- A group of financial firms including Morgan Stanley (NYSE:MS), Fidelity Investments, and Citadel Securities plan to start a low-cost stock exchange to compete with the New York Stock Exchange and Nasdaq (NASDAQ:NDAQ), the Wall Street Journal reports.
- The Members Exchange, or MEMX, will be controlled by a group of nine banks, brokerages, and high-frequency trading firms. Other investors includes Bank of America (NYSE:BAC) Merrill Lynch, UBS (NYSE:UBS), Virtu Financial (NASDAQ:VIRT), Charles Schwab (NYSE:SCHW), E*Trade Financial (NASDAQ:ETFC), and TD Ameritrade (NASDAQ:AMTD).
- MEMX raised $70M in its initial funding and plans to add other investors later this year, WSJ reports, citing people familiar with the matter.
- It's likely to take at least a year for the new exchange to get SEC approval.
- NYSE is owned by Intercontinental Exchange (NYSE:ICE).
- Previously: Intercontinental Exchange gains after Q3 beat, $2.0B stock buyback (Oct. 31, 2018)
- Now read: Bank Of America Has A Story To Tell
Original article