Nine large financial institutions are taking matters into their own hands, announcing on Jan. 7 in a news release plans of a joint venture to launch a new low-cost stock exchange of their own that will compete with the New York Stock Exchange and Nasdaq.
The Members exchange, or MEMX, will be owned entirely by its founders, which include Morgan Stanley, Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, E*TRADE, Fidelity Investments, TD Ameritrade, UBS, and Virtu Financial.
