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Thursday, May 28, 2020

UTP Vendor Alert #2020 - 8
Launch of MEMX LLC (MEMX) as a New Participant to UTP Plan

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • The UTP Operating Committee has received a request from MEMX LLC (“MEMX”), to join the UTP Plan. The following Market Center Originator ID will be added as allowable values for UTP Quotation Data Feed (UQDF) and UTP Trade Data Feed (UTDF) data feeds:
    • MEMX LLC ("U")
  • MEMX plans to commence quoting and trading of Nasdaq-listed securities under the UTP plan in a phased rollout plan. Activation expected on September 4, 2020.
  • MEMX will maintain a rollout schedule at www.memxtrading.com and recommends direct data recipients monitor the MEMX web site for any future changes to the schedule.

What changes have been requested by MEMX?

MEMX has notified the UTP SIP of its plans to begin quotation and trading as a national securities exchange for Nasdaq-listed securities. MEMX will be active under the UTP plan and is expected to launch September 4, 2020.

Once activated MEMX’s hours of operation in UTP will be as follows:

Session Start and End Times
Pre-Market Session 7:00 a.m. - 9:30 a.m. ET
Regular Market Session 9:30 a.m. - 4:00 p.m. ET
Post-Market Session 4:00 p.m. - 8:00 p.m. ET

How will this affect the UTP data feeds?

When MEMX, as a national securities exchange, begins quoting and trading in Nasdaq-listed symbols, quotation and trade data will be disseminated via the following UTP data feeds:

  • UTP Quotation Data Feed (UQDF): UQDF subscribers will receive MEMX BBO quotation via UTP Participant Quotation message format for all Nasdaq-listed securities. MEMX quotes will be identified by the market center originator identifier value of "U" in the UQDF message header. In addition, firms will also see the "U" market center value in the National Best Bid and Offer (NBBO) Appendage and Closing Quote Recap message formats.
  • UTP Trade Data Feed (UTDF): MEMX trade transactions will be disseminated with the “U” market center originator identifier and the sub-market center identifier of “space” via UTDF.

Will MEMX offer any nightly or Saturday testing opportunities?

Yes, the UTP SIP in coordination with MEMX will support the following testing opportunities associated with their activation:

Type of Testing Scheduled Dates Description
Evening Test Transmissions Nightly beginning in June 2020 through production launch Each weeknight between 9:30 pm – 10:30 pm, the test data will be available on the “Test Broadcast” IP Multicast channels. No registration is required to participate in evening testing.
Saturday User Acceptance Test (UAT) Tentative MEMX schedule:
August 1; August 15 and August 29		 MEMX will enter data and process this through the SIP. As it is generated, the UTP SIP will disseminate the data via the UTP data feed production channels.
Tentative Production Launch September 4, 2020 MEMX tentatively plans for a production implementation to begin September 4, 2020. MEMX will maintain a rollout schedule at www.memxtrading.com and recommends direct data recipients monitor the MEMX web site for any future changes to the schedule.

Who should I contact for additional information?