MEMX Completes Rollout of Groundbreaking Exchange Architecture
March 25, 2021
Partnering with Penguin Computing and Intel, Data-driven Model uses Open Standards to Deliver Location Agnostic, Scalable, Environmentally Friendly Exchange
JERSEY CITY, N.J.--(BUSINESS WIRE)--Members Exchange (MEMX), a market operator founded by a diverse group of participants to benefit all investors, today announced the successful deployment of its unique data-centric exchange architecture. MEMX completed the final piece of its US equities technology implementation with the integration of its user portal and trading system on March 22, 2021.
In building the exchange, the MEMX team embraced architectural tenets and design patterns that promoted strong separation between data and compute. This decoupling, in conjunction with the use of state-of-the-art infrastructure and modern data access and delivery methods, marks an evolutionary break from traditional compute centric exchange architectures. By adopting open standards and making its market data available in the cloud, MEMX developed a highly scalable, modular exchange with strengthened security that is liberated from typical geographical constraints and lends itself to enhanced client experiences achieved through continuous technology innovations and improvements.
MEMX Chief Operating Officer, Tom Fay, said, “When we sat down to design our exchange, we questioned every aspect of how exchanges have historically been built. We looked at data flows and location, traffic patterns and densities, transformations and processes, and then leveraged the best and most advanced technologies available. Our greenfield approach enabled us to create a unique member focused solution that is unrivaled in the industry.”
Chief Technology Officer, Dominick Paniscotti, “From the start, we were committed to building an exchange that allowed for continuous improvement. Just as consumers have grown accustomed to frequent updates to their smart phones, the pace of innovation in the financial services industry warrants an agile platform that supports similar rapid deployment. We knew that MEMX needed an architecture that was performant, highly flexible and allowed for rapid insertion of new and innovative technologies.”
Bringing MEMX’s new design to life required partnering with Penguin Computing, a division of SMART Global Holdings, Inc. (NASDAQ: SGH) and Intel to develop customized solutions that would maximize determinism plus minimize latency and jitter. The exchange was built using the next generation Penguin Computing® Tundra® ES featuring Intel Xeon Scalable processors with built-in AI acceleration and Intel Optane persistent memory. The racks provided by Penguin Computing offer extreme high-density allowing MEMX to run a high-performance system at a lower cost than traditional exchange infrastructure.
“Through our partnership with Intel, we’re able to provide MEMX with integrated advanced technologies that deliver high-speed, low-latency networking and as a result, MEMX members will experience the benefits of a truly optimized trading platform,” said Kevin Tubbs, Ph.D., and Senior Vice President, Strategic Solutions Group at Penguin Computing. “Our Tundra ES Platform delivers power more efficiently allowing MEMX to have the most powerful compute nodes possible, which enables their customers to make trade transactions at a faster rate, saving both time and money.”
The novel design also creates a highly resilient and fault tolerant infrastructure with no single point of failure; one that is designed to lower the cost of ownership by reducing footprint, power and cooling consumption, and improve service availability. Further, the exchange’s single rack design, along with the use of a closed loop cooling solution, reduces the required networking equipment, cabling and power requirements significantly resulting in the savings of tens of kVA in power and a more environmentally friendly solution.
“MEMX’s goal was to use new innovations to break from the past while maintaining the system reliability and customer trust to operate a thriving exchange,” said Alper Ilkbahar, Vice President and General Manager of Data Center Memory and Storage Solutions at Intel. “The reliable Intel Xeon Scalable platform and cutting-edge storage using Intel Optane persistent memory help enable MEMX to deliver to their ambitious service targets.”
For more information on the partnership between MEMX, Penguin Computing and Intel, or to read the case study, please visit the financial services section of the Penguin Computing website at http://bit.ly/PenguinComputing.
Founded in 2019 by diverse members of the global financial community, Members Exchange is an innovative, customer-centric market operator, focused on creating and promoting a fair, transparent, and efficient experience for all investors. MEMX offers a new option to investors, with a simpler platform and features to benefit both retail and institutional investors. For more information on MEMX, please visit www.memx.com and follow @memxtrading.
Penguin Computing, Inc. is a subsidiary of SMART Global Holdings Inc., (NASDAQ: SGH).
Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries.
Source: Business Wire