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A group including Morgan Stanley , Fidelity and Citadel plans to launch a new low-cost stock exchange called Members Exchange or MEMX, to challenge the New York Stock Exchange and Nasdaq.
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The creation of the new venue, called Members Exchange or MEMX, comes after years of frustration among Wall Street brokers and traders with the fees charged by U.S. stock exchanges. MEMX will be controlled by the nine banks, brokerages and high-frequency trading firms funding it, according to a news release. Such an arrangement harks back to the era when exchanges were owned by their members, typically stockbrokers.
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