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JPMorgan and Goldman back new exchange taking on Nyse and Nasdaq

JPMorgan and Goldman back new exchange taking on Nyse and Nasdaq

Goldman Sachs, JPMorgan and Jane Street Capital are the latest Wall Street heavyweights to back a new equities exchange hoping to take on Nyse, Nasdaq and Cboe Global Markets.

The three firms have led a new round of strategic financing for Members Exchange (MEMX), which plans to launch this summer.

They join Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, TD Ameritrade, UBS and Virtu Financial, which have all been onboard with the venture since early last year.

MEMX is vowing to increase competition, improve operational transparency, cut costs and simplify the execution of equity trading in the US. The new entity is promising a simple trading model with basic order types using the latest technology.

The exchange will begin onboarding trading members later this month and plans to go live as a US equity exchange on 24 July 24.

Jonathan Kellner, CEO, MEMX, says: “We are pleased that these three prominent market participants are joining us in our efforts to increase transparency, reduce fees, and focus on technological innovation in the equity markets."

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