MEMX is entering the final stretch before the September 14 launch of its MX2 options exchange as it steps up testing and connectivity checks. The company says trading will ramp up gradually over the following two weeks until all symbols are active by the end of the month.
Highlights
- MEMX conducted its second user acceptance test for MX2 with fourteen member firms and several options exchanges connecting to OCC and OPRA infrastructures.
- The final user acceptance test for MX2 is scheduled for September 12, with live trading commencing two days later and a phased symbol rollout through September.
- MX2 aims to increase efficiency, transparency, and lower costs in the U.S. options market, adding competitive capacity as execution quality and cost pressures intensify.
Final testing before live trading
According to MEMX, the exchange held its second user acceptance test on Saturday, with connections to OCC and OPRA through production infrastructure ahead of the MX2 launch. Fourteen member firms took part in the test, while several other options exchanges also joined to send orders and confirm they could access the platform.The test also covered several pro rata use cases, including preference orders and Lead Market Maker executions. MEMX says its third and final user acceptance test is scheduled for Saturday, September 12, two days before live trading begins.
Rollout adds to U.S. options market capacity
MEMX says MX2 is aimed at bringing greater efficiency, transparency and lower costs to securities trading as it enters the U.S. listed options market. The phased launch plan indicates symbols will be added progressively through the rest of September rather than all at once.The testing timetable underscores the operational focus ahead of launch, with connectivity to key market infrastructure and participation from member firms and peer exchanges central to a smooth start. For the broader U.S. options sector, the rollout adds another venue at a time when execution quality, access and trading costs remain important competitive factors.
KPI-linked derivatives were previously covered in our report on Cboe’s proposal to list binary options tied to corporate key performance indicators such as revenue, net income, or production. We noted that while these contracts could let investors trade or hedge operating outcomes beyond share-price moves, the link between a KPI and shareholder returns can be imperfect, making hedging and interpretation more complex.
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