Wall Street-backed Members Exchange resolves tech issue that delayed start of premarket trading By Reuters

(Reuters) -Exchange operator Members Exchange (MEMX), backed by some of the biggest Wall Street firms, said it had resolved a technical issue that delayed the start of its pre-market trading session for nearly two hours before Tuesday’s open.

MEMX Equities delayed the opening of its pre-market session to 08:45 a.m. ET as the stock exchange encountered an issue. It did not clarify what the issue was.

The issue was not related to the move to T+1, according to a source familiar with the matter.

Wall Street is moving to a faster trade settlement on Tuesday as regulators seek to reduce risk in the world’s largest financial market.

MEMX said it would publish a postmortem regarding the delayed start of its pre-market session.

The exchange operator normally starts its pre-market session at 7:00 a.m. ET, according to its website.

The New York Stock Exchange (NYSE), Cboe Global Markets (NYSE:) and Nasdaq were among the exchange operators that disabled routing to Members Exchange during pre-market trading before resuming it after a brief pause.

The issue also led to self-help declarations from the NYSE and Cboe against Members Exchange. Both were revoked later.

A “self-help” is a notification issued by a trading exchange when another exchange is dealing with internal problems in processing trades and orders are routed through alternate venues.

Nasdaq, NYSE and CBOE did not immediately respond to Reuters requests for comment.

MEMX was founded in 2019 by a consortium of Wall Street firms including investment bank Morgan Stanley, fund manager Fidelity and brokerage firm Charles Schwab (NYSE:), among others.