Blue Ocean Technologies (BOT) and Members Exchange (MEMX), have entered a technology partnership in which the latter’s market-as-a-service trading system will operate the Blue Ocean ATS global trading platform.
financial stock market graph on technology abstract background
The technology is expected to be implemented by the end of Q1 2024.
Licensing the same technology powering MEMX’s US equity and options exchanges, users will be able to launch new market centres or upgrade their existing technology to MEMX’s low latency platform.
“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,” said Matthew Horisk, chief information and operating officer at BOT.
“MEMX’s next generation trading system offers resilience and redundancies for a new level of trading innovation needed to implement our 2024 goals.”
Last year, BOT continued to expand globally with a focus on extending its trading model in Asia-Pacific.
With partnerships in South Korea, Hong Kong and Japan, BOT stated that it is focused on supporting international investors seeking broader access to US equities.
Elsewhere, MEMX launched its platform for trading listed options in September last year following approval from the Securities and Exchange Commission.
Named MEMX Options, the exchange offers traders passive and active risk management capabilities, building off its existing equities exchange.
“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,” said Jonathan Kellner, chief executive of MEMX.
“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.”