Three new U.S. stock exchanges are set to launch by the end of September, vying for market share against incumbents like the New York Stock Exchange and Nasdaq Inc , which have benefited from elevated trading volumes during the coronavirus pandemic.
Silicon Valley-based Long Term Stock Exchange goes live on Aug. 28, starting with two stocks and then ramping up to include all securities by Sept. 9. The Members Exchange , which is backed by a who's who of Wall Street firms, begins a phased launch on Sept. 4, and MIAX Pearl Equities debuts on Sept. 25.That will bring the total to 16 stock exchanges, with NYSE-owner Intercontinental Exchange Inc operating five, Cboe Global Markets running four, Nasdaq with three, and IEX Group one.
The new competition also comes at a time of intense debate over fees between the large exchange operators and their customers.Advertisement"On transaction fees, out of the gate, we are looking to be aggressive to attract order flow," he said.
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