There is much to like about The Members Exchange (MEMX, a new SEC-approved stock exchange). First, the name. Until CME became a for-profit exchange in 2000, the purpose of an exchange was basically a club, a home base intended to facilitate the generation of trading volume at a profit to the exchange members. Exchanges also were nominally self-regulatory bodies for broker-dealers.
MEMX shows admirable candor, returning to this old model of exchange purpose. And it is plainly willing to take a loss upfront by paying more to market makers than it charges market takers. Only