC approved MEMX’s rule filing to launch a platform for trading listed options, which features a price time-model.

MEMX has proposed a series of common-sense equity market structure proposals, such as round lot and tick size reform. The exchange aims to offer its market data products at significantly lower prices.

Jonathan Kellner, CEO of MEMX, said: “We are delighted to have been selected as Blue Ocean’s technology partner. Our recently launched market technology business is yet another way in which MEMX seeks to improve the trading experience for all market participants, and the rapid growth of this business validates an industry-wide need for this offering. We believe that MEMX’s best-in-class technology will be highly additive to Blue Ocean’s operations and look forward to working with them in this exciting time of global growth.”

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