Goldman Sachs Group, Inc. (The) (GS) Social Stream
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A new exchange backed by $BLK $SCHW $GS $VIRT $AMTD launched today. Other backers include Bank of America, Citadel, itigroup, ETrade, Fidelity, JPMorgan, Morgan Stanley, UBS, Wells Fargo & Jane Street Group.Ro_Patel, published September 24, 2020
Nearly 60% of US equities trading volume is handled by 3 exchange groups: NYSE, owned by Intercontinental Exchange Inc ., Nasdaq & Cboe Global Markets Inc.
The consortium behind MEMX came together after years of frustration among banks & trading firms with the fees charged by the major exchanges. Many Wall Street firms say the exchanges abuse their dominant position in the marketplace to overcharge for market data & other key services. The big 3 exchange operators say their fees are reasonable & deny abusing their market power.
MEMX plans to undercut the big exchanges on price, initially giving away its data. MEMX will also use new technology built from scratch to provide a better trading platform than those offered by the established exchanges