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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 https://bit.ly/2RLapRr.

Sept 21 (Reuters) - 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 NDAQ.O, 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 GOOGL.O and Exxon Mobil Corp XOM.N, 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 GS.N, JPMorgan Chase & Co JPM.N and BlackRock Inc BLK.N 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.)

((Niket.Nishant@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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