On January 7, a group of nine leading retail broker-dealers, banks, financial services firms and global market makers announced their agreement to launch an equities exchange, called MEMX, or Members Exchange.
The consortium includes Morgan Stanley, Fidelity, Citadel Securities, Bank of America Merrill Lynch, Charles Schwab, E*Trade, TD Ameritrade, UBS and Virtu.
The idea is to offer a simple trading model with basic order types, the latest technology and a simple, low-cost fee structure.
Given that there are already 13 exchanges and 45 alternative equity trading systems in the US, adding another one would not, at first glance, seem to be such a great move.
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