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New Stock Exchange to Compete With Nasdaq, NYSE

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New Stock Exchange to Compete With Nasdaq, NYSE

New Stock Exchange to Compete With Nasdaq, NYSE

A group of nine major Wall Street players plans to launch a new trading institution called Members Exchange.


New Stock Exchange to Compete With Nasdaq, NYSE

The New York Stock Exchange and Nasdaq may be getting some competition.  A new stock exchange called Members Exchange (MEMX) is being launched by nine Wall Street giants, including Bank of America Merrill Lynch, Morgan Stanley and Fidelity.

Their goal is to lower trading costs, increase competition and promote transparency.  The  current exchange system  is largely controlled by just a few big players.

It's been under criticism for the fees that exchanges charge to access feeds used to monitor stock prices.

Those  data fees  can be a big expense for brokers.  One founding member of Members Exchange says he hopes the new initiative will "transform markets for the better."  But a trading expert  tells CNN  that he's doubtful the average investor will see any cost decreases from the launch.  This isn't the first group to try to throw trading platforms a curveball.  IEX Group  was founded in 2012 to disrupt high-frequency trading.

It finally became an official stock exchange in 2016 amid  pushback  from Nasdaq and NYSE.  Members Exchange plans to file paperwork early this year for SEC approval to become a new trading institution.  Additional reporting from  Newsy affiliate CNN . 

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