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Wall Street's biggest traders launching exchange to take on NYSE, Nasdaq, Cboe

Jan 08, 2019 - SNL European Financials Daily

Wall Street's biggest traders are banding together to create a new stock exchange designed as a low-cost alternative to the New York Stock Exchange, Nasdaq Inc. and Cboe Global Markets Inc.

On Jan. 7, nine trading companies, retail broker/dealers and financial services companies including Virtu Financial Inc., Charles Schwab Corp. and Morgan Stanley unveiled plans for the Members Exchange, or MEMX. The companies plan to apply for a national securities exchange license with the SEC in e...