January 8, 2019
A group of nine leading retail broker-dealers, banks, financial services firms, and global market makers, agreed to launch an equities exchange, MEMX, or Members Exchange. The founding members of MEMX include: Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, E*TRADE, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS and Virtu Financial.
The new exchange will be owned entirely by its founding members, and will seek to deliver benefits to retail and institutional investors by introducing greater competition to the marketplace. MEMX says its mission is to increase competition, improve operational transparency, further reduce fixed costs, and simplify the execution of equity trading in the U.S. MEMX will seek to offer a simple trading model with basic order types, the latest technology, and a simple, low-cost fee structure.
MEMX plans to file an application with the Securities and Exchange Commission in early 2019 for approval to operate as a national securities exchange.
For comments, questions or concerns, please contact Dennis Kaiser