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Major Wall Street players plan new exchange to challenge NYSE, Nasdaq
n a joint venture, nine financial institutions including Morgan Stanley, Bank of America Merrill Lynch, and Charles Schwab, are launching a new low-cost stock exchange called the Members Exchange, that will compete with the New York Stock Exchange and Nasdaq.
The Members Exchange, or MEMX, comes after years of complaints from brokers and traders over what they see as excessive fees charged by U.S. stock exchanges for data on stock trades.
MEMX aimed at taking matters into their own hands, plans to offer a simple trading model, and will represent the interests of its founders' collective client base.