News | 01.08.19
Wall Street Firms Plan New Exchange to Challenge NYSE, NASDAQ
A group of financial firms, including Fidelity Investments and Charles Schwab, plans to launch a new low-cost stock exchange. The creation of the new venue, called Members Exchange, or MEMX, comes after years of frustration among Wall Street brokers and traders with the fees charged by U.S. stock exchanges. MEMX will be controlled by the nine banks, brokerages, and high-frequency trading firms funding it. Representatives of the investor group said they would seek to apply for exchange status with the SEC early this year. Currently, all but one of the 13 active U.S. stock exchanges is owned by three corporations—New York Stock Exchange parent Intercontinental Exchange, NASDAQ, and Cboe Global Markets—which together handle more than three-fifths of U.S. equities trading volume.
Read the full article on Wall Street Journal