Wall Street-backed Exchange launches to take on NYSE & Nasdaq

By The SATimes News Service

New York: The Members Exchange (MEMX), a new U.S. stock exchange backed by some of the biggest customers of the New York Stock Exchange and Nasdaq Inc, launched on Monday with pricing aimed at taking market share from the existing players.

“Out of the gate, we’re looking to be aggressive in order to attract order flow so that people can experience our exchange,” CEO Jonathan Kellner said in a recent interview, reports Reuters.

The new bourse went live trading seven symbols, including Alphabet Inc , BlackBerry Ltd , and Exxon Mobil Corp.

The exchange’s mission is to improve the market through technological innovation, reduced complexity, and lower fees, while being a voice for its members on market issues, Kellner said.

MEMX was founded in January 2019 by nine financial institutions, including Bank of America, Charles Schwab Corp, Virtu Financial, Morgan Stanley, Fidelity and Citadel Securities.

Since then, MEMX has raised more than $135 million and brought on more than 40 members, including BlackRock Inc, Goldman Sachs Group Inc, JPMorgan Chase and Co and Jane Street Capital.

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