US financial giants will launch new stock market on Wall Street
This week it was learned that Morgan Stanley and Fidelity Investments fund want to create a new stock market that competes with Nasdaq and NSYE
Through an initiative known as Members Exchange (MEMX) two US financial giants would be interested in creating a new stock market that competes on Wall Street with NSYE and Nasdaq.
These are the Morgan Stanley bank and the Fidelity Investments fund, two companies in the US stock market that announced Monday their desire to create a new stock exchange for transactions at a lower cost.
In a statement, the group said that the first months of 2019 are crucial in this project, since it is in this period that they will start processing the permits before the corresponding authorities.
According to the two agencies, the objective is to “increase competition, improve the transparency of operations, reduce fixed costs more and simplify transactions in the United States.”
This initiative has the support of other important firms, such as Citadel Securities. Jamil Nazarali, executive of this company, has indicated that they are enthusiastic about the association with these market leaders in the creation of a new stock exchange that will stimulate competition, as well as generating benefits for all participants.
In addition to Morgan Stanley and the Fidelity Investments fund, the MEMX will include Bank of America, Citadel Securities mentioned above, Charles Schwab, E*Trade, TD Ameritrade, UBS and Virtu Financial.
M.Pino
Source: BancayNegocios
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