Morgan Stanley, Fidelity Investments, Citadel Securities LLC and a host of other financial companies have agreed to jointly launch a new low-cost bourse that will compete with the New York Stock Exchange and Nasdaq.
In a joint statement on Monday, the companies said the new exchange will look to increase competition, improve operational transparency, reduce fixed costs and simplify equity trading in the U.S.
The new venture will be called Members Exchange and will be funded and controlled by nine institutions, including Bank of America Merrill Lynch, Charles Schwab Corp, E*TRADE Financial Corp, TD Ameritrade Holdings Corp, UBS and Virtu Financial.
The Reopen America Back to School Special is now live! Earn double Patriot Points on our hottest items!