New Exchange MEMX Seeks To Challenge NYSE, Nasdaq

Law360 (September 21, 2020, 5:30 PM EDT) -- Members Exchange, or MEMX, a new Wall Street-backed stock exchange seeking to compete against dominant players including the New York Stock Exchange and Nasdaq, began trading several major securities Monday, vowing to improve service and lower costs for investors.

MEMX bills itself as a low-cost alternative to the 13 public stock exchanges currently operating in the U.S., 12 of which are owned by three corporations: the New York Stock Exchange, Nasdaq and Cboe Global Markets Inc.

Jersey City, New Jersey-based MEMX's debut on Monday came four months after the exchange won U.S. Securities and Exchange Commission approval to operate. CEO Jonathan Kellner...

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