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Wall Street-Backed Exchange MEMX to Launch on Monday: WSJ

The Members Exchange (MEMX), a new bourse backed by major Wall Street firms as a potential rival to the New York Stock Exchange and the Nasdaq, is set to launch on Monday, the Wall Street Journal reported.

The exchange, which is expected to execute its first trades at 7 a.m. ET, will initially handle trades in seven stocks, including Google-parent Alphabet Inc and Exxon Mobil Corp, according to the report.

MEMX, which will look to compete against the NYSE and Nasdaq through lower fees, postponed its scheduled launch on July 24 due to the COVID-19 pandemic.

Goldman Sachs Group, JPMorgan Chase & Co and BlackRock Inc are some of the backers of MEMX.

MEMX did not immediately respond to a Reuters request for comment.

Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.

Source: Reuters

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