MEMX Equities (“MEMX” or the “Exchange”) experienced an issue while preparing to start the pre-market session on May 28, 2024.
A latent software error prompted MEMX to accept orders and send quotes to the Securities Information Processors (“SIPs”) for approximately four minutes from 6:50:03 AM ET through 6:54:12 AM ET. Three hundred and fifty-five quotes across forty symbols were sent to the SIP by the Exchange. No trades occurred during the timeframe.
Prior to starting the pre-market session MEMX performed multiple systems checks to ensure that no residual effects remained. The Exchange’s pre-market session was adjusted to begin at 8:45 AM ET and proceeded as normal.
The Exchange has instituted corrective procedures to prevent a recurrence while the software error is remediated. No further impact related to this issue is expected.
MEMX Market Operations | mops@memx.com | 1-833-415-6677