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Wall Street financial firms plan new exchange to challenge NYSE, Nasdaq


(Reuters) - A group of financial services firms, including Morgan Stanley, and Citadel Securities LLC, have agreed to jointly launch a new low-cost bourse that will rival Inc's the and Inc, the companies said in a joint statement on Monday.

The companies will create the new venture called Members Exchange (or MEMX) and will be funded and controlled by nine institutions, including Lynch, Charles Schwab, E*TRADE Financial Corp, TD Ameritrade, and

MEMX will file an application seeking approval to operate as a national securities exchange with the in early 2019, according to the statement.

(Reporting by in Bengaluru; Editing by James Emmanuel)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 07 2019. 19:53 IST