Rival Stock Exchange Coming From Bank of America and Morgan Stanley
Get ready for MEMX, or Members Exchange, as a group of nine retail broker-dealers, banks, and financial services firms plan to launch an equities exchange. MEMX will be owned entirely by its founding members – Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, E*TRADE, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS, and Virtu Financial. “All types of investors could benefit from this simplified investing experience that will foster competition and promote practices that put the needs of investors first,” commented Steve Quirk, executive vice-president of trading and education, TD Ameritrade. Source.