New rival for NYSE and Nasdaq?

A group of financial heavyweights including Morgan Stanley, Fidelity Investments and Citadel Securities LLC plans to launch a new low-cost stock exchange to challenge the New York Stock Exchange and Nasdaq Inc. The Members Exchange, or MEMX, will be controlled by a group of nine banks, brokerages, and high-frequency trading firms. MEMX raised $70M in its initial funding and plans to add other investors later this year

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What a Joke! Looks who's starting this. This exchange is in response to the HFT edge being taken away from these same firms.

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Just now, JohnAtronis said:

What a Joke! Looks who's starting this. This exchange is in response to the HFT edge being taken away from these same firms.

 nothing but a predatory platform to take advantage of retail order flow

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Legalized gambling. that is precisely what it is about. The participants don't want the constraints of the NYSE or other exchanges. 

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 Isn’t the cost of trading so low already? What are these firms going to gain?

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4 minutes ago, 李伟王芳 said:

 Isn’t the cost of trading so low already? What are these firms going to gain?

I hope it happens. NYSE charges $500,000 just to list per year. Nasdaq is cheaper at $50k-$75k a year

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13 minutes ago, Sefko Trafikant said:

A group of financial heavyweights including Morgan Stanley, Fidelity Investments and Citadel Securities LLC plans to launch a new low-cost stock exchange to challenge the New York Stock Exchange and Nasdaq Inc. The Members Exchange, or MEMX, will be controlled by a group of nine banks, brokerages, and high-frequency trading firms. MEMX raised $70M in its initial funding and plans to add other investors later this year

When these guys get together it's not to help the little guy .You can count on that.

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8 minutes ago, Meanwhile said:

Legalized gambling. that is precisely what it is about. The participants don't want the constraints of the NYSE or other exchanges. 

This new exchange is a cost cutting move which would tend to increase liquidity over the long term, spread trading to more firms, and make front running harder incrementally.

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