Some of the biggest names on Wall Street have launched MEMX, a new stock exchange - Business Insider

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Some of the biggest names on Wall Street have launched MEMX, a new stock exchange

A view outside Nasdaq in Times Square during the Coronavirus pandemic on March 31, 2020 in New York City.Members Exchange is one of several bourses that are launching this year and is attempting to challenge the incumbent exchanges such as the NASDAQ and NYSE.

Investors “deserve an innovative alternative that is aligned with their interests” said UBS’s managing director and global head of market structure and liquidity strategy in a press release. The Member Exchange aims to provide lower fees and could rival incumbent exchanges whose biggest customers are MEMX’s investors.The Members Exchange, a new US stock exchange that counts some of Wall Street's biggest banks as its backers,MEMX, as the exchange is known, was founded by nine leaders in the financial services industry in 2019, among them Morgan Stanley, UBS and Fidelity Investments.

"Participants in today's equity markets deserve an innovative alternative that is aligned with their interests, which is why we are pleased to support the launch of this new trading platform," said Vlad Khandros, UBS's managing director and global head of market structure and liquidity strategy, in a

 

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